The Tasmanian Government has reached an agreement with the owner of the National Basketball League (NBL), which sees the state team re-enter the league by 2021.
Under the agreement, the Glenorchy City Council will sell the Derwent Entertainment Centre (DEC) to the State Government for $8 million, and surrounding land at Wilkinson's point to NBL owner Larry Kestelman.
Four courts will be built in the DEC, servicing a range of sports, including basketball, netball, volleyball, futsal and gymnastics.
The in-principal agreement includes State Government sponsorship for the NBL team.
The State Government said getting a local team would inject $102 million into the economy, with Premier Peter Gutwein adding the deal would "change the face" of Glenorchy, in Hobart's northern suburbs, "forever".
"This is a good deal for the state. It is a good deal for Glenorchy," he said.
"It will put Tasmania on the national stage again, playing in the NBL."
Mr Kestelman said it was a "big day for the NBL, big day for Tasmania".
"We couldn't be more proud. It's been 12 months and more process for us," he said.
"From my first visit here I felt super welcomed. I felt that the public was desperate to have representation at the national level in Australia, and we've delivered.
"The people have spoken. Tasmania will have a team in the NBL."
He said he was confident the team would be up and running by 2021.
"Our goal is very, very simple — we want to make basketball the number one sport in Tasmania," he said.
Tasmania has not been represented in the NBL since 1996.
