The London Lions Basketball Club, a leading professional basketball team in the British Basketball League (BBL), has been successfully acquired by Tesonet, a tech company and shareholder of Zalgiris Kaunas, a well-known Euroleague team. This acquisition follows the recent and brief period of administration the club faced. Based in Stratford, East London, the Lions have been a cornerstone of British basketball, with a history dating back to their founding in 1977 as the Hemel Hempstead Lakers.
On 30th July 2024, the London Lions were placed into administration by their debenture holder, leading to the appointment of licensed insolvency practitioners, Hasib Howlader and Nimish Patel from Hudson Weir. The administrators, regulated by the Institute of Chartered Accountants in England and Wales, were tasked with overseeing the club’s operations and finding a suitable buyer to ensure its continued future.
Hudson Weir’s diligent efforts during this challenging period have resulted in the successful acquisition by Tesonet / Žalgiris Kaunas for an undisclosed amount, allowing the London Lions to preserve the legacy they have built over the last 47 years. The marketing process for the club generated 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, shared his positive outlook for 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 anticipated to bring renewed energy and resources to the club, ensuring that the London Lions continue to thrive. The London Lions are more than just a basketball team; they are a symbol of community pride and sporting excellence. With a nearly five-decade history 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 move to Milton Keynes and a rebranding as the Milton Keynes Lions, where they won their first British Basketball League trophy in 2008. The team has been an integral part of London’s sporting scene since 2012, playing home games at the Queen Elizabeth Olympic Park. The club further expanded its presence by launching a women’s team in the Women’s British Basketball League in 2017.
