June 30 (Reuters) - The NBA is "extremely encouraged" by the final bids received for permanent franchises in a new NBA and FIBA-backed league in Europe planned for October 2027, Deputy Commissioner Mark Tatum said on Tuesday.
The NBA has received many bids within and exceeding the $500 million to $1 billion range in each of its 12 target cities, including from more than 20 existing basketball and football clubs, many of which are current EuroLeague teams.
"This will be the biggest influx of capital
European basketball has ever seen, and we have clear frontrunners in each of our 12 target cities including many existing basketball and football clubs," said Tatum.
"We will now work with the NBA and FIBA Boards to finalize the long-form agreements.
Several former NBA owners are either part of ownership groups that have submitted bids or expressed serious interest.
The planned league is expected to feature 16 teams, including 12 permanent franchises and four additional spots available through a qualification process for clubs across Europe.
Any agreements on final terms and announcements about the launch of the league and participating teams will happen on a rolling basis, meaning the 12 permanent teams will not be announced at once.
The NBA's push into Europe comes amid growing international influence on the league.
The proposed NBA Europe competition would enter a market currently anchored by the EuroLeague, which encompasses most of the continent's basketball powers, including Olympiacos, Real Madrid, Fenerbahce and Barcelona.
(Reporting by Frank Pingue in Toronto; Editing by Ken Ferris)
