The Basketball Champions League was officially launched at Maison du Sport in Paris on Monday, with more than 200 guests present for the special occasion.

Thirty-two teams will play in the Basketball Champions League's Regular Season.

Eight of them will earn their spots through a Qualification Round played with 24 teams.

The total number of teams involved in the new competition stands at 56, coming from 30 countries.

Teams will qualify for the Basketball Champions League through their national leagues, which is the competition's most important criterion.

In its inaugural season (2016-17), a guaranteed minimum of €4.5 million will be distributed among the participating clubs. Every club will receive at least €100,000 in financial support as well as funds towards TV production costs of home games. Increased payments, depending on sporting performance, will also be implemented, with the winner of the Basketball Champions league standing to take home €500,000.

Markus Studer, FIBA's Chief Operating Officer and the Chairman of the Board of Directors of the Basketball Champions League, said: "The fundamental principle of the Basketball Champions League is that it is a competition based on a sporting criterion. This will not only protect the national leagues but also dramatically increase their value while also helping our sport grow."