"It was decided that there will be a transitional period and that the name should change in a year's time. We are leaning toward Rytas, the name commonly used by fans and internationally," the mayor told BNS.
Gudelis, who owns a 25 percent stake in Lietuvos Rytas, is replacing Martynas Purlys as the club’s director.
Businessman Antanas Guoga, who is also a member of the European Parliament, this week became the largest co-owner of BC Lietuvos Rytas with a 50 percent stake.
The remaining 25 percent stake is owned by the city of Vilnius.