London Lions taken over by tech firm Tesonet
London Lions women's team became the first British club to win a European title earlier this year
- Published
London Lions have been taken over by tech hub Tesonet just two weeks after the hugely successful basketball club went into administration.
Tesonet is also a shareholder of Zalgiris-Kaunas, a professional club in Lithuania that competes in the EuroCup.
The buyout comes after months of speculation and uncertainty around the Lions' financial future under previous owners 777 Partners.
President Lenz C Balan said it was the "start of a new journey" for the club, which has won 19 trophies across the men's and women's game since its last takeover in 2019.
"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," Balan said.
The club had been in the hands of insolvency firm Hudson Weir since entering administration on 7 August.
Lions' statement said they would continue to play at the Copper Box Arena in Stratford next season, but were exploring the option of playing "a few games at different venues in London" to expand their reach.
Both the men's and women's Lions teams won the BBL championships and play-offs this season, while the women's side became the first British team ever to win a European competition when they beat Besiktas to claim the EuroCup.
However, a number of players and staff said they were due to the financial uncertainty.
Former Lions guard Ruchae Walton has been appointed as the women's team general manager for next season and the club said they were "working diligently" to put together another "exciting roster".