Henlan, who was named English player of the year in 1991, was part of the Towers' treble-winning squad of the 1995-96 season. Schultz played in Germany and Austria before switching to England in 1995.
The Towers managing director, Rick Taylor, said: "Both Martin and Ray made a great impact to the team last year and were an essential part of the championship-winning side. With the Towers competing in both Europe and the Budweiser League this season it is important that we have players of their strength and calibre."
In the United States, the annual NBA draft was due to begin late last night, and Aleksander Radojevic, the 7ft 3in centre from Montenegro, was hoping to be picked in the middle of the first round.
He has played the past two seasons at Barton County Community College in Kansas and did not to return home for fear of being drafted into the Yugoslav Army. He planned to attend Ohio State next season but was declared ineligible by the US National Collegiate Athletic Association because he once accepted $13,000 to play professionally in Yugoslavia.
"I gave it to my family," he said. "It was only so my family could survive. They spent it on food, mostly on groceries."