The basketball club "Wolves", founded and managed by businessman Gediminas Žiemelis, intends to suspend its activities for two years and is asking the Lithuanian Basketball League (LKL) revoke the license.
The businessman owns the aviation business group "Avia Solutions Group" (ASG) said in a statement released on Thursday that the club "may continue its activities in a slightly different format" in the future.
G. Žiemelis himself says he is resigning from the club's sponsorship.
"Wolves had every opportunity to become a strong basketball club representing the capital and delight the basketball community. I had a vision to create a professional basketball club that would increase the popularity and awareness of the city of Vilnius not only on a national but also international level. However, I have to admit that this project did not achieve its sporting goals, which automatically affect commercial goals," said G. Žiemelis in his comment.
According to him, the new restrictions of the Gambling Law that will come into effect in July also contributed to this decision, which will significantly reduce the income of the Twinsbet brand.
"Therefore, we have to put an end to the club's activities," said G. Žiemelis.
Casino operator Nesė, which owns online entertainment brand Twinsbet, became one of Wolves' main sponsors and partners last year. The name was included in the club's name and was given to the Avia Solutions Group arena in Vilnius.
According to G. Žiemelis, the Wolves' annual budget exceeded 5 million euros, and over the past three years, more than 15 million euros of working capital has been directly invested in the basketball club.
According to him, the decision about the club was also determined by changes in European basketball, and the Lithuanian market turned out to be too small: "There is no economic logic in growing several international teams."
G. Žiemelis assures that Wolves have fulfilled all financial and other obligations, and the new training hall "Aerottoria Arena", which opened this year, will be available for use by the Vilnius city community.
The Wolves played in the second-largest basketball tournament in the EuroCup.
The club took 4th place in the LKL regular season, but was eliminated in the quarterfinals, losing to Jonava's CBet team.
Wolves made their LKL debut in 2022, when the club's owner, the Basketball Holding Company (BHC) acquired the Alytus "Dzūkija" club.
