London Lions get Mayor of London’s backing for new arena

The London Lions have received backing from the Mayor of London to develop a world-class, purpose-built basketball arena in the capital.

The proposals include plans to create a cutting-edge training and game-day environment for the London Lions men’s and women’s teams, and one would assume have a capacity of around 10,000 – the minimum required in the Euroleague byelaws.

“London is now the sporting capital of the world and I am thrilled to support the London Lions as they pursue their ambitious vision to establish a state-of-the-art basketball facility in our city,” Mayor of London Sadiq Khan said.

“This venue can be a major new hub for basketball in the capital, creating positive opportunities for young people, attracting new fans to the sport and hosting more events which would provide a significant boost to the economy.

“We are dedicated to helping the London Lions secure their long-term home as we work together to build a better, more prosperous London for everyone.”

Tesonet, the new London Lions owners, have pledged to finance the project, while the Mayor of London’s office will help identify the site.

“London Lions has the potential to build a basketball stronghold in Europe, powered by incredible local talent and strong ties to a rapidly growing fan community,” Tomas Okmanas (pictured below), co-founder of Tesonet and owner of the London Lions said.

“The Lions have the appetite to compete – and win – against the best in Europe, and we are thrilled to support them on this journey.

“Such ambitions and goals require a dedicated top-tier venue. Today we are announcing our intention to build a fitting new home for the Lions to usher in a bright new era for the club and the city.”

A new state-of-the-art venue would serve as the long-term home for elite basketball in London and provide a platform for top-tier competition while fostering grassroots development and expanding access to the sport for communities across the city.

“To make London Lions the top, to play very competitively and re-enter the top European leagues, it needs to have a purpose built arena,” Okmanas told the FT. “It’s a natural step.”

The venue would “serve as a hub for youth programmes, community engagement initiatives and talent development, ensuring that basketball continues to grow at all levels in the capital” the release says, while also playing “a part in the mayor’s commitment for greener spaces and reach aspirations towards sustainable building.”

With the Lions aiming to re-enter top European competition in the near future and the mayor’s desire to bring more NBA games and activities to the capital, a new arena would put London in a prime position.

The plans follow a recent commitment from the mayor to set up a first-of-its-kind basketball taskforce to grow the game in London.

“Our ambition is to put London firmly on the global basketball map,” London Lions CEO Lenz Balan said.

“This project is a major step in that journey. We want to create a world-class purpose-built home for elite hoops and a place where the community can come together to experience the energy and passion of basketball at the highest level.”

Tesonet, a technology business accelerator, bootstrapped the Lithuania-based cybersecurity startup Nord Security, now valued at $3B, and seems to not only have the funds but the enthusiasm to make the arena happen, saying they will “provide the club with the required funding if all the necessary construction requirements move ahead.”

Tesonet already owns a stake in BC Zalgiris, a club regularly selling out its EuroLeague games in the 15,000-seat Zalgirio Arena. Zalgiris has become a prime example of how basketball clubs should be managed in Europe and remains one of the few self-sustaining and profitable teams in the EuroLeague.

The Lions will continue to play at the Copper Box Arena – which they currently rent on game days while taking none of the secondary spend and having no control of the venue – while the plans for the new arena are moved forward.

More details on the development timeline and location will be announced in the coming months.