In November 2015, Euroleague Basketball and IMG agreed on 10-year joint venture. Both Euroleague Basketball and IMG will manage the commercial operation, and the management of all global rights covering both media and marketing.[5] The deal was worth €630 million guaranteed over 10 years, with projected revenues reaching €900 million.[6] Along with the deal the league changed into a true league format, with 16 teams playing each other team in the regular season followed by the playoffs.