Basketball mogul Larry Kestelman is hoping to revitalise the WNBL as he did the NBL, after Basketball Australia sold the league to a consortium he co-runs.
Announced on Thursday after months of speculation, the sale means the NBL will assume operation of the WNBL from April 2025, following the upcoming women's season.
Telco entrepreneur Kestelman bought the NBL in 2015 and has revitalised the league, which welcomed one million fans to games last season for the first time since 1996.
But despite the surging popularity of basketball in Australia, only the Townsville Fire had been routinely profitable of the WNBL teams that competed in the most recent season.
Currently in Europe, Kestelman is hopeful of turning the WNBL's fortunes around, as he did for its corresponding male league.
"We are proud to be part of a group that will now have an opportunity to rethink what the best version of the WNBL can look like, and set the direction for the future as we did for the NBL," Kestelman said.
"The female athletes in the sport, as well as younger girls aspiring for greatness, deserve better and we believe we can, with time, deliver something to be proud of, but do not underestimate the work and challenges ahead."
Basketball had been unique among major Australian sporting codes in that the elite women's and men's domestic leagues, the WNBL and NBL, were owned and operated by separate bodies.
But the WNBL's previous owners Basketball Australia had been open to a change in the league's operation, and board members met this month to determine the successful bidders.
On Thursday, it was announced the league's majority ownership would be transferred to a consortium comprising the NBL and Wollemi Capital Group Syndicate, an investment firm founded by Tesla Motors chair Robyn Denholm.
BA will retain a minority stake in the league, with the financial terms of the sale undisclosed.
Denholm is also co-owner of Hoops Capital, which owns the NBL's Sydney Kings and the WNBL's Sydney Flames.
"Women's basketball in Australia has a phenomenal history and an even brighter future," Denholm said.
"We are excited to be a major part of the syndicate that will guide the future direction, as well as provide the right level of support and investment needed in the sport for decades to come.
"There is much work to be done to transform the league into a platform that our amazing female players, clubs, fans and all involved richly deserve."
The NBL will operate the WNBL from April 2, with a 60-day term sheet signed to finalise the proposed agreement.
The sale comes amid a busy WNBL off-season, during which the Melbourne Boomers' licence was transferred to new franchise Geelong United.
The Boomers' most recent coach, Chris Lucas, has been retained as coach, with guards Jaz Shelley and Sarah Elsworthy the team's first two signings.
