Uncertainty surrounds the future of elite level basketball in this country after the British Basketball League’s operating company had its licence revoked by the sport’s governing body over financial concerns.

The British Basketball Federation has stepped in because Basketball League Ltd - which oversees the men’s professional league - has entered into creditor arrangements with two of its largest creditors which the body says “indicates that BLL is no longer able to carry out its functions as operator of the British Basketball League”.

The elite tier had been on an upward curve since American investment firm 777 Partners bought a 45 per cent stake in the league in December, 2021, ploughing £7m into the league and taking ownership of both the London Lions men’s and women’s teams. However, alarm bells began to ring when 777’s recent attempted takeover of Premier League club Everton collapsed and it was reported that they were pulling funding out of the Lions women’s team for next season.

Sheffield Sharks’ own progress off the court has run concurrently with the league’s growth as they moved into their own arena alongside women’s team Sheffield Hatters. Both teams have roughly doubled their attendance in the last year.

Action from Sheffield Sharks' recent play-off game with Cheshire Phoenix at the Canon Medical Arena (Picture: Adam Bates)

But both those clubs must now be concerned about the future direction of the league.

A statement from the BBF read: “The BBF board has unanimously agreed to terminate the licence with immediate effect.

“The BBF will continue to do everything possible to protect the interests of fans, players, staff and clubs and interim measures will immediately be put in place to take on organisation of the 2024-25 season, in co-ordination with stakeholders.

“Alongside this, the BBF is working to shape longer-term arrangements for the effective governance and development of professional league basketball in Britain.

Sheffield Sharks and Leicester Riders have issued a joint statement (Picture: Adam Bates)

“This process will be completed as soon as possible, taking account of the BBF’s obligation to conduct robust due diligence with regard to possible investors.

“The BBF regrets the need to take these actions, but is confident that standards in the governance and management of professional basketball in Britain will continue to rise.”

In a joint statement issued by the Sharks and fellow teams Leicester Riders and Surrey Scorchers, the Sheffield club said: “In what has been a very challenging period in recent times, the decision to act by the BBF has been accepted in good faith by the incumbent club members of the British Basketball League, including the Sheffield Sharks.

“We understand the decision was not taken without serious consideration of what would be best for the future of professional basketball across the UK.

“Furthermore, the BBL Club owners will now begin the task of co-operating with the BBF to ensure there is a top-flight men’s professional League operating from September 2024 and to assist British Basketball and its stakeholders in the rebuilding and strengthening of the position for our sport.

“The British Basketball League has made a significant impact in the growth of the game in profile, participation, development pathways, performance and especially in new purpose built arenas and it is our intention to continue these contributions in partnership with the governing body.

“All existing clubs will continue with their summer preparations for the new season.”

British Basketball League in financial crisis as BBF revokes licence and Sheffield Sharks look to rebuild elite tier