Over 20 groups placed bids to participate in NBA Europe, with multiple bids topping $1 billion in select markets, sources told Ben Golliver of ESPN.

NBA Europe plans to launch in 2027 in 12 markets including London, Paris, Madrid, Berlin, Munich, Milan, Rome and Istanbul.

"We're extremely encouraged by the final bids we received for permanent franchises in a new NBA and FIBA-backed league in Europe, which reflect the tremendous interest and momentum around this project," NBA deputy commissioner Mark Tatum said in a statement Tuesday. "This will be the biggest influx of capital European basketball has ever seen, and we have clear frontrunners in each of our 12 target cities."

NBA Europe plans to have 12 permanent teams and four open spots filled by a promotion system.

Several existing EuroLeague teams also reportedly put forth bids