On May 22, 2017, the bid team unveiled its candidature logo and slogan: "Two Countries, One Passion" (Spanish: "Dos países, una pasión"), in Montevideo.

On December 9, 2017, FIBA decided to award the hosting rights of the 2023 FIBA Basketball World Cup to the Philippines, Japan, and Indonesia, over Argentina and Uruguay, following the final bid presentation, that was held on the same day, in Mies, Switzerland.

However, citing the quality of the two joint-bids, FIBA decided to give Argentina and Uruguay the chance to make an unopposed bid for the 2027 FIBA Basketball World Cup.

They were told to make adjustments to their original bid, as recommended by FIBA, and were scheduled to represent their new bid to the basketball world body in June 2018; after which FIBA was to decide if it would award the hosting rights for the 2027 edition of the tournament to the two South American countries.

[4] However, Argentina and Uruguay ultimately decided to not to pursue a bid for the 2027 FIBA Basketball World Cup, on 24 May 2018.