Global law firm Norton Rose Fulbright has advised 777 Partners LLC, a Miami-based private equity firm, on its £7m equity investment into the British Basketball League (BBL).
777 Panthers has received a 45% stake in the BBL in return for the multi-million pound investment, which will be used to deliver a plan spanning the entirety of the sport, from grassroots level through to the overall infrastructure of the elite game in the UK.
The Norton Rose Fulbright team advised on all aspects of the investment, including the due diligence, the amendments to the BBL’s governance structure and 777’s partnership with the other clubs, which each hold an equal shareholding in the BBL.
The team also included 777 relationship partner Nicholas Berry and senior associates Alex Wills and Ed Gardner, and associates Tom Maturi and Tong Lap Way.
Norton Rose Fulbright has previously advised 777 on its acquisition of the London Lions basketball club, which competes in the BBL.
Stephen Rigby, corporate partner who leads the firm’s sports law practice in the UK, said: “This investment increases the size of 777’s portfolio within the sports sector and illustrates the continuing growth and interest in European sports, particularly from US investors.
“As a firm, we continue to be at the forefront of this increased investment into European sport.”