Larry Tanenbaum, owner of AS Saint-Étienne, is reportedly preparing a bid of approximately $1 billion to acquire a London franchise in the planned NBA Europe league.
The Canadian businessman and former chairman of the NBA board of governors is among the potential favorites for the London team, according to sources cited by the Sports Business Journal. Neither Tanenbaum nor the league has confirmed the report, and the investor did not respond to media inquiries.
Capitalizing on Toronto Raptors Stake Sale
The potential investment follows a major financial transaction by Tanenbaum’s holding company, Kilmer Sports. The firm recently sold its 25% stake in Maple Leaf Sports & Entertainment to Rogers Communications for $3.10 billion, providing the liquidity needed for high-end sports acquisitions.
Tanenbaum’s background includes nine years leading the NBA board of governors, giving him direct insight into North American league operations as he eyes expansion into the European market.
London and Paris Command Highest Franchise Valuations
Industry projections indicate that London and Paris will command the highest valuations in the new competition. Acquisition costs for franchises in both capitals are expected to exceed $1 billion, while other European markets are valued between $500 million and $1 billion.
Tanenbaum’s proposed valuation could establish the baseline entry fee for the league. However, NBA regulations prohibit current North American franchise owners from owning a European club, though minority shareholdings under five percent remain permissible under league rules.
Competing Investment Groups Eye European Expansion
Several high-profile investors are also pursuing franchises in the proposed competition. According to reports from the Sports Business Journal, potential bidders include a consortium led by former Tottenham executive Daniel Levy with backing from Liberty Global and MSP Sports Capital, alongside the Lewis family, Todd Boehly, a technology investment group organized by Nikesh Arora, and the Saudi sovereign wealth fund PIF.
For the Paris market, Paris Saint-Germain is widely regarded as the leading contender for the franchise rights.
Target Launch Date Set for October 2027
The NBA intends to inaugurate the European competition in October 2027, proceeding regardless of whether an agreement is reached with Euroleague. Negotiations between the two organizations stalled after Euroleague rejected a $581.41 million buyout and merger proposal from the NBA. Real Madrid has emerged as the Euroleague club most likely to pay the required $11.6 million exit fee to join the new setup.
