Administrators have been appointed at dual British Basketball League champions London Lions as former owners 777 Partners’ sporting empire continues to unravel.
London Lions, who have been at the forefront of a resurgence in men’s and women’s basketball in the UK, have won the BBL and Women’s BBL titles for the last two years.
But the collapse of 777’s sporting interests, which included several European football clubs, a bid for Everton and part ownership of the BBL, has plunged their future into doubt.
Hasib Howlader and Nimish Patel of insolvency practitioner Hudson Weir have been appointed joint administrators of London Lions and will run the business until a buyer can be found.
“With such a rich heritage and pedigree, this team has the support of the local community as its backbone and has a loyal fan base,” said Hasib Howlader.
“We are now seeking a serious buyer to take the London Lions on the next part of its journey, to ensure this club continues to thrive and grow. The sale will include the assets of the business and all goodwill amassed over the last 47 years.
“We are interested in talking to serious prospective buyers and whilst our focus is to sell the club to the best bidder, we are open to serious offers.“
The British Basketball League has also been left on thin ice by the collapse of Miami-based 777 and had its licence terminated by British Basketball last month.
777 has lost its entire sporting portfolio following lawsuits brought in the US by London-based asset managers Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund plc.
They accused 777 of “operating a giant shell game at best, and an outright Ponzi scheme at worst”.
London Lions were founded in 1977 as the Hemel Hempstead Lakers and following a takeover relocated and became Milton Keynes Lions.
They moved to their current home in 2012 and play home games at the Copper Box in the Queen Elizabeth Olympic Park.
London Lions entered the Women’s British Basketball League in 2017 and won their first title in 2023, successfully defending it last season.
But concerns over their future and 777’s funding grew when it emerged they would be pulled out of European competition next season.