Source: wikipedia.org/wiki/EuroLeague_Basketball_Legend_Award
The EuroLeague Basketball Legend Award is an award that is given by the Euroleague Basketball Company, the organizer of the EuroLeague, which is the top-tier level professional basketball competition in Europe. It is awarded only to a very distinct and small group of the very biggest EuroLeague star players and head coaches, which are honored from time to time, for their outstanding playing and coaching careers in the league. To which, the EuroLeague's organizing body, the Euroleague Basketball Company, sees fit to officially designate them as "EuroLeague Legends".

Players and head coaches can be officially designated as EuroLeague Legends, either while they are still playing and coaching, or after they have retired. All players and head coaches that have played or coached in the EuroLeague, are eligible for the EuroLeague Legend designation. Currently, the EuroLeague Legend Award has only been given to six players and one head coach.