By Eurohoops team/ info@eurohoops.net
The Euroleague Commercial Assets Shareholders Executive Board was held on Monday (June 22) and among other things, they discussed Panathinaikos‘ request to transfer its license, the EuroCup lineup and above all else the financial situation and plans for the future.
PAO’s request has been denied with the explanation that the club hasn’t provided any guarantees that it will fulfill all associated commitments towards the other ten licensed clubs and Euroleague.
The economic club distribution being reduced by 14% compared to the pre-season forecast while on another note, the main proposals include establishing player salaries based on Net Basketball-Related Market Revenues.
The 2020-21 EuroCup lineup was also talked about and it was decided for Dolomiti Energia Trento to replace Fraport Skyliners as the latter withdrew.
Per EuroLeague Basketball:
The Euroleague Commercial Assets Shareholders Executive Board met remotely on Monday, June 22, to discuss proposals to be presented at the upcoming ECA Shareholders Meeting in July.
The Executive Board proceeded to:
- Approve the 2019-20 Euroleague Basketball financial closing, with economic club distribution being reduced by 14% compared to the pre-season forecast, despite total revenues being reduced by 30% following the season cancellation due to the COVID-19 global pandemic. The amount distributed to EuroLeague and EuroCup clubs corresponds to 100% of the forecasted market pool distribution as well as 100% of the forecasted sports pool distribution for the games played until March 12
- Review progress of the conversations with the EuroLeague Players Association and the EuroLeague Head Coaches Board, with the goal of reaching short form European Framework Agreements with both collectives
- Review improved Financial Stability & Fair Play Regulations to be applied from the 2021-22 season onwards, with the objective of increasing clubs’ sustainability as well as competitive balance. Previously approved regulations apply for the 2020-21 season. The main proposals include establishing player salaries based on Net Basketball-Related Market Revenues. The proposals will be further discussed at the next Executive Board meeting that will take place in early July 2020
- Reject Panathinaikos Athens’ request to transfer its EuroLeague Club License, due to the fact that no guarantee has been provided by the club that it will fulfill all associated commitments towards the other ten licensed clubs and Euroleague Basketball. Clubs also reiterated the statement previously issued on June 12
- Approve the 2020-21 7DAYS EuroCup Team List, selecting Dolomiti Energia Trento to replace Fraport Skyliners Frankfurt who have withdrawn from the competition
All decisions taken by the Executive Board will be presented at the ECA Shareholders Meeting for formal approval, to be held on July 9, 2020.