London Lions basketball club has entered administration after months of speculation around funding available from owners 777 Partners.
The American investors also owned a 45% stake in the British Basketball League (BBL), which had its licence terminated due to concerns over finances in June.
The Lions have won 19 trophies across the men’s and women’s game since 777 bought them in 2019.
The club, which is based at the Copper Box Arena in Stratford, is now in the hands of insolvency firm Hudson Weir.
Joint administrators Hasib Howlader and Nimish Patel will now look to oversee a sale that can rescue the club and return the most amount of money possible to creditors, Mr Howlader said.
“With such a rich heritage and pedigree, this team has the support of the local community as its backbone and has a loyal fan base,” he added.
“We are now seeking a serious buyer to take the London Lions on the next part of its journey, to ensure this club continues to thrive and grow. The sale will include the assets of the business and all goodwill amassed over the last 47 years.
“We are interested in talking to serious prospective buyers and whilst our focus is to sell the club to the best bidder, we are open to serious offers.”
Mr Howlader said prospective buyers had been set a deadline of 12:00 BST on Friday to submit their bids.
