The NBA Europe project just crossed a line.

On March 31st, non-binding bids closed – and multiple offers landed between $500 million and $1 billion, including several above that mark.

But the most important detail?

EuroLeague clubs – the same institutions that threatened legal action – were among the bidders.

This episode breaks down what that means, who’s behind the money, and why this is now a live market, not a proposal.

Plus: Five things to watch that will decide what happens next.