Firm takes £7m stake in ‘huge boost’ for sport

THE British Basketball League (BBL) has announced that Miami-based alternative investment firm 777 Partners, has invested £7 million in return for a 45 per cent stake in the league.

Riders chairman Kevin Routledge, who led the negotiations for BBL on the deal, believes it can be a huge boost for the sport.

“We are delighted with this investment, which we believe will be transformational for the sport.

“We are still dealing with the impacts of Covid, but the funding provided through this investment will help us look to the long-term and will help ensure the sport goes from strength to strength.

“Importantly, all parts of the sport of basketball will benefit, and as Riders have already made great strides, in terms of the growth of their foundation in the community and their player pathway, were the first BBL club to build their own arena and were founder members of the WBBL, we will be able to capitalise on the investment to take the club and the sport of basketball locally to another level.”

The league said the investment will be used to deliver an ambitious plan that will span the entirety of the sport – from community grassroots through to the overall infrastructure of the elite game in the UK.

A chief executive will be appointed to drive the league forward.

There will be major investment in a “digital transformation strategy” to improve and enhance the product and to deliver the league and its content more effectively.

At game-level, the focus will include initiatives to raise the quality of play and investment in officials.

Players will be given additional support across their basketball and wider career aspirations and there will be investment in and athlete welfare programmes.

Funds will also drive the introduction of new in-stadia technology to improve the fan experience and broadcast product.

Under the plans the league is also targeting at least four new, highquality franchises to be added within the next five years.

Through the BBL Inspires programme, the league said the grassroots of the game will benefit.

The BBL said it is also committed to increasing its support of the women’s game, with additional resource being channelled towards the Women’s Basketball League, and to working with the national governing bodies to help grow all levels of the game.

Increased commercialisation of all the sport’s key assets working is a key objective.

Sir Rodney Walker, chairman of the BBL, said: “To state we are thrilled to have 777 Partners come on board – as passionate investors who share our vision – is somewhat of an understatement.

“We couldn’t be more delighted that, as a result of this significant injection of capital, we are now able to fast track the league’s big ambitions and unlock the huge untapped potential we know the sport has in this country.

“Basketball is unique in its ability to reach across cultural, societal and economic divides and in its ability to engage with a young, diverse audience.

“There is huge potential to use the transformative power of sport for the benefit of our growing audience.

“Basketball and the BBL is coming out of Covid looking forward to a very positive future.

“Now, with this investment from 777 Partners, we can plan for the future with confidence.”

777 Partners’ sports portfolio includes La Liga Club Sevilla and Serie A side, Genoa, as well as BBL Club London Lions.