American entrepreneur Vaughn Millette has taken a controlling stake in Sheffield Sharks and Sheffield Hatters basketball clubs to become the principal owner of both.

Managing director Sarah Backovic has been appointed as chief executive of the company while Sharks boss Atiba Lyons and Hatters head coach Vanessa Ellis have also signed “long-term” contracts.

The deal comes after a consortium of clubs were awarded a licence to run men’s professional basketball in Britain.

“These teams are much more than the competitions, they are an important part of the community and offer a vehicle through which young people can benefit in many ways,” Millette told the Sharks’ website., external

“Of course, they are both steeped in a winning culture and my goal is to ensure that we compete for the top spots in all our competitions.”

The future of the British Basketball League was thrown into doubt in June when the British Basketball Federation terminated the previous agreement with Basketball League Ltd (BLL) to run the league because of “clear breaches of the licence” and financial concerns.

Premier Basketball Limited, a company formed from a consortium of British clubs, has now been given a three-year licence which “allows preparations for the 2024-25 season to be completed”.

“We are thrilled to welcome Vaughn as the new principal owner of the club, he brings a wealth of business experience and basketball knowledge that will only serve to improve across performance and growth,” said CEO Backovic.

“We are looking forward to a positive future building a successful programme.”