Tanenbaum Bids $1 Billion for NBA Europe London Team
Former Raptors minority owner Larry Tanenbaum has reportedly submitted a $1 billion bid for a London franchise as the NBA pursues its European league.
Updated on Nov. 1, 2026 in Basketball
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Larry Tanenbaum has reportedly submitted a $1 billion bid for an NBA Europe franchise in London. The bid comes after the EuroLeague board rejected a reported $581 million NBA offer to purchase and merge with the competition.
Why it matters
The NBA remains committed to launching NBA Europe in October 2027, and franchise bids in London and Paris are being pursued by several competing groups. The outcome could determine the financial structure and competitive format of a major expansion of the league.
Tanenbaum's reported bid of $1 billion compares with projected franchise prices of $500 million to $1 billion for other cities, while London and Paris are expected to exceed $1 billion. Whether EuroLeague talks will proceed remains unresolved.
The players
Larry Tanenbaum
Tanenbaum is a Toronto businessman and former Raptors minority owner who sold his 25% stake in Maple Leaf Sports & Entertainment to Rogers Communications for $3.1 billion.
NBA
The National Basketball Association is the North American professional basketball league pursuing a European expansion.
EuroLeague
EuroLeague is the leading European professional basketball competition whose board rejected a reported $581 million NBA offer.
The details
Tanenbaum, a former Toronto Raptors minority owner who won a 2019 NBA Championship with the team, stepped away as chairman of the NBA Board of Governors after nearly a decade. A planned London Colosseum arena with 25,000 seats has been tied to the proposed team, and Nikesh Arora has also been linked to a London-based franchise.
Timeline
October 2025: The NBA announced plans for a European league launch in the second half of 2027.
2019: Tanenbaum's Toronto Raptors won the NBA Championship.
October 2027: NBA Europe is scheduled to launch under the league's commitment.
Roadmap
The reported London bid moves the NBA closer to its October 2027 European launch target. Its success depends on whether talks with EuroLeague resolve or the league falls back to a tournament-style format.
London and Paris franchises are expected to carry the highest values in the planned league, with the London bid signaling the scale of investment being considered. If EuroLeague talks stall, the NBA may begin with a tournament-style competition or limited format.
The takeaway
Franchise pricing and league structure in NBA Europe will depend on negotiations that remain unresolved, so the October 2027 launch date is a key marker to watch.
What happens next
The NBA has committed to launching NBA Europe in October 2027, a date that will determine how franchise bids and EuroLeague negotiations proceed.
Further reading
Explore more coverage in our Basketball section.
Source note: This article includes information reported by GiveMeSport.
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