EuroLeague v NBA Europe: the battle for European basketball

The battle for European basketball has begun. The NBA’s new model is preparing to take on the EuroLeague. Although the two operate in fundamentally different sporting ecosystems, the difference in scale is instructive. The average NBA franchise is valued at more than $5 billion, compared with a reported combined value of around $2 billion for all EuroLeague clubs. That disparity also points to the commercial potential the NBA believes remains untapped in Europe.

The EuroLeague is currently the continent’s leading club competition, featuring established, permanent teams such as Real Madrid, Barcelona, Olympiacos and Fenerbahçe. Now the NBA, working with basketball’s international governing body, FIBA, is preparing to enter the market. Its proposed NBA Europe competition would comprise 16 teams across major cities and could launch as soon as the 2027/28 season. The format would combine permanent franchises with open spots that every team in a FIBA-affiliated domestic league in Europe could qualify for on an annual basis through winning their domestic league or a second-tier league (like football’s Europa League). Until now, European basketball has functioned as something of a closed shop. The NBA hopes to expand the scope of European basketball and to offer more teams the opportunity to partake in elite competition.

Both organisations have previously expressed a willingness to cooperate. However, at a meeting by Lake Como in October 2026, EuroLeague clubs rejected the NBA’s first proposal to combine the projects into a unified competition. Negotiations are expected to continue, but both sides appear prepared to proceed independently. In the absence of an agreement, the two would be direct rivals.

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EuroLeague: the incumbent

The EuroLeague’s principal advantage is straightforward: it already exists. Its historic clubs, rivalries and loyal supporters give it deep roots, but history alone will not be enough. It plans to expand to 24 teams in 2027, convert existing licences into franchises and consider bids from interested parties.

Following the impending arrival of the NBA, the EuroLeague is also adapting its financial model. Changes to its luxury tax and financial rules have given wealthy owners greater freedom to invest in their squads, accelerating the contest for elite players and commercial relevance. Between 2021 and 2026, EuroLeague payrolls grew by more than 50%. Panathinaikos, the Athens powerhouse owned by Dimitris Giannakopoulos, reportedly has a total budget of between €55 million and €60 million, including €34 million for players. Olympiacos follows with a net player budget of approximately €22 million, followed by Fenerbahçe at €17 million and Maccabi Tel Aviv at €15.5 million.

The commercial indicators also support further investment. During the 2025/26 season, EuroLeague social media content generated 2.27 billion video views, representing a 49% annual increase and growth of almost 1,200% since 2021/22. Its proposed expansion has reportedly attracted binding offers totalling nearly $817 million in franchise fees.

NBA Europe: the challenge

Those figures are impressive in isolation, but pale by comparison when viewed from across the Atlantic. In 2025, Anthony Edwards’ salary alone exceeded Panathinaikos’ player budget. The average NBA franchise is valued at more than twice the estimated combined value of all EuroLeague clubs, while the NBA’s 228 billion social media views were almost exactly 100 times the views attracted by the EuroLeague. The ambition is to apply the NBA’s commercial scale, marketing capabilities, and franchise expertise to the European market, while retaining the traditions that underpin its appeal.

The comparison is not entirely like for like as European basketball has lacked a clearly defined ecosystem, with overlapping leagues and competitions making it difficult to funnel investment. The NBA is seeking to address this by creating a football-style pyramid connecting domestic leagues with a top-tier pan-European competition. Bids for NBA Europe franchises have reportedly exceeded $1 billion in key markets, already approaching half the estimated value of the entire EuroLeague.

The NBA reportedly views NBA Europe as a 20-year project and has created a business model that provides its future teams with financial security and guaranteed revenues. The NBA is preparing to absorb early losses while building media rights, sponsorship, merchandising, ticketing and franchise values. The level of patient capital on offer, coupled with global distribution and commercial expertise could transform a fragmented and often loss-making market.

Cooperation or collision?

For investors increasingly seeking exposure to sport, European basketball offers significant untapped potential. Yet the investment case becomes harder to underwrite if two competitions are pursuing the same players, viewers, broadcasters, sponsors and host cities. Parallel expansion could increase costs without expanding the overall market.

The NBA brings capital, global reach and formidable commercial expertise. The EuroLeague brings historic clubs, loyal supporters and deep cultural roots. Together, they could transform European basketball. If they proceed as rivals, the future structure and sustainability of the European game will remain uncertain.

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