EuroLeague at its tipping point: 700 million euros, 3.2 billion euros and the NBA negotiation

When the ECA Assembly ended in Milan, there was no buzzer-beater. But in the corridors of Armani Olimpia Milan, the real shots were financial commitments worth around 700 million euros. According to La Gazzetta dello Sport, EuroLeague is moving closer to a 24-team expansion plan that could reshape European basketball. ECA — EuroLeague Commercial Assets — is not run like the NBA. It is owned by a group of club-shareholders. Those clubs compete on the court but share ownership of the league off it. This dual role creates tension: they must cooperate to increase the league's value, but each club also wants to protect its own influence. The report says 11 shortlisted candidates have submitted binding offers worth roughly 700 million euros. The five-year projected investment is over 3.2 billion euros, covering franchise fees, infrastructure, team operations and media development. The target is to lift EuroLeague's business value to 4.3 billion euros by 2027. Spread across 24 teams, that implies an average enterprise value above 170 million euros per club. There are two possible paths. First, EuroLeague goes independent with private investors building a closed league. Second, the NBA buys a stake. Any significant NBA investment would require approval from the NBA Board of Governors. These two paths are not just different strategies; they create negotiation leverage. With 700 million euros already on the table, ECA can bargain with the NBA from a stronger position. The contrarian point is that NBA involvement may not automatically benefit European basketball. The NBA is a centralized commercial machine. EuroLeague clubs carry cultural identity rooted in local communities. If the league becomes a US-style franchise model, traditions such as promotion, relegation and local ownership could be weakened. Expansion to 24 teams would also affect coaching strategy. More teams mean more games and longer travel. Rotation depth will become more important, and load management will be a financial necessity rather than just a tactical choice. Owners paying tens of millions of euros for a franchise will not accept star players missing games because of poor scheduling. This is an aggressive valuation. Reaching 4.3 billion euros by 2027 requires massive growth in media rights, sponsorship and ticketing. European basketball still competes with football for attention. Without a clear global audience strategy, the forecast may prove too optimistic. What happens next depends on ECA CEO Chus Bueno, the club-shareholders and the seriousness of the NBA. The numbers leaked so far suggest this is not speculation. The real game is being played in boardrooms, and the outcome will define European basketball for decades.