The British Basketball League effectively shut down the Sharks last month. The governing body withdrew the franchise held by owner Darren Brown after financial guarantees from the former chairman of Chesterfield FC were not forthcoming.

But last season's runners-up in the BBL Championship final can now start planning for the new campaign, which is set to get under way at the end of September.

"We are now looking forward to a successful future."

Sheffield-based sports management company MLS has been promoting the franchise for the past seven years, during which time the Yorkshire outfit has developed into one of the most successful sides in the BBL.

"I am extremely pleased that we have secured the club," added MLS managing director Yuri Matischen.

"It is the beginning of a new era for MLS and the Sheffield franchise and we look forward to taking it forward to enjoy greater rewards in the future."