Iberostar Tenerife claimed the inaugural Basketball Champions League title in front of their own fans as they overcame Banvit 63-59 in a tight final.

Having seen off Reyer Venezia in the semis, Tenerife went into Sunday's final with the backing of a raucous home crowd, but had the challenge of facing a Banvit team led by tournament MVP Jordan Theodore.

Theodore scored 17 of his team's points and also chipped in with nine rebounds and four assists for the Turkish side, but was held in check when it counted as Tenerife produced a strong defensive performance.

Banvit were held to a season-low points total, but were still very much in the game going into the fourth quarter, trailing just 51-46, and refused to allow Tenerife to pull away in the closing stages.

But the key moment came as Furkan Korkmaz spurned a chance to tie the game at 60 apiece when he missed an open three.

His profligacy was immediately punished by Tenerife point guard Davin White, who duly drained a triple to increase the gap to six points, which proved too great for Banvit to bridge.

Victory was made absolutely secure in the dying seconds when Theodore was unable to convert a lay-up, sparking wild celebrations among the home fans.

Tenerife's Marius Grigonis, who had 18 points, was named the MVP of the Final Four.

The third-place match-up saw AS Monaco - beaten by Banvit - defeat Venezia 91-77.