Euroleague Basketball and HBN announced an agreement worth more than €30M ($34M) "for its aggregate duration" to form a brand new company in China that "will manage the rights of Europe's premier professional basketball league and further grow its commercial opportunities in Asia's biggest market," according to SPORTANDO. The agreement "was reached in collaboration with11 Group, the company that had been managing Euroleague Basketball's interests in China for the last five years." Starting now and for an initial duration of five years, Euroleague Basketball "will create an operational unit in China thanks to its deal with HBN." The agreement "is set to have an overall duration of 15 years should certain commonly set objectives be met after every five-year period." The newly created Chinese company "will focus on enhancing Euroleague Basketball's presence in the country" through exhibition games, professional activities and grassroots programs, while will also focusing on strong investment to grow the Euroleague brand, to increase the exposure of its games on premium communication platforms, and to amplify commercial opportunities in the years to come. Partner HBN "will also contribute to expand the Euroleague's reach across its wide media networks," which have a measured value of €2.93B ($3.3B) (SPORTANDO, 6/18).
