However, BBL chairman Paul Blake argued that there is a structure to take players from beginner to elite level.
"Our infrastructure now as a league is significantly better now than it was 10 years ago," said the Newcastle Eagles owner.
"I can say that categorically as somebody that was running this club 10 years ago, at a point when John Amaechi was playing in this league."
Former Eagle and GB captain Andrew Sullivan is just one of the leading British players currently plying his trade in Europe.
But Blake explained: "The finances of some of the European clubs are not far from those of Premier League football clubs. It's a very competitive market.
"A good number of GB players would tell you if they had the choice of where to play the game it would be here but the finances we have are not in the market against the European leagues."
Amaechi said of the UK Sport funding move: "I expect this decision will kick-start the game but there is zero infrastructure to go with it.
"Outdoor courts are useless in this country because there is so much rain - we need affordable indoor venues.
"Infrastructure is key and it needs to be put in place to take advantage of the 2012 Games, not after it."
There is a clear line from the grass roots to elite performance and that has not been the case before
Chris Spice, GB Basketball
However, Spice believes it was the sport's ability to leave a legacy, attracting new players to the sport and aiding their development, which attracted the increase in funding.
"In the last six months we have developed a long-term strategy, going through to 2016.
"There is a clear line from the grass roots to elite performance and that has not been the case before.
"I do agree, though, that we've got a massive facilities problem - that's a major stumbling block."
Spice also explained that funding would go into tracking the progress of players at US colleges, to help advise them and aid development.
"Basketball in the US has a massive infrastructure - 900 colleges with full-time basketball programmes - so we would be crazy to try and compete," he said.
I played basketball and I can tell you there is absolutely no hope of the Great Britain team winning an Olympic medal
Scott McCarthy British Judo chief executive
On Thursday, British Judo Association chief executive Scott McCarthy criticised basketball's huge increase in funding, saying the move would not win a medal.
"This was supposed to be a no compromise system by UK Sport, targeting realistic medal shots," he said.
"I played basketball, it's my sport and I love it, and I can tell you there is absolutely no hope of the Great Britain team winning an Olympic medal in the next 20 years.
"We have realistic medal chances and yet they are receiving more funding than judo. It's ridiculous."
Amaechi, a BBC analyst during the Beijing Olympics, said: "Great Britain will get smashed by some teams but they are better than a lot of teams so I would expect them to compete against the vast majority."
Amaechi was speaking at a training session with Special Olympics athletes at his basketball centre in Manchester.
The Special Olympics National Summer Games - for people with a learning disability - take place in Leicester from the 25 to 31 July 2009.
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