A consortium of investors led by American technology billionaire Nikesh Arora has submitted a bid worth more than $1 billion (870 million euros) for the London franchise of NBA Europe, the new professional basketball league being launched by the National Basketball Association, The Athletic reported.
The London team is considered one of the most sought-after of the league's new franchises, according to The Athletic, which said planning for the competition's October 2027 launch is moving quickly amid intense interest from investment groups.
Who Is Nikesh Arora
Arora, 58, is chief executive of the cybersecurity company Palo Alto Networks. He led the consortium that bought into England's most profitable cricket team last year.
That group, Cricket Investor Holdings Limited, is widely known as the "Tech Titans." It acquired 49% of the London Spirit cricket team, based at Lord's, in a deal worth £145 million.
How NBA Europe's Team Bidding Is Unfolding
The inaugural NBA Europe season is set to feature 16 teams: 12 holding permanent licenses, and four that will earn their place through on-court performance, according to reports.
More than 120 prospective investors submitted expressions of interest in the first round of bidding, according to the league's organizing body. Bids ranged from $500 million to $1 billion, with several offers exceeding the billion-dollar mark.
The list of candidates also includes existing European clubs, including teams from the EuroLeague, currently the top level of European club basketball.
Rival Bidders In Other Cities
In March, The Athletic reported that Saudi Arabia's Public Investment Fund would submit a bid for the same London franchise now targeted by Arora's group.
The Athletic also reported in March that Qatar Sports Investments, which owns Paris Saint-Germain, would bid for the planned Paris team, while Jerry Cardinale's RedBird Capital, which owns AC Milan, would pursue the new Milan franchise.
