By Eurohoops team/ info@eurohoops.net
On an unexpected turn of events, Zalgiris Kaunas officially announced that their part owners, a company named Tesonet, is also the new owners of the London Lions.
The London club’s existence was in question after the financial problems of 777, however now there’s hope for their future.
However it has to be noted that EuroLeague bylaws forbid an owner to have two clubs on the same competition.
Per the press release: “We are thrilled to announce a significant new chapter in the history of the London Lions Basketball Club. The club has been acquired by Tesonet, a tech hub and a shareholder of Zalgiris Kaunas – a prestigious organization with a storied history in the Euroleague.
Zalgiris Kaunas will share their invaluable experience to our team, setting us on a path to achieve greater success in the basketball world.
The new ownership group is dedicated to introducing operational sustainability practices to secure the long-term health and success of the club. Recognizing the club’s previous financial challenges, their investment is poised to stabilize and strengthen our financial position, ensuring we continue to be a competitive force in the league.
We are excited about this transformative journey and are confident that with the help of Zalgiris Kaunas, the London Lions will not only achieve greater sports milestones but also become a model of sustainability and operational excellence in the basketball community.
Thank you for your continued support. We look forward to sharing this exciting journey with all our fans and stakeholders”.