Former NBA owner pursuing $1bn expansion franchise 3,5000 miles away from old team

Larry Tanenbaum is reportedly pursuing NBA Europe’s London franchise. According to a report from Sports Business Journal, the former Toronto Raptors minority owner has emerged as the leading front-runner to land the NBA franchise over 3,500 miles away from his former team, after putting together a bid worth $1 billion. Plans to push the game of basketball international via the construction of a new European league was announced back in October 2025 by the NBA’s deputy commissioner Mark Tatum, who revealed that they had an aim of launching the project in the second half of 2027. Back in August, reports emerged that American billionaire Nikesh Arora had been engaged in discussions to purchase an NBA team that was to be based in London, with reports that they could play at a 25,000 arena titled the London Colosseum . The Palo Alto Networks CEO had reportedly gathered a group of investors who were ready to combine funds totaling an estimated $985million (£740 million) as their bid for a franchise. But they face competition. This comes amid reports that another consortium formed by ex- Tottenham Hotspur executive chairman Daniel Levy that includes backers of Liberty Global and MSP Sports Capital, as well as Spurs’ controlling owners, the Lewis Family – in partnership with former New York Knicks and Utah Jazz executive Dave Checketts – are each also thought to be exploring the possibility of launching a bid. Chelsea FC chair Todd Boehly is another figure reportedly interested in a London franchise, as is Saudi Arabia ‘s Public Investment Fund, following their removal of funding to LIV Golf . But with Tanenbaum’s $1 billion bid now being brought to the table, it is believed that the winning bid will exceed the eight-figure mark. The 81-year-old Canadian recently ended his nine-year involvement as the Chairman of the NBA Board of Directors following the sale of his 25 percent stake in Maple Leaf Sports & Entertainment – under his standalone Kilmer Sports – to Rogers Communications for $3.10 billion earlier this month. This sale not only creates additional liquidity that he can put forward in an effort to land an NBA Europe franchise, but this also absolves him from any involvement with the Raptors franchise. This is because the NBA is prohibiting any of its current ownership groups – who own more than a five percent stake in any of the 30 current franchises – from gunning for an NBA Europe team. This is due to the fact that the NBA and its teams, in collaboration with FIBA, will own 52 percent of its European league in Year 1. Other European markets will be far cheaper As it stands, EuroLeague will not be involved after having turned down a $581.41 million offer from the NBA to purchase the league and merge. Despite this setback, with talks still reportedly ongoing, NBA Commissioner Adam Silver is adamant that the European league will still go ahead, although perhaps in a different format in its early years. Things could yet change, though, with Spanish Liga ACB outfit Real Madrid looking the most likely EuroLeague team who could be planning to exercise their $11.6 million escape clause in favor of joining NBA Europe. Other teams that could follow suit could include both Fenerbahçe and ASVL. Whilst Tanenbaum, and many others, are vying for a London franchise, there is the growing consensus that Paris will also present a marquee property for the European league, and will also command a bid exceeding the $1 billion mark. European soccer juggernauts Paris Saint-Germain are currently viewed as the leaders to land the French-based basketball franchise. Other European cities that could be set to host NBA teams include the likes of Manchester, Lyon, Rome, Athens, Munich, Istanbul, and Milan. The cost of acquiring a franchise in those cities, though, is expected to be below the $1 billion bar set by London and Paris, with teams able to be purchased in for as little as $500 million. Sign up for talkSPORT Stateside , the YouTube channel dedicated to passionate US Sports fans. Will Gavin, Brian T. Smith, former NFL star Efe Obada and a collection of special guests debate the biggest talking points across the NFL, soccer, NBA and more.