Exclusive: London Lions’ new owners defend controversial CEO appointment
Balan was one of the key lieutenants at 777, which bought the Lions in 2020 but took them to the brink of liquidation in July as the US private equity business collapsed.
The London Lions’ new management has defended the decision to retain Lenz Balan, a former vice-president of previous owners 777 Partners, as chief executive of the basketball club.
Balan was one of the key lieutenants at 777, which bought the Lions in 2020 but took them to the brink of liquidation in July as the US private equity business collapsed.
But the CEO of Zalgiris Group, which has taken over the running of the Lions after its investor Tesonet bought them out of administration, said Balan had helped to save the franchise.
“Lenz Balan remained CEO of the London Lions due to his deep commitment to the team’s welfare and the future of London basketball,” Dainius Liulys told City A.M.
“When 777 faced financial difficulties and the club was on the brink of collapse, Lenz didn’t just seek out investors, he co-led the acquisition process, playing a pivotal role that ensured the successful closing of the deal with Tesonet.
“His leadership kept the faith alive among employees and players, fostering their belief in the London Lions’ potential to rise again.
“Without his leadership, integrity, and passion for the club and basketball in London, the acquisition might not have happened.
“We share Lenz’s vision and look forward to partnering with him to guide the club’s recovery and champion its future success.”
Balan, London Lions, 777 and BBL
Balan was also a director of the British Basketball League, in which 777 owned a 45 per cent stake. The BBL is now defunct after running out of money.
Super League Basketball has replaced the BBL as Britain’s professional basketball league after being established by a coalition of clubs. It will launch later this month.
Although 777 brought the BBL to its knees, it is understood that at least some figures at SLB are comfortable with Balan remaining in charge at the London Lions.
Tesonet, a tech incubator behind leading VPN firm Nord and minority owner of Lithuanian club Zalgiris Kaunas, bought the London Lions last month.
It had been in talks to buy the Lions and loaned the club money before putting them into administration in July. Tesonet was chosen over two other bids by administrators Hudson Weir.
SLB warned during the sale process that Tesonet and Zalgiris were the only buyer that it had endorsed to take over the Lions and that it may not admit the club under another owner.
