Melbourne United co-owner Larry Kestelman is set to take a controlling stake in the National Basketball League, in a move that will see the millionaire own both Australia's domestic competition and one of its clubs.
Kestelman, who founded internet company Dodo, will step down as chairman of United to become the NBL's executive director, the league announced on Thursday.
Through his LK Group, the businessman said he would inject more than $6 million into the competition as part of a growth program aimed at getting the struggling league back on track commercially.
Kestelman said he's still committed to Melbourne United, but will concentrate his efforts on establishing an NBL Commission and securing a media rights partner and major sponsor for next season.
"I have a strong team running the club but now my interest in Melbourne United is just going to be as an owner," Kestelman said in a statement.
"I will now be dedicated to making the league successful."
"We've seen the popularity of basketball around the world, and it is my vision to bring the sport back to where it belongs in Australia, as one of the leading sporting codes at both a grassroots and professional level."
Kestelman told News Corp next season's competition will feature all eight teams, despite the Wollongong Hawks still wallowing in voluntary administration.
The Townsville Crocodiles, who were in the same boat, were last week cleared to participate in the 2015/16 NBL season after regaining control of the Deed of Company Arrangement.
The property developer also labelled a new Brisbane-based team as a priority for the 2016-17 season, and touted a potential expansion to Asia.
NBL Chairman Graeme Wade welcomed Kestelman's commitment as a positive development for basketball in Australia.
Wade will remain as NBL chairman, and will work with Kestelman on forming a new board.
Last month he said a partnership with the NBA was one of the key "strategic directions" upon which the NBL was focusing.
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