The NBA is planning a European basketball league. Investors think it's worth billions.

Decades after the NBA first took an interest in Europe, it took a significant step this week toward establishing a new basketball league on the continent.

Decades after the NBA first took an interest in Europe, it took a significant step this week toward establishing a new basketball league on the continent. It heard from potential investors, who valued some clubs in the proposed league there at $1 billion.

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In the fall of 2027, the NBA expects to open a league of 14 to 16 teams in 12 European cities. Yet while the NBA has been public in recent years about its desire for a league across the Atlantic, it didn’t have a formal measure of interest on the European side. That was until this week, when potential investors had until Tuesday to submit nonbinding bids.

The NBA received multiple bids worth more than $500 million, including some at and over $1 billion, according to a person with knowledge of the matter who was not authorized to speak publicly. The person said that more than 120 investors were involved in the bid process.