Last Updated on: 14th August 2024, 05:22 pm
The London Lions Basketball Club, a prominent team in the British Basketball League (BBL), has been acquired by Tesonet, a tech hub and shareholder of Zalgiris Kaunas, a leading Euroleague organisation. This acquisition follows the club’s brief period in administration. Based in Stratford, East London, the Lions are a significant part of British basketball, with a history that dates back to 1977 when they were founded as the Hemel Hempstead Lakers.
On 30th July 2024, the London Lions were placed into administration by their debenture holder, which led to the appointment of Hasib Howlader and Nimish Patel from Hudson Weir, licensed insolvency practitioners regulated by the Institute of Chartered Accountants in England and Wales. Their role was to manage the club’s operations and secure a buyer who could safeguard its future.
Hudson Weir’s efforts to keep the club operational during this challenging time have now resulted in a successful acquisition by Tesonet / Žalgiris Kaunas for an undisclosed sum, enabling the London Lions to continue the legacy they have built over the past 47 years. The club’s marketing process attracted significant interest and multi-million-pound offers. As administrators, we were obliged to accept the offer which was in the best interest of creditors of the company.
Hasib Howlader, Joint Administrator from Hudson Weir, expressed his optimism for the club’s prospects:
“We are delighted to report that Tesonet / Žalgiris Kaunas is the new owner of the club, with Hudson Weir managing to complete the sale in less than two weeks from the date the club was placed into Administration. For Nimish and myself speed was crucial regarding this administration to ensure the club did not falter during that period and the players could see a bright future ahead of them, and most importantly have the platform to join the league for the 24/25 season.”
“Our honest approach in communicating the facts surrounding the circumstances of the club attracted a number of eleventh-hours bidders, however, it was Tesonet / Žalgiris Kaunas who were the ultimate winner in this race for the London Lions. We are also delighted with the support provided by Frank Brumby of HCR Law who worked around the clock and over the weekend alongside us.”
“As part of the final deal, Hudson Weir was able to save the club, with no loss of jobs, a positive return to creditors, and the London Lions will be playing in the next season of the BBL. This was a very good return for all parties concerned.”
The new ownership is expected to inject fresh energy and resources into the club, ensuring the continued success of the London Lions. The London Lions are more than just a basketball team; they are a symbol of community pride and sporting excellence. With a history spanning nearly five decades and a passionate fan base, there is confidence that under new ownership, the London Lions will continue to reach new heights.
Originally founded as the Hemel Hempstead Lakers, the London Lions have undergone several changes, including a relocation to Milton Keynes and a rebranding as the Milton Keynes Lions, where they won their first British Basketball League trophy in 2008. Since 2012, the team has been a key fixture in London’s sporting landscape, playing home games at the Queen Elizabeth Olympic Park. The club also expanded by launching a women’s team in the Women’s British Basketball League in 2017.
