Bids for all 12 planned future franchises of the soon-to-launch NBA Europe reached $500 million with some as high as $1 billion, Sportico reported Tuesday.

The NBA intends to launch NBA Europe by 2017, with 12 of the league’s 16 teams to be built from the ground up. Bids to own franchises in a dozen previously selected cities were due Monday.

The 12 predetermined cities are Athens, Greece; Barcelona, Spain; Berlin; Istanbul; London; Lyon, France; Madrid; Manchester, England; Milan; Munich; Paris; and Rome.

Reports have indicated that Los Angeles Lakers star Luka Doncic is a potential investor in the Rome franchise.

“We’re extremely encouraged by the final bids we received for permanent franchises,” Mark Tatum, NBA deputy commissioner, said in a statement. “This will be the biggest influx of capital European basketball has ever seen, and we have clear front-runners in each of our 12 target cities, including many existing basketball and football clubs. We will now work with the NBA and FIBA Boards to finalize the long-form agreements.”

The report indicated that as many as 20 existing basketball and soccer clubs in Europe submitted ownership bids. NBA owners are not allowed to own teams in the new league.

The 16-team NBA Europe will be filled out with four existing FIBA franchises from various overseas leagues that will earn their way into the new league.

The reported bids for franchises met initial projections. Sports Business Journal reported earlier this year that potential owners would pay between $500 million and $1 billion for a franchise.

Sportico reported earlier this week that the NBA will fund financial losses as NBA Europe tries to establish itself. The 12 new permanent franchises are projected to at least break even in three years.

All future league equity will be split evenly between current NBA owners and ownership groups of the 12 new franchises.

–Field Level Media