21 teams. European national domestic league champions, plus the then current FIBA European Champions Cup title holders only, playing in a tournament system. The Finals were a two game home and away aggregate.
*Originally, the Champion of the Italian League was drawn to play against the Austrian champion, but the former was Simmenthal Milano, who was banned in European competition. Since the Italian Federation refused to name another entrant in Champions Cup, Union Babenberg received a forfeit (2-0) in both games.
**Maccabi Tel Aviv withdrew before the competition due to internal problems and Fenerbahçe received a forfeit (2-0) in both games.