Numerous cities showing strong interest in NBA-backed European basketball league

[p][b]"The ‌level of engagement and the scale of the ‌bids reflect the marketplace's belief in our proposed model and the ‌enormous, untapped potential for European basketball,"[/b] Tatum said in ‌a statement.[/p][p][b]"We will now review the bids in more detail and shortlist the partners who share our vision and commitment to accelerating ‌the growth of the game across ⁠the continent."[/b][/p][p]NBA governors again expressed ‌overwhelming support for the proposed league at the Board of Governors ​meeting on March 24-25, sources told Reuters. More than 120 prospective investors, including existing teams, outside ​investment groups and high-net-worth individuals, have shown serious interest in the venture.[/p][p][b]The NBA has received multiple bids in the $500 ⁠million to $1 billion range, ​including several above $1 billion, the sources said. [/b][/p][p][b]There is competition from a range of investors across each of the league's 12 target cities. Those cities include London, Manchester, Paris, Lyon, ‌Rome, Milan, Barcelona, Madrid, Berlin, Munich, Athens and Istanbul.[/b][/p][p]In recent weeks, the NBA has held talks with more than a dozen existing basketball teams and received bids from multiple clubs, including current EuroLeague teams, sources said.[/p][p]The NBA and FIBA plan to take a phased approach, prioritising the most serious bids that align with their long-term vision, the sources said. The NBA would then engage with its ‌Board of Governors to select partners, while FIBA would follow ​its own process.[/p][p]Announcements on final terms, the league's launch ‌and participating teams are expected to come on a rolling basis rather than all at once.[/p][p]The NBA and FIBA also remain in active talks with the EuroLeague, but a successful bid through their process is ⁠the only way to ⁠secure a permanent place ‌in the new competition, the sources said.[/p]