Cibona welcome new ownership and begin new chapter in club's history / News - Basketnews.com

KK Cibona presented a new consortium of international investors that plan to bring the legendary club to its former glory days.

Credit: ABA League j.t.d./Dragana Stjepanovic Credit ABA League j.t.d./Dragana Stjepanovic The pride of Croatian basketball, KK Cibona (short for Košarkaški Klub Cibona), today announced the transfer of the club's management to a carefully appointed executive team.

Cibona's new consortium of international investors plans to turn the club around and, in doing so, revive the former giant to shine a spotlight on European basketball.  

Despite its star-studded history and prior status as an international basketball powerhouse, Cibona's performance has beenimpactedby poor management and financial challenges in the past decade.

Since it welcomed its new investors, the club has successfully addressed some of its key financial woes, including regaining credibility amongst public and private investors.

The new management is in the process of developing Cibona into a modern sports brand, with the aim to establish local, regional, and, finally, global recognition. 

"A Croatian proverb goes, a wolf changes his hair, but never his temperament and that is true for Cibona," Cibona's CEO, Tomislav Seric, said in a press release. "The club continues to carry weight and significance in professional basketball and draws strong support from fans. It has talented, professional players who will thrive under the right conditions. The hunt is on, and we are gearing up to write a brand-new chapter in the Cibona story."

With the investors' support of Cibona, this new era also promises success beyond the court.

Cibona's plans to revitalize the neighborhood around the Drazen Petrovic Arena, known to locals as the "Cibona Arena", will bring in more business, life, and activity to Zagreb's Lower Town district.

These development plans align with the city's projected growth, which is spurred on by increased investor interest in Croatia, one of Europe's fastest-growing economies and top travel destinations. 

For Cibona's new investors, European sports and sports entertainment present unprecedented growth opportunities.

"As the region continues producing star players, European and global interest in basketballwill continue to grow," explainsBrian Lu, Partner at Headline Asia and President of the Cibona Assembly. "Combined with the infrastructure, audience value, and the sport's as-yet untapped potential in the region, investment in European basketball makes perfect sense."

Both Euroleague and FIBA have recorded a significant increase in fan interest in the sport. In 2022, FIBA's EuroBasket saw a two-fold increase in digital viewership compared to its last edition.

With the sport's growing popularity, investors expect a corresponding increase in competition and valuations in the marketplace by media partners and brand sponsors.  

To see sustained growth in the sport's popularity, Cibona is also committed to making continuous strategic investments in system infrastructure and grassroots. This includes investing in and nurturing young Croatian basketball talents through the Cibona Academy.

"The club has produced several NBA stars, including Drazen Petrovic, Bojan Bogdanovic, and Ivica Zubac, in the past," saysSanjay Reddy, General Partner of Unlock Ventures and new Assembly member. "We are aiming to bring back the tradition of producing some of the best players in professional basketball."

In the following months, Cibona will focus on building a formidable team for the upcoming season, while its investors are centering their efforts on building the club's treasury to secure a long-term lease of the Drazen Petrovic Arena.

With these plans in place, Cibona is expected to once again take up its position as one of Europe's greatest basketball clubs.  

AboutCibona 

KK Cibona is a professional basketball club based in Zagreb, Croatia. The club was founded in 1946 and is one of the most successful basketball clubs in the country, having won the EuroLeague (formerly known as the European Champions Cup) in 1985, 1986, and 1987.

The club also won the EuroCup (formerly known as the ULEB Cup) in 2002. In addition to its success in Europe, Cibona KK has won the Croatian League title 19 times, the Croatian Cup 18 times, and the Adriatic League three times. 

The club's home arena is Drazen Petrovic Basketball Hall, which has a capacity of 5,400 spectators.  

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