Exclusive: London Lions owner pledges ‘hundreds of millions’ for new arena
The Lithuanian billionaire who rescued London Lions has revealed he is ready to spend “hundreds of millions of pounds” to build their new home.
Tomas Okmanas, the co-founder of cybersecurity company Nord, said the purpose-built basketball arena – by far Britain’s biggest – could house up to 20,000 spectators.
The plans were first announced on Sunday and will see the Mayor of London’s new basketball taskforce help to identify a suitable site and secure planning permission.
“The basketball taskforce will come up with available sites, and then we will have a clear vision – what, how big, where it’s going to be,” Okmanas told CityAM.
“I’d say from 10,000 to 15,000 [capacity], maybe maximum 20,000. That would be the range that we will be looking to build.
“I think when we get all the necessary permits and the land it will take us from three to five years to build it. We’re not sure of the budget, because of the size and scale and where it’s going to be, but we expect it’s going to be hundreds of millions of pounds.
“We don’t ask for any financial commitment from the mayor’s office. We’re just looking to get the land and all the necessary permits for this to happen, and I will do all the financial investments.”
The London Lions men’s and women’s teams currently play at the Copper Box, which has a capacity of 7,500, but will require a bigger home if they gain entry to the EuroLeague.
The new purpose-built arena will also serve as a training base for Lions teams, including the academy, and could rival the O2 as a host for NBA games in the capital.
“London is a city that definitely has to have a basketball team that’s playing in the top European leagues,” said Okmanas.
“It is the centre of Europe and a big city where a purpose-built arena would definitely serve the fans and the community, and that’s why we decided to build an arena for the men’s and women’s basketball teams, as well as the academies.”
Okmanas eyes London Lions’ return to Europe
Tesonet, the business incubator co-founded by Okmanas and through which he bought London Lions out of administration last summer, also part-owns Lithuanian team Zalgiris.
Their Zalgirio Arena holds more than 15,000 – even more for concerts – and staged the EuroLeague’s Final Four series in 2023.
“We have a very similar concept here in Lithuania, in Kaunas, where the players can access the facilities 24/7, all the best medical equipment is there, and also technology, which we believe we’re good at,” he added.
Tesonet’s takeover of London Lions following the collapse of previous owner 777’s business – including the British Basketball League – saved the club from extinction.
Despite being forced to offload players to cut costs, the men’s team have out-performed expectations and currently sit top of BBL’s successor, Super League Basketball.
“So far so good, but you know, it’s sports. Every game is a new game, and we still have lots to do,” said Okmanas.
“I think we also need to re-enter the European League and start playing there next year, so we’re preparing for that as we speak. But we’re very happy with results so far.”
Okmanas and Tesonet had to move quickly to rescue London Lions, who administrators later said were “minutes away” from being wound up in July.
“We’re used to moving quickly. We’re a technology business so it’s pretty usual day for us,” Okmanas said.
“But, yeah, I’m happy that it happened. We’re very proud. And hopefully all of this turns out to be a mega success story.”