‘London Lions Basketball Club’ Acquired by Tesonet / Žalgiris Kaunas

LONDON, UK. 14th August, 2024 – The London Lions Basketball Club, one of the UK's most prominent professional basketball teams in the BBL, has been successfully sold following its recent and brief administration, to Tesonet, a tech hub and shareholder of Zalgiris Kaunas, a prominent Euroleague organisation. The team, based in Stratford, East London, has been a central part of the British basketball community, with a rich history dating back to its founding in 1977 as the Hemel Hempstead Lakers.

On the 30th July 2024, the London Lions were placed into Administration by its debenture holder, leading to the appointment of Hasib Howlader and Nimish Patel from Hudson Weir, licensed insolvency practitioners regulated by the Institute of Chartered Accountants in England and Wales. The Administrators were tasked with managing the club's operations and securing a suitable buyer to preserve the club's future.

Hudson Weir's efforts to maintain the club's operations during this challenging period have now culminated in the successful acquisition by Tesonet / Žalgiris Kaunas, for an undisclosed sum, which enables the legacy of the London Lions to continue which it has built over the last 47 years. The marketing process of the Club had significant interest and attracted multi-million-pound offers. As administrators, we were obliged to accept the offer which was in the best interest of creditors of the company. 

Hasib Howlader, Joint Administrator from Hudson Weir, expressed his optimism about the club's future: 

“We are delighted to report that Tesonet / Žalgiris Kaunas is the new owner of the club, with Hudson Weir managing to complete the sale in less than two weeks from the date the club was placed into Administration. For Nimish and myself speed was crucial regarding this administration to ensure the club did not falter during that period and the players could see a bright future ahead of them, and most importantly have the platform to join the league for the 24/25 season.””

“Our honest approach in communicating the facts surrounding the circumstances of the club attracted a number of eleventh-hours bidders, however, it was Tesonet / Žalgiris Kaunas who were the ultimate winner in this race for the London Lions. We are also delighted with the support provided by Frank Brumby of HCR Law who worked around the clock and over the weekend alongside us”

“As part of the final deal, Hudson Weir was able to save the club, with no loss of jobs, a positive return to creditors, and the London Lions will be playing in the next season of the BBL. This was a very good return for all parties concerned.”

“The new ownership is expected to bring fresh energy and resources to the club, ensuring that the London Lions continue to thrive due to the outcome of this case, as the London Lions are more than just a basketball team; they are a symbol of community pride and sporting excellence. With a history that spans nearly five decades and a deeply passionate fan base, we are confident that under the new ownership, the London Lions will continue to scale new heights.

"The London Lions, originally known as the Hemel Hempstead Lakers, have undergone several transformations, including a relocation to Milton Keynes and subsequent rebranding as the Milton Keynes Lions, where they secured their first British Basketball League trophy in 2008. The team has been a staple in London's sporting landscape since 2012, playing home games at the Queen Elizabeth Olympic Park. The club also expanded its reach by launching a women's team in the Women's British Basketball League in 2017.