EuroLeague obliged to pay €900.000 to FIBA Europe, as ruled by the Luxembourg Court
In 2012, Euroleague terminated unilaterally the agreement that obliged ULEB to pay 400.000 euros per year to FIBA
As reported by El Pais, EuroLeague has been obliged to pay 900.000 to FIBA Europe by the Luxembourg Court.
In 2004 FIBA Europe and ULEB signed a commercial agreement to govern the organization of the club competitions in Europe.
In 2010 EuroLeague Properties (a subsidiary of EuroLeague Commercial Assets) has assumed ULEB’s obligation to pay the annual fee of €400.000 to FIBA Europe.
In December 2012 EuroLeague Properties terminated unilaterally the agreement invoking the calendar new system announced by FIBA from 2017.
The Luxembourg Court is now urging EuroLeague Properties to pay FIBA Europe €900.000 plus interest plus an additional compensation of €1.5000 and pay all the costs of the proceeding.
The decision can be appealed by both parties.
The Court stated that the contract between FIBA Europe and EuroLeague Properties ended in January 2015.
The fees granted to FIBA cover the period from 2012 to 2015 and no fee has to be paid after that date.
The Court also considered that the introduction of the new FIBA calendar did not represent a breach of the contract by FIBA Europe, although this was the reason for EuroLeague properties to refuse to pay between 2012 and 2015.
In 2004 FIBA Europe and ULEB signed a commercial agreement to govern the organization of the club competitions in Europe.
In 2010 EuroLeague Properties (a subsidiary of EuroLeague Commercial Assets) has assumed ULEB’s obligation to pay the annual fee of €400.000 to FIBA Europe.
In December 2012 EuroLeague Properties terminated unilaterally the agreement invoking the calendar new system announced by FIBA from 2017.
The Luxembourg Court is now urging EuroLeague Properties to pay FIBA Europe €900.000 plus interest plus an additional compensation of €1.5000 and pay all the costs of the proceeding.
The decision can be appealed by both parties.
The Court stated that the contract between FIBA Europe and EuroLeague Properties ended in January 2015.
The fees granted to FIBA cover the period from 2012 to 2015 and no fee has to be paid after that date.
The Court also considered that the introduction of the new FIBA calendar did not represent a breach of the contract by FIBA Europe, although this was the reason for EuroLeague properties to refuse to pay between 2012 and 2015.
E. Carchia
@Sportando
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