EuroLeague enters the 24-team era: 700 million euros poured into a new game

Before anyone could name it, I already saw its framework. The story does not start with a play or a tactic, but with dry figures revealed at a Lake Como summit. EuroLeague is facing the biggest overhaul in its history: a closed league with 24 teams, and investment funds betting hundreds of millions of euros on that future. A new industry report released in July 2026 shows that more than 20 organizations have declared interest in owning commercial franchises in the restructured EuroLeague. Of those, 11 candidates have passed in-depth due diligence and submitted binding bids totaling about 700 million euros. This is not just a signal of European basketball's appeal, but also proof of a wave of private investment that wants to reshape the strategic 'asset' of this sport. According to the plan, the EuroLeague in the 2027-28 season will have 24 participating teams, with 21 permanent spots said to be secured. This means only three open spots remain for other teams to compete for, while many major European clubs fear being left behind. Yet the real story is not the number 21 or 24, but the origin of the huge sums flowing into the system – and the choice between an NBA-ized path or financial independence. The hot context is created by the NBA Board of Governors meeting, where an offer to cooperate or invest directly in EuroLeague could be presented. On the other side, CEO Chus Bueno is pushing an independent 'Transformative Strategic Plan.' That is the fork in European basketball history: one path leads to becoming 'European NBA,' the other to a new-style closed league that retains its own identity. I want to look at it as a tactical anatomist – not tactics on the court, but the tactics of power and money flow. The 700 million euro figure from 11 investors shows that the desire to own a piece of Europe's top league is huge. But it also raises the question: will the new 'owners' accept common rules, or will they try to impose an NBA model where team owners control both the rules and the league? This is not a new problem. I have watched how the NBA operates for many years in the US. Terms like 'salary cap,' 'luxury tax,' and 'draft pick' have become a familiar language. But EuroLeague has never had such a system. Moving to a closed league model will almost certainly bring with it regulations on wages, number of players, and revenue distribution – things that European clubs are not really ready for. I remember one night without football, I turned to reading every figure about broadcast revenues of European leagues. Those numbers showed a huge gap between the NBA and EuroLeague, but at the same time showed enormous growth potential if the model is improved. A 24-team league, if well organized, could help clubs like Real Madrid, Barcelona or Fenerbahce achieve more stable income, thereby enhancing squad quality and global appeal. However, one thing makes me skeptical: figures such as 3.2 billion euros in expected total investment and 4.3 billion euros enterprise value by 2027 are only published targets, not established valuations. In the analyst world, we must distinguish between ambition and reality. 700 million euros from 11 investors is a strong signal, but it is just the tip of the iceberg. Another issue is also worth noting: if EuroLeague becomes a closed league, its relationship with domestic leagues and FIBA will be extremely tense. Domestic leagues currently serve as a springboard for many young talents. If top clubs are drawn into a private league, those competitions risk losing commercial value and fan interest. That is a problem the organizers have to solve, not just signing contracts with investment funds. I always keep my own dictionary of terms and numbers. Whenever data arrives, I verify the name and context. Here, I must make clear that information about '21 permanent teams' or '700 million euros' needs further verification from official sources. In the long run, EuroLeague's move toward a 24-team model could have a far-reaching impact not only in Europe but globally. If successful, it would be the first time a non-NBA basketball league achieves such financial stability. Conversely, failure would be an expensive lesson about chasing money while abandoning the core values of the sport. EuroLeague's next step will be decided at the Lake Como summit, where shareholders will choose between an NBA-backed vision and an independent plan. Before they can agree, I have seen the framework of a revolution – and it will have many more unexpected turns.