EuroLeague closing in on 24 teams: NBA wants a stake, 11 investment funds put €700 million on the negotiating table

Milan, the city of fashion and confidential deals, has just become the epicenter of the biggest financial chess game in the history of European basketball. While Armani Olimpia Milan prepared to host the ECA Shareholders Assembly, information leaked by La Gazzetta dello Sport rippled across both sides of the Atlantic: the NBA is negotiating to buy a stake in the competition while 11 investors submitted binding offers worth approximately €700 million to join. I sat in Miami for hours, reading these numbers over and over, and realized that we are not just witnessing an expansion of a league. We are witnessing a remapping of power within European basketball. For a long time, EuroLeague has been described as a sleeping giant. It boasts some of the highest-quality basketball outside the NBA, with historically rich clubs such as Real Madrid, Barcelona, Panathinaikos, and Olympiacos. But the commercial value of the competition has never matched its elite on-court product. Clubs have struggled with their budgets while the American league outclasses any European competition in media revenue. This imbalance explains why the ECA – the organization that holds EuroLeague's commercial rights – has continuously searched for a new development model. The real jolt arrived when La Gazzetta dello Sport reported details of the ECA Shareholders Assembly meeting in Milan. David Blitzer, co-owner of the Washington Wizards and the man who recently completed the purchase of a stake in Italian club Armani Olimpia Milan, was the bridge. Blitzer, a familiar figure in the global sports investment world, brought a clear message from the NBA: America's premier basketball league wants to participate directly in EuroLeague. Not as a media partner, but as a strategic shareholder. This marks the first time the NBA has considered direct investment into a European competition, a move that could completely reshape basketball across Europe. The story becomes more complex and more fascinating because the ECA does not have just one option. According to the source, over 20 parties expressed interest and 11 investors made it to the shortlist, submitting binding offers totaling around €700 million. These investors include private equity funds, media conglomerates, and wealthy business families who can see the extraordinary potential for EuroLeague growth over the next five years. They are not buying an invitation; they are buying a piece of a system that will have 24 exclusive teams. By 2027, the ECA targets a league valuation of €4.3 billion, an ambitious and perhaps even outrageous figure when compared to current reality. This story contains a tactical knot similar to what I have witnessed in major games: the ability to press. The ECA is playing a two-front game. On one side, they sit down with the NBA, exploring the possibility of American capital injecting into the league and opening a transatlantic partnership era. On the other side, they continue to push the independent path by attracting private investors outside the United States. The presence of 11 binding offers means the ECA does not depend on a single investor for its destiny. If the NBA does not bring a high enough price, the leadership can turn to the investment funds for their desired valuation, or vice versa. This psychological game is an art within the investment world. When an asset has multiple suitors, its value is always driven higher than an asset with a single offer. ECA chairman and CEO Chus Bueno, mentioned in internal documents, understands this. They are not just selling the commercial rights to a basketball league; they are selling the story of an asset poised for meteoric growth over the next five years. The €4.3 billion valuation is not based on current revenue but on a string of assumptions about media revenue growth, sponsorship deals, and global market expansion, particularly into untapped territories in Asia and the Middle East. The open question for me is that the structure of release clauses and the new salary cap will be the actual story, not the amount of the injected capital. In a 24-team league valued at €4.3 billion, each team could have an implied enterprise value of over €170 million. This figure is far removed from the historical valuations of EuroLeague clubs. But the €700 million from 11 investors, along with projected total investments exceeding €3.2 billion over the next five years, shows that this is not mere paperwork. Real money is now on the table. The remaining question is who will sit in the driver's seat when this game truly begins. I recall a few years ago when similar negotiations in Europe always ended with promises that were never followed by money. This time, things are different. Binding contracts, closed-door meetings between shareholders and investors in Milan, and the direct participation of a figure like David Blitzer signal genuine commitment. However, I always ask myself: how will the fans feel this revolution? When investors talk about expanding to 24 teams, they talk about market opportunities. But for basketball lovers in Belgrade, Athens, or Istanbul, this change has a different meaning. Will they witness more dramatic and intense games, or will they witness the league becoming more alien after traditional clubs are replaced by franchise brands? Numbers are only maps; feelings are the real pitch. Valuation figures, enterprise values, and cash flows never reflect the roar of a packed arena when the home team scores in the final seconds. I once asked a familiar source within European basketball management a question: Does the NBA truly want to change the identity of EuroLeague? The answer I received was a smile and a provocative remark: the NBA doesn't need to change EuroLeague's identity, but they will bring their operational system, league model, and commercial standards. This could be a double-edged sword. Part of EuroLeague's appeal lies in the strong community bonds of its clubs, fierce fan culture, and deep history. Financial pressure from investment funds could transform this competition into a miniature version of the NBA with soulless franchise brands. Look at what has happened in other competitions when an outside organization buys a significant stake. The balance between investment returns and the authenticity of the sport is always a challenge. Belief does not require evidence, but evidence is born from belief, and I will wait for evidence from the upcoming agreements. From Miami, where I have had the opportunity to observe the American sports franchise model firsthand, I realize European basketball is standing at a historic crossroads. With projected investments surpassing €3.2 billion over five years, a target valuation of €4.3 billion by 2027, and €700 million already committed to the expansion process, EuroLeague is setting itself a challenge greater than any final they have hosted. Belief in European sports leagues is not like belief in other competitions. It is built through generations, through sports fairy tales, and through the people of entire neighborhoods connecting with their clubs. Investors arriving from America may see the enormous financial potential of the league, but can they see the heart of this sport? In Atlanta, I learned what xG can never measure: the roar of the stadium at minute 80 that nobody could believe. This is one of those rare moments in European basketball history where the biggest story is not on the court but in the meeting rooms. Shareholders sit together, look at the numbers, and make decisions that will shape the league for decades to come. What happened in Milan during these days will be part of history, whether they realize it or not. From the ashes of past failed negotiations, I see that the European basketball community is not dying; they are only changing colors. And when Milan taught me to read financial reports, I suddenly understood: fans do not cry with numbers, they cry with heartbeats. Investment amounts, valuations, and enterprise values are maps, but maps never represent the mountains or rivers they depict. The future of EuroLeague may be a 24-team expansion with investors from around the world. But for the league to truly succeed, it will need more than numbers on paper. They will need to preserve the soul of European basketball, the very thing that has made millions fall in love with this competition for decades.