Tesonet has acquired the British basketball club London Lions in an effort to rescue the club from bankruptcy.
The Tesonet is also a shareholder of Zalgiris Kaunas group that owns the EuroLeague club Zalgiris Kaunas.
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The group as reported by basketnews has officially confirmed the agreement.
According to the statement, Zalgiris Kaunas will share their invaluable experience to our team, setting us on a path to achieve greater success in the basketball world.
“The new ownership group is dedicated to introducing operational sustainability practices to secure the long-term health and success of the [London Lions] club,” Zalgiris announced in its statement.
The “Ball in Europe” account of social media platform X (formerly Twitter) made public a document showing the agreement between Zalgiris Group and London Lions Group Limited companies. Although the message author claims that Zalgiris Group took ownership of Lions, the document itself is about a loan.
The 60-page document states that Zalgiris Group lends money to the London club, which pledges real estate, shares, a brand, and other assets.
Such a deal could be a step towards saving the Lions from bankruptcy. The investment company 777 Partners, which managed the London club, announced this summer that it was withdrawing from British basketball.
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