Cernobbio:EuroLeague's 13 shareholder clubs have turned down a proposal from the US National Basketball Association (NBA) to merge competitions with a planned NBA Europe project, although they remain open to further discussions.

According to Anadolu Agency, the decision was made during a three-hour meeting of club owners at Villa d'Este in Cernobbio, Italy, as reported by Italy's La Gazzetta dello Sport.

The NBA's proposal, which was submitted two weeks prior and was set to expire on Tuesday, was deemed financially unsatisfactory by the clubs. The NBA aims to establish a 16-team European competition, with 12 permanent members.

EuroLeague announced on Tuesday that its 13 shareholder clubs will become franchises, but no formal decision was made regarding the expansion of the competition from 20 to 24 teams. Discussions between the two organizations are expected to continue as they work towards aligning their plans for European club basketball.