Whatever is happening with domestic expansion, the NBA Europe league is moving full speed ahead.

The NBA and FIBA announced Monday that they “will in January move forward in their joint exploration of a new professional, pan-European men’s basketball league by engaging prospective teams and ownership groups in the process to join the league.” While for the last year there have been informal meetings with potential teams — and J.P. Morgan has looked into the financials of potential investors — things are now about to become much more formal.

The 12-16 team league is projected to have several “permanent” members — Real Madrid, Barcelona and Bayern Munich have been mentioned as teams the league met with — but also will provide “a merit-based pathway” to qualify each year, either through FIBA’s Basketball Champions League or another European league tournament. The new NBA league will need some big-name existing clubs to get the fan buy-in it seeks across Europe.

“[The NBA has met with] a combination of existing clubs, organizations that own clubs in other leagues, city officials, many of whom I’ve met with, as well, governmental leaders of states in terms of their interest,” NBA Commissioner Adam Silver said in Las Vegas last week before the NBA Cup final. “I’d say we’ve heard a lot of very positive interest in our moving forward.

“I think we at the league office are still working on the economic model, want to make sure it makes sense. As I’ve said before, many of the cities we’d like to be in don’t have a sufficient arena infrastructure, so that’s something that we would need to work on in terms of private investment, maybe work with those municipalities, as well.”

What the NBA will want is a formal salary structure (likely with a hard cap) to build out this league, and the NBA is banking on its business model — and ability to get some new arenas constructed — to turn this into a profitable venture for both the teams involved and the league.

With its announcement, the league also said both it and FIBA “plan to dedicate financial support and resources to the continued development of Europe’s basketball ecosystem, including domestic leagues, club team academies, and the NBA and FIBA’s existing programs to develop aspiring players, coaches and referees at all levels of the game.”

The goal has been a fall 2027 launch for the new NBA Europe league.