Manchester professional basketball franchises sold to American investment firm

The professional basketball franchises for Manchester in both the men and women’s professional top flights have been sold to American-based Sherwood Family Investment Office.

The men’s franchise will compete in the new Super League Basketball (SLB), along with the women’s team “continuing in their elite competition”.

With Basketball League Limited (BLL) – the company that formerly had the professional league license in the UK to run the BBL before it was revoked – owning the Manchester Giants, the SLB Manchester franchise will likely be a different entity under a new brand, Hoopsfix has learned, unless they are able to acquire the intellectual property of the Manchester Giants from BLL.

It would mean the end of the Giants as name after more than a decade in its most recent incarnation, since they entered the professional league in 2012.

The SLB Manchester franchise will be led by Chief Executive Officer Ned Sherwood and President Ben Pierson.

Ned Sherwood started his career at AEA Investors, one of the first U.S. private equity firms formed. He subsequently founded and managed private equity firm ZS Fund LP for more than 40 years, serving today as Chairman Emeritus.

The family office globally invests in a wide range of projects, with “a long-term partnership focus and a creative, problem-solving mindset.”

“The new energy of the league is palpable. We are thrilled to be a part of this exciting turning point in professional basketball in Great Britain,” said Sherwood.

“The goal over my career has been to find or build high-quality businesses with top-level management teams. As partners, we work tirelessly to help our businesses achieve long-term success. We look forward to developing a sustainable, elite franchise for Manchester.”

Ben Pierson added:

“Manchester is a world-class city for sport and culture. We aim to bring the Manchester franchise back to the level it belongs – competing for trophies for the city. Basketball in Manchester is an integral part of schools, youth, and culture. It is imperative that we restore stability throughout the franchise, and grow our partnerships throughout the community. We look forward to delivering on this through our actions, not just our words.”

The new franchise, which will be led by Pierson, is pleased to welcome the former club’s operations manager and highly decorated women’s player Dominique Allen, in a promoted role as Head of Operations.

“I’m really excited to be part of the new franchise and looking forward to its successful evolution as a top-tier club,” she said.

“We would like to thank the fans and partners, including our educational partner MMU, for their patience as we look forward to a new era for basketball in Manchester!”

With the London Lions sale reportedly having gone through, it appears as though the SLB will stand at nine teams for the season, with no official updates on Plymouth City Patriots – again, owned by Basketball League Limited, and widely expected to fold.

More details on the Manchester franchise can be found at manchester.basketball.

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