The British Basketball Federation (BBF) has terminated the licence of Basketball League Ltd (BLL) – the company which runs the men’s professional league – with immediate effect.

The BBF said it took the decision having received “information concerning the finances of Basketball League Ltd”.

The BLL has been operating the men’s game since being awarded a 10-year licence by the sport’s governing body in 2017.

The BBF said: “Information provided to the BBF concerning the finances of Basketball League Ltd, including the fact that BLL has entered into creditor arrangements with two of its largest creditors, indicates that BLL is no longer able to carry out its functions as operator of the British Basketball League.

“The BBF will continue to do everything possible to protect the interests of fans, players, staff and clubs and interim measures will immediately be put in place to take on organisation of the 2024-25 season, in co-ordination with stakeholders.”

United States-based investment company 777 Partners – who failed to complete a proposed takeover of Premier League football club Everton – bought a 45% stake in the British Basketball League in December 2021 and also owns the London Lions.

“The BBF is working to shape longer term arrangements for the effective governance and development of professional league basketball in Britain,” added the BBF.

“This process will be completed as soon as possible, taking account of the BBF’s obligation to conduct robust due diligence with regard to possible investors.”

BBL side Newcastle Eagles said they, along with the other clubs, will “now begin the task of co-operating with the BBF to ensure there is a top-flight men’s professional league operating from September 2024”.

“In what has been a very challenging period in recent times, the decision to act by the BBF has been accepted in good faith by the incumbent club members of the British Basketball League, including the Newcastle Eagles,” they said in a statement.

“We understand the decision was not taken without serious consideration of what would be best for the future of professional basketball across the UK.”