EuroLeague Expansion to 24 Teams: ECA, NBA and the €3.2 Billion Investment Race

In a development that could change the landscape of European basketball, EuroLeague Commercial Assets (ECA) – the organization that manages the continent's premier basketball league – is considering a plan to expand to 24 teams. This information was reported by La Gazzetta dello Sport, one of Italy's most respected sports newspapers. A meeting of ECA shareholders, expected to take place in Milan and hosted by Armani Olimpia Milan, will be where stakeholders discuss the league's future.

What stands out is that this plan is not merely about increasing the number of teams. It comes with a large-scale financial strategy, including negotiations with the NBA about a possible stake acquisition or strategic partnership. If successful, this would be the first time the NBA officially enters the governance structure of a major basketball league outside the United States. It is a turning point that could reshape the entire European basketball landscape over the next decade.

Background: EuroLeague and ECA

EuroLeague was founded in 2026, replacing the FIBA EuroLeague. The competition brings together the strongest basketball clubs in Europe, featuring teams such as Real Madrid, Barcelona, Olympiacos, Panathinaikos, CSKA Moscow (formerly), Fenerbahçe, and many other big names. ECA is the organization that owns the league's commercial rights, run by its club shareholders. The current CEO of ECA is Chus Bueno, an experienced sports executive.

Over the past two decades, EuroLeague has established itself as the number one club competition in Europe. However, commercially, the league still lags far behind the NBA. EuroLeague's annual revenue is estimated at only around €100 million, while the NBA generates over $10 billion per season. This gap has forced European basketball leaders to seek a breakthrough, and expansion is one of the solutions under consideration.

Expansion Plan: 24 Teams and a €3.2 Billion Investment

According to sources, ECA is considering a five-year expansion roadmap. The total investment is projected to exceed €3.2 billion, including entry fees for new teams, costs for building and upgrading arenas, team operations, and media rights development. The goal is to raise the league's enterprise value to €4.3 billion by 2027. If achieved, this would be a major leap from EuroLeague's current valuation, estimated at under €1 billion.

To realize this ambition, ECA has attracted interest from numerous investors. Notably, 11 candidates have submitted binding offers totaling around €700 million. This figure demonstrates the seriousness of the investors, as they are ready to make a financial bet on the future of European basketball. Each binding offer averages about €64 million, though this is not necessarily the final fee for an accepted franchise slot.

The Investors and the Race for Slots

The list of 11 candidates is believed to include investment corporations, venture capital funds, and even existing clubs looking to expand. Their participation creates healthy competition, giving ECA additional leverage in negotiations with the NBA. According to analysis, this "dual-path" strategy is typical in high-stakes deals: if the NBA does not offer an attractive price, ECA can proceed with its expansion plan independently with private investors; conversely, if the NBA wants to join, it will have to compete with existing offers.

Having many interested investors also means that existing clubs could benefit from increased brand value. If the league reaches a €4.3 billion valuation, the equity value of each team could rise significantly. However, this also poses challenges in maintaining competitiveness and fairness in the league, as new teams may have stronger financial resources.

The NBA and Global Expansion Ambitions

The NBA, the American professional basketball league, has long expressed ambitions to expand its global influence. Acquiring a stake in or partnering with EuroLeague would be a strategic move, giving the NBA access to the European market – home to a large and growing basketball fan base. The NBA Board of Governors is reported to have discussed this possibility, though no official decision has been made.

If the NBA participates, it could bring enormous financial resources, management expertise, and global marketing capabilities. However, this also raises questions about the sovereignty of European basketball. Would EuroLeague become a satellite league of the NBA? Would European clubs retain their identity and voice? These are issues that need careful consideration.

Financial Analysis: From €700 Million to €4.3 Billion

The €700 million from 11 binding offers is a strong signal. It shows that investors highly value EuroLeague's potential. However, to reach the €4.3 billion target by 2027, the league needs significant revenue growth, especially from media rights. Currently, EuroLeague's television contracts are modest compared to other major leagues. Expanding to 24 teams would create more games, potentially increasing the value of media rights deals.

However, not everything is rosy. Expansion could dilute the quality of the league, as more weaker teams join. This could reduce the attractiveness of matches and affect revenue. Additionally, operating and travel costs will increase, especially for teams in distant geographical areas. Clubs need sustainable financial plans to avoid falling into debt.

Impact on Clubs and Fans

For existing clubs, the expansion plan could bring both opportunities and challenges. Opportunities come from increased revenue, access to new markets, and enhanced brand value. Challenges come from fiercer competition, requiring more investment in rosters and facilities. Smaller clubs may struggle to keep up with the giants.

European basketball fans may witness more exciting matches, with the participation of new teams. However, they may also worry about the league becoming overly commercialized, losing its tradition and local identity. Balancing commercial and sporting factors is a difficult equation.

Risks and Challenges

The EuroLeague expansion plan is not without risks. First, achieving the €4.3 billion valuation target requires strong revenue growth, particularly from media rights and sponsorship. If the market is unfavorable, investors may lose patience. Second, expansion could cause conflicts of interest between existing clubs and new teams. Third, NBA involvement could lead to changes in playing rules and schedules, affecting the identity of European basketball.

Additionally, the financial health of clubs is a concern. Many European clubs are struggling financially, and expansion could worsen the situation without a reasonable revenue-sharing mechanism. ECA needs to build a transparent and fair governance model to ensure sustainable development.

Reactions from Experts

The European basketball community has mixed opinions about this plan. Some supporters argue it is an opportunity for EuroLeague to reach world-class status, attracting more talent and resources. Opponents fear that rapid expansion could disrupt competitiveness and dilute the league's value. They also question the sustainability of the financial model, especially when many clubs depend on wealthy owners.

Comparison with Other Leagues

In the global sports context, expansion and commercialization of leagues is a common trend. The NBA has taken similar steps by expanding into international markets, organizing games in Europe and Asia. The UEFA Champions League is also considering format changes to increase matches and revenue. EuroLeague is not outside this trend. However, learning from other leagues is necessary to avoid mistakes.

The Role of Armani Olimpia Milan

Armani Olimpia Milan, as the host club of the ECA shareholders' meeting, plays an important role in shaping the agenda. Milan is one of the most traditional clubs with strong financial backing from the Armani group. Milan hosting this meeting shows the club's support for the expansion plan, and it is also an opportunity for Milan to assert its position in EuroLeague's power structure.

The Meaning of the Numbers

To better understand the scale of the plan, let's analyze the numbers. The €700 million from 11 binding offers represents initial deposits or commitments. If each franchise slot costs around €64 million, expanding to 24 teams (i.e., adding 6 teams to the current 18) would generate about €384 million in entry fees. The remainder of the €3.2 billion investment comes from other sources such as sponsorship, media rights, and investor capital. The €4.3 billion target by 2027 implies revenue growth of about 30-40% per year, an ambitious but not impossible figure if the league successfully expands its market.

History of EuroLeague Expansion

EuroLeague has undergone several changes in format and number of teams. Starting with 24 teams in 2026, it was reduced to 18 teams in 2026. Expanding back to 24 teams in 2027 would be a policy reversal, but this time with clearer commercial objectives. Previously, the reduction was made to increase quality and competitiveness. This time, ECA believes that a larger scale will create more financial opportunities, especially with the involvement of foreign investors.

Opportunities for Smaller Clubs

Expanding to 24 teams opens the door for clubs from smaller domestic leagues such as the ABA League, VTB United League, or leagues in Spain, Italy, and Turkey. Teams like Valencia, Virtus Bologna, or Partizan could have a chance to join EuroLeague if they meet financial and facility criteria. This not only helps clubs grow but also expands EuroLeague's market to more countries.

Comparison with the NBA's Management Model

The NBA is a closed league with 30 teams and no promotion or relegation. EuroLeague is currently also almost a closed league with 18 teams, but still has some slots for domestic league champions. Expanding to 24 teams would make EuroLeague more like the NBA in scale, but the management model remains different. The NBA has a hard salary cap and strict revenue sharing, while EuroLeague lacks these mechanisms. If the NBA joins ECA, there may be pressure to change the management model toward the NBA's approach.

Impact on the Player Transfer Market

As the league expands, demand for players will increase. New teams will need to recruit many quality players to compete. This could drive up transfer fees and player salaries. European stars may have more options, and young talents from domestic leagues will have opportunities to be discovered. However, this could also lead to salary inflation, putting pressure on club finances.

The Role of Chus Bueno

Chus Bueno, CEO of ECA, has been behind many of EuroLeague's development strategies in recent years. With experience in sports and media, Bueno is regarded as a skilled negotiator. He is directly involved in discussions with the NBA and investors. Bueno's leadership will be crucial in persuading ECA shareholders to approve this ambitious expansion plan.

The Meeting in Milan

The ECA shareholders' meeting in Milan is expected to take place later this month. There, clubs will vote on the expansion plan and the negotiation strategy with the NBA. Armani Olimpia Milan, as host, is expected to contribute important input. If the plan is approved, ECA will begin the process of selecting new teams and negotiating with investors. This process could take several months, but the goal is to launch the 2027-2028 season with 24 teams.

Forecast

If the plan succeeds, EuroLeague could become one of the most attractive sports leagues in the world, drawing global fan interest. However, the risk of failure is also significant. Achieving the €4.3 billion target requires exceptional revenue growth, which even major leagues find difficult. Time will tell whether ECA and its partners can turn ambition into reality.