Avellino went into their final match of the regular season third in Group A, but the Italian side missed out a place in the round of 16 in agonising fashion.
Ojars Silins came so close to putting Avellino in front with seven seconds to play when his three-pointer went around the rim and out again and it was Ventspils who edged a 106-102 victory.
Caleb Green’s 39-point haul was not enough to see Avellino through, with Nizhny Novgorod and Le Mans matching their 7-7 record to take the final two qualifying spots in the group.
Nizhny moved up from fifth to finish third with an 85-59 hammering of MHP Riesen Ludwigsburg, Vladimir Dragicevic leading the way with 24 points.
Le Mans also needed overtime to prevail, defeating Anwil 88-79 thanks in no small part to 23 points from Valentin Bigote.
Nanterre came out on top in a decisive clash with UNET Holon, winning 74-62 to join Iberostar Tenerife, Umana Reyer Venezia and PAOK in progressing from Group B.
UCAM Murcia beat Banvit 86-71 in the battle between the top two in Group A, while Tenerife and Opava also finished the regular season with victories.
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