Rytas have taken a rare historic step in European basketball, as club board member Darius Gudelis has sold part of his stake to the club’s ultras in a landmark move, the club confirmed.
The deal sees Gudelis sell one of his 11 shares to supporter group B Tribuna, further strengthening Rytas’ long-standing push to become a community-based organization, deepening the connection between the club and its supporters.
“In the summer of 2017 Rytas was struck by a financial and value crisis and the owners changed. Then we deliberately chose a new organizational direction: becoming a community-based club.
We have been patiently following this path for almost a decade. The decision to sell a part of the club to the fans is based on the philosophy of the most progressive sports organizations in Europe. Direct inclusion of fans in the club’s management is a characteristic of thriving organizations as shown by European experience”, Gudelis explained.
Rytas experienced a season of highs and lows. The Vilnius-based club pulled off a remarkable run at the FIBA Champions League Final Four, first routing Tenerife in the semifinals before stunning AEK in the championship game to lift the trophy.
However, the domestic campaign ended in disappointment. Rytas was swept by Juventus in the Lithuanian Basketball League quarterfinals, that led to Giedrius Zibenas getting fired.
The Lithuanian club’s decision to give supporters an ownership stake is a commendable initiative and appears to be only the first of many steps aimed at bringing the organization even closer to its fan base.
