Buyer found for London basketball team thanks to Partner’s guidance

When professional basketball team London Lions found themselves facing the possibility of collapse and seeking advice from insolvency professionals, the proposed administrators, Hasib Howlader and Nimish Patel of Hudson Weir contacted Partner and National Chairman of Restructuring and Insolvency Frank Brumby for clear guidance, understanding and support.

Frank and the proposed administrators faced a tight deadline – the team had only two weeks to secure a buyer. In securing a new buyer they would receive the clearance needed from the British Basketball Federation for a licence allowing them to play in the new season’s league.

Frank advised the administrators on the sale of the business and assets within days of the appointment of the administrators.

Thankfully for London Lions there was international interest from both from the USA and Lithuania.

The team were sold to Tesonet, a Lithuanian tech hub and investor in Lithuanian basketball team Zalgiris Kaunas within the two week deadline.

After the sale, Frank said: “These transactions can often be tense – particularly with such short timescales. I’m thrilled that a buyer could be found in time and that the team, and their fans, can look forward to the new basketball season without the fear of administration.”