Panathinaikos Owner: Basketball Is Not a Rich Man's Toy

Europe's top basketball clubs must find a way to work alongside the NBA, Panathinaikos owner Dimitris Giannakopoulos urged, just a day after teams rejected a proposal from the North American league to join a new continental tournament.

The refusal by leading European powerhouses sets the stage for a high-stakes battle over clubs, elite talent, and commercial revenue across the Old Continent.

Sources familiar with the negotiations told Reuters that EuroLeague shareholder clubs turned down the NBA's collaboration offer during a meeting in Italy, though the door for a future agreement has not been shut completely.

"Together, we have turned the sport we love into a competition that the NBA—I repeat, the NBA, the greatest league in the world—wants to invest in and make EuroLeague part of its universe," Giannakopoulos posted on social media.

"With deep respect, but also with immense pride in what we have finally built, we must find a solution together," he added.

The Athens-based giants are seven-time European champions and one of EuroLeague's most influential franchises. With EuroLeague pursuing its own expansion plans, it remains unclear whether the NBA will return with a revised offer.

A senior sports executive told Reuters that any formal partnership is unlikely to materialize before 2028, citing the logistical hurdles of launching a new tournament in time for the 2027/28 season.

In an official statement, EuroLeague made no direct reference to the widely discussed NBA bid, though league officials have previously maintained that they remain open to strategic partnerships.

Despite the initial rejection, discussions with the NBA could still resume. However, Giannakopoulos pointed out that several European club executives seem uninterested in growing the game sustainably.

"They still believe success is measured by how much money you lose at the end of the year. Basketball is not a rich man's toy," he stated.

The NBA did not immediately respond to a request for comment from Reuters. George Aivazoglou, managing director of the proposed NBA Europe venture, is scheduled to speak at an industry conference in London on Thursday.

The setback slows momentum in bridging European basketball's rich heritage with the commercial and financial muscle of the NBA, which has been exploring a 16-team European league targeted for a 2027 launch.