Basketball Australia and the National Basketball League have finalised their de-merger just a week out from the 2013/2014 season opener.
The newly-formed independent NBL has now taken full control of the league and its brand after the split was officially ratified in Sydney on Friday.
The NBL has also re-negotiated a TV deal with Network Ten, extending their agreement for another two years.
Friday's formalities capped off several months of negotiations and NBL interim chief executive Stephen Dunn said it marked a new era for professional basketball in Australia.
"This a great day for Australian basketball and fans of all ages," he said in a statement.
"Young basketballers in this country can now take the court knowing there is a re-invigorated professional league they can aspire to play in."
Dunn said the de-merger was meant to be finalised back in June but had been delayed by "legal processes" involving existing contracts with BA.
"I would like to thank fans for their patience and their support through this process. I can assure them it will be worth the wait," he said.
"Every move we have made in re-structuring the NBL through the de-merger process has been done with the fan as our primary focus."
Basketball Australia chief executive Kristina Keneally said BA would continue to work with the NBL to make sure the league remains strong and complies with FIBA rules.
"We look forward to seeing them recapitalise the league, provide increased resources, and allow the NBL to grow its commercial success as it builds towards financial viability," Keneally said in a statement.
The broadcast deal with Ten will mean more live games on free-to-air TV than in previous years, with 23 Sunday afternoon matches and nine Friday night fixtures to be shown live.
The relaunched NBL season tips off on October 10 with the New Zealand Breakers hosting the Wollongong Hawks in Auckland.