The NBA received more than 120 nonbinding bids from potential investors for franchises in its proposed European basketball league, with multiple bids exceeding $1 billion and several others valued between $500 million and $1 billion. Potential investors had until Tuesday to submit their nonbinding bids for clubs in the league, which the NBA expects to launch in the fall of 2027 with 14 to 16 teams across 12 European cities.

"The level of engagement and the scale of the bids reflect the marketplace's belief in our proposed model and the enormous, untapped potential for European basketball," said Mark Tatum, the NBA's Deputy Commissioner and Chief Operating Officer. "We will now review the bids in more detail and shortlist the partners who share our vision and commitment to accelerating the growth of the game across the continent."

More than 120 investors were involved in the bid process, according to a person with knowledge of the matter. The NBA plans to select the best bids using input from its Board of Governors, and teams are expected to be announced in stages rather than all at once.

The proposed league, with the working title NBA Europe, is backed by FIBA, international basketball's governing body. It would function as a distinct entity rather than an easternmost conference of the current 30-team NBA. The structure calls for 10 to 12 permanent franchise members, with remaining slots earned by teams that qualify through other competitions. The league is expected to be composed of new franchises, current basketball teams, and football clubs.

At a March meeting of the NBA's Board of Governors, Commissioner Adam Silver said 12 cities were being targeted for the launch. The league is focused on placing teams in London, Manchester, Paris, Lyon, Madrid, Barcelona, Rome, and Milan. The NBA's own data suggests there are 270 million basketball fans in Europe, and large markets such as London and Rome currently lack top-flight basketball teams.

The NBA has long sought a permanent foothold in Europe, an ambition dating back to the 1980s under former Commissioner David Stern. Stern pushed for NBA players to participate in the 1992 Olympics in Barcelona, and the league later took teams abroad for exhibition games against European clubs. Under Silver, the NBA began hosting regular-season games in Europe, including games in Berlin and London in January.

Europe's best teams currently compete in the EuroLeague, which was started by FIBA and has been run by Euroleague Basketball since 2000. The proposed NBA Europe league targets a launch as soon as the 2027-28 season.