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The 1994–95 BBL season was known as the Budweiser League for sponsorship reasons. The season featured a total of 13 teams, playing 36 games each. A major change saw the Guildford Kings franchise fold due to the club being unable to negotiate a viable contract with the owners of the Guildford Spectrum. The league sold Kings' licence to a group headed by Robert Earl, Ed Simons and Harvey Goldsmith, who established the Leopards. Oldham Celtics dropped down a division to National League Division One.
Newcomers Sheffield Sharks formerly Sheffield Forgers won the regular season and claimed the title in their rookie season in addition to becoming National Cup champions. Seventh-seed Worthing Bears caused a huge upset in the post-season Play-off to take the Championship crown with a memorable victory over Manchester Giants in the final. The Thames Valley Tigers secured the BBL Trophy.
Sheffield finished ahead of Manchester by having the best head-to-head record between the teams. Thames Valley finished ahead of Birmingham by having the best head-to-head record between the teams.