After the EuroLeague, Europe’s top-flight basketball league, confirmed it is open for private investment this summer, the Saudi Arabian SURJ Sports Investment group is reportedly interested in a stake.
The Financial Times revealed that SURJ Sports Investment is seeking a minority stake in EuroLeague after the league’s parent company, EuroLeague Commercial Assets, is open to selling a third of its business.
An initial $1bn valuation has been attached to the minority stake which, if finalised, would see EuroLeague receive a major boost for its growth plans over the coming years.
EuroLeague Commercial Assets has been working with investment bank LionTree to help the sale process after bringing the company onboard last summer.
The Financial Times report also revealed that SURJ is looking to bring in private equity firm General Atlantic as part of its investment, with the minority stake being split between the two parties.
SURJ is an extension of the nation-backed Saudi Arabia Public Investment Fund (PIF), the predominant backer of LIV Golf and the majority owners of Newcastle United. SURJ also has its fair share of portfolio investments, investing over $100m in the Professional Fighters League (PFL) last year, as well as sponsorship agreements with Saudi Pro League football teams.
The interest in EuroLeague may stem from new SURJ CEO Danny Townsend. He has been actively searching for new sports for the investment firm to gain stakes in, such as in tennis and cycling.
SURJ may face competition for the minority stake, as it is believed that BC Partners is also stepping up its interest in investment.
EuroLeague, despite being forever in the shadow of its US counterpart the NBA, is ripe for growth as it recently broke it’s all-time attendance record for a season during the 2023/24 campaign.
Europe is also quickly becoming a hotbed for elite basketball talent with many of the NBA’s best players, such as Nikola Jokić, Luka Dončić and Giannis Antetokounmpo all hailing from the continent.
Whilst it remains unclear what the additional funds to the league may mean for EuroLeague, it may help support the potential collab-competition with the NBA.
NBA Commissioner Adam Silver confirmed at last summer’s Olympics in Paris that Deputy Commissioner Mark Tatum held meetings with International Basketball Federation execs to explore either a potential new NBA Europe league or cup competition.
