Super League Basketball: Eight clubs join Sheffield Sharks and how influential is Vaughn Millette

The new league structure, which is led now by the clubs as opposed to one over-arching league, has announced that the Manchester franchise has been saved, as has the London Lions.

But the Plymouth club that has been involved in elite British basketball for many years has not been saved following the collapse of the sporting arm of 777 Partners, whose financial difficulties sent the league to the brink back in June.

The Miami-based investment firm also had involvement in the Patriots as well as the Lions and the old Manchester team, which led to those teams nearly folding.

Key officials in the Sharks have been involved in talks to save the league, which was confirmed in July when the British Basketball Federation granted the consortium a licence to operate the league, and give it a new structure.

A new board has been created which includes a representative from each team.

Vaughan Millette, the New York-based entrepreneur who assumed a 65% majority shareholding in the Sharks and women’s team Sheffield Hatters in June, not only sits on that board on behalf of the Sharks but has also recently been appointed as its interim chairman.

It is understood he has been heavily involved in shaping the future direction and trying to secure investment into the newly created Super League Basketball, which is due to begin on schedule by the end of September.

Speaking in his role as interim chair of the league, Millette said: “We are pleased to be able to welcome new ownership into the league with Sherwood Family Investment Office securing the Manchester franchise; and Lithuanian tech-group Tesonet, shareholder of leading EuroLeague organisation Žalgiris Kaunas, successfully completing the purchase of London Lions.

“Our focus is to strategically grow this league with sustainable and secure partners. The consortium of clubs has been impressed by the international attention we have attracted since being awarded the men’s professional licence by our governing body, the British Basketball Federation.

“The process for securing franchises for this inaugural season is now complete. We are delighted that there is further competition for franchises for the 2025/26 season, and we will be announcing the formal franchise expansion process during the forthcoming season.

“All ownership groups have now signed up to SLB’s operating terms and we are delighted that we’ve been able to secure the partners that we have thus far. Our clubs are looking forward to getting the new season underway with fixtures and the competition formats to be released in the coming days.

“Thank you to all the fans for their patience. We can’t wait to welcome you to Super League Basketball.”

Sharks will be joined in the 2024/25 season by Bristol Flyers, Leicester Riders, Newcastle Eagles, Cheshire Phoenix, London Lions Sheffield Sharks, Caledonia Gladiators, Manchester and the Surrey 89ers.

It is understood the clubs will have more power in this new structure to mitigate against the risk of what happened this summer, happening again in the future.