London Lions confirm sale to Tesonet/Zalgiris

London Lions have confirmed the club has been acquired by Tesonet, a tech hub and a shareholder of Euroleague club Zalgiris Kaunas.

Though the acquisition was announced by Zalgiris at the end of last month, it was thrown into doubt when administrators Hudson Weir denied any sale had been agreed to City A.m, and then rival bidder R3 Sport came into the fold, leading to the SLB to go public that Zalgiris are the only bidder to have met the deadlines and requirements to enter the league this season.

And now, the sale has finally been confirmed with the deal going through last week as the club released a statement saying that the new ownership group is “dedicated to introducing operational sustainability practices to secure the long-term health and success of the club,” while also recognising “the club’s previous financial challenges”, and saying the new investment is poised to stabilise and strengthen their financial position so they remain competitive in the league.

Former 777 Partners employee Lenz Balan was revealed as the new CEO.

“This is an exciting moment for the Club,” Balan said.

“It is the start of a new journey that will enable the Club, its players, fans and all basketball stakeholders to benefit.

“We approach the new season not only with financial security but more importantly, with the ability to launch a series of new sustainability practices which will enhance our performance in the league and beyond in the global basketball arena.”

Former General Manager Brett Burman was released last month, with Iason Tranos receiving a promotion to GM, and Head Coach Petar Bozic is returning, while Ruchae Walton has received a promotion to the women’s GM.

“We have a late start but we are proud to have built a basketball culture and a burgeoning fan base that means players want to come to the organisation,” Tranos added.

“The support from Tesonet and Zalgiris Group only adds to the attractiveness of playing for London. The commitment from the new owners signifies a bright future for the club, as they aim to attract top talent and foster a winning environment.”

The men’s will play their home games at the Copper Box Arena, while they say they are also exploring experimenting with different venues across London, to further expand their reach and accessibility to fans.

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