THE British Basketball League has announced a £7million investment from Miami-based alternative investment firm 777 Partners for a 45 per cent stake in the organisation.

The investment is set to be used to deliver an ambitious development plan across the sport, from community grassroots through to the overall infrastructure of the elite game in the UK, with Glasgow Rocks - the only Scottish franchise in the BBL - among the beneficaries.

A new BBL leadership team will be created, including the appointment of a chief executive, while there will also be major investment in a digital transformation strategy as well as additional support for players and athlete welfare programmes.

As part of the expansion, at least four new "high-quality" franchises are being targeted to be added to the BBL within the next five years and there is a commitment to increasing support of the women's game with additional resource.

The deal will see 777 Partners further extend their sports portfolio, which also includes LaLiga club Sevilla and Serie A side Genoa, as well as current BBL franchise the London Lions.

BBL chairman Sir Rodney Walker said: "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."