24 teams (national domestic cup champions, plus the best qualified teams in the most important European national domestic leagues), entered a preliminary group stage, divided into four groups of six teams each, playing a round-robin. The final standing were based on individual wins and defeats. In case of a tie between two or more teams, after the group stage, the following criteria was used to decide the final classification: 1) number of wins in one-to-one games between the teams; 2) basket average between the teams; 3) general basket average within the group.
The top four teams from each group qualified for a 1/8 Final Playoff (X-pairings, home and away games), while the winners advanced further to 1/4 Finals and 1/2 Finals.
*Aris didn't play the second leg because its players were on strike for not getting their salaries and Maroussi received a forfeit (20–0) in this game.
** The original second leg was suspended after several players of Telindus Racing Antwerpen and Crvena zvezda were disqualified. Later, FIBA decided that his game should be replayed a week later behind closed doors to avoid further incidents, but the Yugoslavian team didn't show up for the match and Telindus received a forfeit (20–0).