Geelong United have been announced as the WNBL's newest team, replacing the Melbourne Boomers from next season.
A private consortium of Geelong-based investors had been the sole party interested in purchasing the Boomers' licence after the Melbourne side's owners indicated they were interested in selling ahead of the 2024/25 campaign.
AAP reported in March a takeover appeared imminent, pending approval from Basketball Australia.
The consortium approached BA with a business model it felt guaranteed the team could turn profit from the outset, something only the Townsville Fire currently do among the existing teams.
Basketball Australia officially approved Geelong's licence on Thursday, with a public announcement made Friday morning.
The team will host home games at the cost-effective, 2000-seat Geelong Arena, but AAP understands the long-term plan is to move to a proposed new venue at Waurn Ponds on the city's southern outskirts.
Geelong United are currently in talks with local, state and federal governments about the construction of the 5000-seat venue, which had initially been part of plans for Victoria's ill-fated 2026 Commonwealth Games.
United can not begin assembling their roster until the free agency period, the start of which has been pushed back until June 10.
But AAP understands the most recent Melbourne Boomers coach Chris Lucas is likely to take charge of the new Geelong team.
The 2024/25 campaign will mark the first time Geelong has been represented by an WNBL team since 1986, when the Geelong Cats placed 11th on the ladder in their sole season.
Geelong United currently field women's and men's teams in second-tier competition, the NBL1.
But Geelong United chief executive Mark Neeld, a former professional AFL coach and player, felt the time was right for the basketball-mad city to return to the big league.
"The profile of women's sport is on a dramatic rise, and locally we've seen so many of these women doing great things, particularly in basketball with the NBL1," Neeld said.
"We of course see the growth in basketball first-hand and want to reward our hard-working female athletes with another amazing opportunity to play sport at the highest level right here in their own backyard."