BC Wolves Twinsbet, a Vilnius-based basketball club founded and owned by businessman Gediminas Žiemelis, intends to suspend its activities for two years and has asked the Lithuanian Basketball League (LKL) to revoke its license.
In a statement released Thursday by Avia Solutions Group, the aviation holding owned by Žiemelis, the businessman said the club “might continue to operate in a slightly different format” in the future.
“Wolves had all the potential to become a strong basketball club representing the capital city and inspiring the basketball community. I had a vision to create a professional club that would raise the visibility and popularity of Vilnius not only nationally, but also internationally. However, I must admit that this project has failed to achieve its sporting goals, which has inevitably impacted its commercial objectives,” Žiemelis said.
He added that upcoming gambling regulations, set to take effect in July and expected to significantly reduce revenue for the Twinsbet brand, also contributed to the decision.
“Therefore, we are forced to put an end to the club’s current operations,” Žiemelis stated.
Last year, Nese, the company behind the online entertainment brand Twinsbet, became one of BC Wolves’ main sponsors and partners. The Twinsbet name was incorporated into the club’s official title and also adopted by the Avia Solutions Group Arena in Vilnius.
According to Žiemelis, BC Wolves Twinsbet has an annual budget exceeding EUR 5 million, with over EUR 15 million in working capital invested in the club over the past three years.
He also cited structural changes in European basketball and the limited size of the Lithuanian market as additional factors: “There is no economic logic in developing several international teams.”
Source: BNS
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