London Lions confirmed out of EuroCup amidst growing concerns of viability
London Lions are confirmed out of the EuroCup for the 2024-25 season due to the growing uncertainty around their future, Hoopsfix can reveal.
Euroleague sources told Hoopsfix the decision was “based on the uncertainty surrounding the ownership of the club and the financial stability of the club.”
With the competition revealing the line ups on Monday evening, London Lions were omitted – which was also the first Lions learned of it according to people close to the organisation, having already had EuroCup season tickets for sale on their ticketing platform.
The omission from the competition comes after the club was late with payroll last month, have pulled the women from Europe next season, and Hoopsfix has learned they have told parents and staff the junior academy will no longer be continuing, while also still owing money to multiple creditors from last season.
On their most recent accounts filed on Companies House in March for the period through until 31 December 2022, it states the company “is in a net liability position of £1,740,549 and is solely reliant on the parent company, 777 Partners LLC, for continued financial support in order to continue in operation,” before adding:
“The continued accumulated losses for the company are a cause for concern and may cast doubt over the ability and willingness of the parent company to continue financing the operations.”
No EuroCup raises questions about what will now happen to the likes of Sam Dekker who signed a 3-year deal with the Lions (he tweeted “Sigh, this sucks.”), and Josh Sharma, also under multi-year contract, who were primarily brought in as part of a roster constructed for the EuroCup, with it being no secret the franchise was aiming to get to the Euroleague.
Other European competition entry deadlines have now passed, such as the Basketball Champions League (whose board is meeting today to ratify participating teams), while the FIBA Europe Cup’s deadline for federations to register clubs is in just six days on 24 June, but it relies on the British Basketball Federation endorsing the Lions – after just terminating the operating license for the British Basketball League with Basketball League Ltd with immediate effect on Friday, citing serious financial concerns of the league, which 777 Partners are 50% shareholders when including their stake in the Lions.
There is a real prospect of the Lions having no European competition at all.
It comes as another blow for British basketball based around London Lions’ owners 777 Partners, who have come under increased scrutiny in recent months, following alleged unscrupulous business practices reported by Josimar, before London asset manager Leadenhall Capital filed a lawsuit that alleged that 777 co-founders Josh Wander and Steven Pasko were “operating a giant shell game at best, and an outright Ponzi scheme at worst”.
Wander and Pasko have since resigned from their roles.
In a new motion filed at the Delaware Court of Chancery last week, 777’s Josh Wander & Steven Pasko are accused of “operating a massive, Madoff-scale scheme of fraud to the tune of many 100s of millions of dollars” & that “it has become clear that the scheme is falling apart.”
— Paul Brown (@pbsportswriter) June 17, 2024
Journalist Paul Brown reported yesterday a new motion was filed at the Delaware Court of Chancery last week, accusing Wander and Pasko of “operating a massive, Madoff-scale scheme of fraud to the tune of many 100s of millions of dollars” and that “it has become clear that the scheme is falling apart.”
777’s attempted takeover of Everton football club – which has since fallen through – put their business under the spotlight, leading to its unravelling as they called in turnaround and crisis management experts in May.
London Lions were contacted for comment.
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