By Martyn Herman
LONDON (Reuters) – British basketball is a “sleeping giant” with potential to become the biggest market outside of the NBA, according to the vice president of an American investment company pumping seven million pounds ($9.22 million) into the sport.
After decades of false dawns, under-investment and untapped potential, Miami-based 777 Partners believe its partnership can finally raise the profile of a sport which in terms of participation is second only to soccer in the UK.
In December, 777 Partners took a 45% stake in the British Basketball League, setting out an ambition to close the gap and eventually overtake professional leagues in Spain and Australia.
“We generally think the commerciality of basketball outside of the NBA hasn’t caught up internationally. And so we think there’s a massive opportunity,” Lenz Balan, Vice President of 777, told Reuters this week.
“It’s a massive market, a sleeping giant and we’re sort of heartened by watching other groups do this successfully, whether it’s the NBL in Australia or the Bundesliga.”
The British sports landscape is dominated by soccer, rugby and cricket, leaving basketball scrapping for crumbs.
While there is a huge following for NBA in the UK and the cheap-to-play sport is acknowledged as a catalyst for good amongst disadvantaged populations, the 10-franchise British Basketball League receives little exposure.
Balan thinks that is down to a lack of investment, not appetite, and that a new generation of fans and talent can be hooked by a thriving domestic league if marketed properly.
“I think there’s certainly room for another sport. There is latent demand, its just been massively underfunded by the private and public sector,” he said.
“On the court it’s a compelling product and then I think the core of what we’re going to be doing over the next couple of years is growing the digital audience.
“Then it’s about hiring best in class people who match our ambitions for British basketball. I think it’s realistic that BBL can as significant as any league outside the NBA.”
The British Basketball League was established in 1987 and thrived in the 1990s but has since struggled to attract investment with clubs falling by the wayside.
While games are shown live by British broadcaster Sky Sports, the league currently has no title sponsor and cities such as Liverpool, Birmingham and Nottingham are not involved.
Only champions Leicester Riders and Newcastle Eagles play in tailor-made basketball arenas.
‘SILVER BULLET’
Kevin Routledge, instrumental in the formation of the BBL and its Director, says the 777 investment can be a “silver bullet” for the game in Britain, helping improve facilities, player pathways and tapping a lucrative digital marketplace.
“We’re investing into the league as the sort of leverage to then spark investments around the clubs,” he told Reuters.
“This is the first time we’ve done that. First time we’ve done it with private equity. I think it will be successful because we’re going at it the right way, rather than just chucking money into the clubs and keeping our fingers crossed.”
Routledge, a Canadian, says basketball has suffered like many indoor sports but that Leicester Riders are the blueprint, playing their games at the 3,000-capacity Morningside Arena.
“There isn’t a great tradition in the UK of indoor sport commercially, we never made the investment in facilities. What’s happened since then, is the likes of Leicester, Newcastle, we built our own arenas, against all the odds,” he said.
Sheffield and Bristol both have new venues in the pipeline.
“Now we’re developing a sustainable model where we control the venue and can look at other events to sustain the venue,” he added.
While Routledge says there is a way to go before the BBL can rival the booming domestic leagues in Spain, Japan and Australia, Balan is confident Britain can become the ‘go-to’ destination for fans and players outside the NBA.
“With the right investment, commercially the BBL is going to get better and better and more of the star British players will decide to come back and play at home,” he said.
($1 = 0.7592 pounds)
(Reporting by Martyn Herman; Editing by Christian Radnedge)
