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The FIBA EuroChallenge is Europe's third tier basketball competition, after the Euroleague and EuroCup, and was founded in 2003. It consists of 32 teams and offers its two finalists an opportunity to play in the following season's EuroCup.
It's open to members of FIBA Europe with qualification based on team's domestic league performance and runs from October until April. The 32 teams are divided in two Conferences (1 and 2) based on geographical criteria and eight First Round groups of four teams each. The top two teams from each group advance to the Second Round Group stage, which precedes the knock-out phase of the competition.
Like the Euroleague, the EuroChallenge hosts a Final Four weekend which determines the champions of the competition.