Tesonet, a prominent tech hub and shareholder of EuroLeague team Zalgiris Kaunas, has acquired a British Basketball League side, the London Lions.
According to a press statement released by London Lion, the owner is set to elevate the club’s performance, financial stability, and sustainability.
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“We are thrilled to announce a significant new chapter in the history of the London Lions Basketball Club. The club has been acquired by Tesonet, a tech hub and shareholder of Zalgiris Kaunas, a prestigious organisation with a storied history in the EuroLeague,” the statement read.
“Zalgiris Kaunas will share their invaluable experience with our team, setting us on a path to 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 club. Recognising the club’s previous financial challenges, their investment is poised to stabilise and strengthen our financial position, ensuring we continue to be a competitive force in the league.
“As part of this new chapter, player budgets will be aligned with the newly established salary cap, ensuring a fair and competitive environment for all athletes involved. This strategic financial planning is designed to foster a sustainable and thriving team culture.“
Ahead of the upcoming season, the club assured the fans a good outing, promising to produce a formidable roster desperate for good results.
“Under the leadership of the new general manager, Iason Tranos, and head coach, Petar Bozic, the club is actively working to build an exciting and competitive roster. Fans can expect more updates on player signings and team developments in the near future.”
The club added that the team will play their home games at the Copper Box Arena, saying the new owner is looking forward to hosting a few games at different venues in London, further expanding its reach and accessibility to fans.
