Basketball On The Internet.

LARRY Kestelman is the new Executive Director of the NBL following a successful $6million takeover of the ailing competition.

While Kestelman remains committed to United as an owner of the Melbourne-based club, his priority now will be returning the NBL to the heights of popularity it once enjoyed.

The League released a statement today confirming speculation here since March that the multi-millionaire potentially would become to basketball what Frank Lowy has to soccer in Australia.

"As a result of his controlling stake in the league, he will step down as Chairman (of United) and take on the role of Executive Director of the National Basketball League," the NBL said today.

Graeme Wade will remain as independent Chairman of the NBL Board and will focus, along with Kestelman, on forming a new board that will drive broadcast and general revenue for the League.

Kestelman will concentrate his efforts on restoring the NBL to commercial success, including establishing an NBL Commission and securing a media rights partner and major sponsor ahead of next season.

“I have a strong team running the club but now my interest in Melbourne United is just going to be as an owner. I will now be dedicated to making the league successful,” he said.

“We’ve seen the popularity of basketball around the world, and it is my vision to bring the sport back to where it belongs in Australia, as one of the leading sporting codes at both a grassroots and professional level.

“It’s going to be my job to reignite the passion behind the NBL and I stand ready for the larger challenge of achieving success for all the clubs.

“In this business of sports entertainment we need to set the league up as a more commercial and professional organisation across the board.”

The LK Group commitment to the NBL will be more than $6 million.

The funds will drive an ambitious growth program with a focus on the delivery of a compelling entertainment product, fan engagement and national marketing campaigns.

NBL Chairman Graeme Wade welcomed Larry Kestelman’s commitment to the League.

“We are on track to re-capitalise this league so it can run like it needs to be run. The longevity of this competition relies on the stability of clubs and Larry’s vision is very much in line with this,” Wade said.

“He leads by the numbers and the NBL head office and all clubs will benefit from Larry’s commercial expertise and enthusiasm for the sport. This is set to be a very positive development for basketball in Australia.”

So that's the official statement.

What does it all mean?

It means the NBL has at least a three-year window for Kestelman's vision to be realised while, at the same time, establishing its longer-term viability and sustainability.

In case you missed it, here's Larry's original proposal from last year: http://bit.ly/1D4lelY as revealed here on March 10.

The new deal isn't quite as good but then, I'm sure we mostly would agree, anything potentially is better than the morass which has been the NBL of the past decade.