London Lions have been taken over by tech hub Tesonet just two weeks after the hugely successful basketball club went into administration.

Tesonet is also a shareholder of Zalgiris-Kaunas, a professional club in Lithuania that competes in the EuroCup.

The buyout comes after months of speculation and uncertainty around the Lions’ financial future under previous owners 777 Partners.

President Lenz C Balan said it was the “start of a new journey” for the club, which has won 19 trophies across the men’s and women’s game since its last takeover in 2019.

“We approach the new season not only with financial security but, more importantly, with the ability to launch a series of new sustainability practices which will enhance our performance in the league and beyond in the global basketball arena,” Balan said.

The club had been in the hands of insolvency firm Hudson Weir since entering administration on 7 August.

Lions’ statement said they would continue to play at the Copper Box Arena in Stratford next season, but were exploring the option of playing “a few games at different venues in London” to expand their reach.