In a whirlwind 24 hours, NBA Europe got a calendar and Real Madrid made its EuroLeague move.

NBA Commissioner Adam Silver says the project is “very much on schedule” for 2027-28, with final bids due by the end of June and franchise awards possible in the autumn.

The real hinge: the reported €10m release clauses inside EuroLeague’s long-term licences. Stuart Hodge breaks down who has signed what, why Madrid is not necessarily locked in, and why the 2027 fork is now the only date that matters.