London Lions have been acquired by the tech hub Tesonet, just two weeks after the basketball club entered administration.
Tesonet, which also holds shares in Lithuania's Zalgiris-Kaunas, has taken over the London Lions after months of financial uncertainty under previous owners 777 Partners.
President Lenz C Balan described the acquisition as the "start of a new journey" for the club, which has won 19 trophies across men's and women's basketball since its 2019 takeover.
Balan emphasized that the new ownership will bring financial stability and the opportunity to introduce sustainability practices to improve the club’s performance both domestically and globally.
The Lions had been managed by insolvency firm Hudson Weir since entering administration on August 7.
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