The British Basketball League (BBL) has announced that a Miami-based investment firm has invested £7m in return for a 45 per cent stake in the league.
There are big plans to elevate the quality of play and invest in official and refereeing development to drive the League forward.
The BBL is also committed to increasing its support of the women's game.
Sir Rodney Walker, chairman of the British Basketball League, said: "To state that we are thrilled to have 777 Partners come onboard - as passionate investors who share our vision - is somewhat of an understatement.
"We couldn't be more delighted that, as a result of this significant injection of capital, we are now able to fast track the League's big ambitions and unlock the huge untapped potential that we know the sport of basketball has in this country.
"Basketball is unique in its ability to reach across cultural, societal and economic divides and in its ability to engage with a young, diverse audience. There is therefore huge potential to use the transformative power of sport for the benefit of our growing audience and to increase the impact we can deliver from the grassroots to the very top of the professional game."
Joshua Wander, managing partner from 777 Partners, said: "Basketball is undoubtedly a disruptive force to the institutions that dominate UK sport.
"We are determined to work closely alongside the clubs and within their respective communities to ensure our investment serves to incubate the sport more broadly."
