Statement from FIBA Europe on FIBA Europe-Euroleague termination agreement case
28 June 2017
In response to media inquiries, FIBA Europe confirms that on Friday June 16 it received the ruling of the Luxembourg Commercial Court, ordering Euroleague Properties SA, a subsidiary of Euroleague Commercial Assets SA, to pay FIBA Europe €900,000 plus interest, an indemnification of €1,500 and to bear all costs of the proceedings.
In its decision, which may be appealed by either party, the Court found that the contract between FIBA Europe and Euroleague Properties came to an end in January 2015; the fees awarded in favor of FIBA Europe cover the period between 2012 and 2015, while no fees are due after that date.
The Court also held that the introduction of the new FIBA calendar did not represent a breach of contract by FIBA Europe, although this was the stated reason for Euroleague Properties' decision to refuse payment between 2012 and 2015.
In 2004, FIBA Europe and ULEB (Union of European Leagues of Basketball) signed a contract regulating the organisation of club competitions in Europe. Since 2010, Euroleague Properties had undertaken ULEB's obligation to pay the annual fee of €400,000 to FIBA Europe. Euroleague Properties purported to terminate the agreement in December 2012 invoking the announced change to the FIBA Calendar as of 2017.
- Tags: Basketball | Competition | Contract | Euroleague Properties | Fédération Internationale de Basketball (FIBA) | FIBA Europe | Luxembourg Commercial Court | Union of European Leagues of Basketball
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