Isiah Thomas officially became the owner of the Continental Basketball Association on Thursday after league owners approved the sale.
The former Detroit Pistons star had signed a letter of intent in August to purchase majority ownership of the nine-team league for about $10 million.
"We would like the CBA to maintain its reputation of instilling quality basketball education and training," Thomas said. "At the same time, it is now our goal to offer high-energy entertainment to the underserved sports communities."
The CBA is the National Basketball Association's official developmental league. A record 63 players were called up by NBA teams last year.
"His intelligence, enthusiasm and business skills will take this league to an unprecedented level," said league commissioner Gary Hunter.
Thomas' involvement in the CBA began when he inquired about putting a team in Detroit, where he led the Pistons to consecutive NBA championships in 1989 and 1990.
Thomas plans to reorganize the CBA from an association with 40 owners into a single entity league.
He has already made a few changes, on and off the court.
"By instituting a dress code for our players, we want to move toward a more professional environment," Thomas said. "Additionally, we strongly believe we can offer a more up-tempo, exciting style of play by eliminating the strategy of the double-team defense."
Thomas is also negotiating to buy the nine-team International Basketball Association, which has teams in Canada and six states.
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