The British Basketball Federation says it was “entirely appropriate” to extend the deadline for GBBL, the company which will take over the licence to run the top-tier league next year, to prove it had the guaranteed capital required.
GBBL, fronted by former NBA executive Marshall Glickman, was originally mandated to demonstrate it had £15.5m in legally binding equity commitments from investors by the end of May but that date was pushed back to the end of July.
The US group met the revised deadline and closed the licence deal last week. The BBF, which is engaged in a High Court battle with Super League Basketball over the future of the domestic game, said the British game’s turbulent past made it necessary to take its time.
“History shows that it’s more important to get these things right than to do them quickly,” a spokesperson told City AM.
“We also understand that finalising significant investment from sophisticated investors – to the level of certainty required to satisfy the BBF board – takes time and that any responsible investors would want to do their own due diligence and reassure themselves before fully committing given the long-term history of false starts and a more recent history of conflict.
“In this context, it was entirely appropriate to extend the window to finalise the investment paperwork to the end of July.”
GBBL investment backed by Seattle group
BBF chair Chris Grant has hailed GBBL’s £15.5m investment commitment as the biggest ever made in the history of British professional basketball.
It is understood that the GBBL had to show proof and source of funding as part of a due diligence process during the tender but that a condition of closing was legally binding commitments.
GBBL’s main backer is Seattle-based WestRiver Group, which says it invests in four primary areas: technology, experience, decarbonization, and life sciences. GBBL is expected to announce further investors soon.
Glickman, who was previously president of the NBA’s Portland Trail Blazers and acting chief executive of EuroLeague Basketball, has said he wants at least 10 teams competing in the 2026-27 season, with expansion to 14 teams in the following seasons.
Cities identified as potential sites for franchises include Leeds, Liverpool, Birmingham, Southampton, Cardiff and Edinburgh, as well as London and Manchester.
The project does not have any confirmed teams yet and the nine members of Super League Basketball – including existing clubs in London and Manchester – have rejected GBBL’s advances.
SLB has sued the BBF over what it says was an illegal tender process for the licence. The BBF has counter-sued.