The Manchester franchise set to play in Britain’s new Super League Basketball has been bought by the US-based Sherwood Family Investment Office.

The group is run by private equity veteran Ned Sherwood and Ben Pierson and will own both the men’s and women’s teams competing in their respective leagues.

It comes just days after a Lithuanian Group led by tech hub Tesonet bought dual champions London Lions out of administration last week.

Super League Basketball is the phoenix competition established by a handful of clubs after the British Basketball League had its licence withdrawn.

“The new energy of the league is palpable. We are thrilled to be a part of this exciting turning point in professional basketball in Great Britain,” said Sherwood.

“The goal over my career has been to find or build high-quality businesses with top-level management teams. As partners, we work tirelessly to help our businesses achieve long-term success. We look forward to developing a sustainable, elite franchise for Manchester.”

Manchester Giants were the city’s previous representatives in BBL. They finished ninth of 10 teams in the men’s competition last season and ninth of 11 teams in the women’s league.

The Manchester franchise is likely to have a new name as the Giants brand is owned by the BBL, which collapsed as 777 Partners’ sporting empire fell.

“Manchester is a world-class city for sport and culture. We aim to bring the Manchester franchise back to the level it belongs – competing for trophies for the city,” said Pierson.

“Basketball in Manchester is an integral part of schools, youth, and culture. It is imperative that we restore stability throughout the franchise, and grow our partnerships throughout the community. We look forward to delivering on this through our actions, not just our words.”

The new Super League Basketball currently has nine confirmed teams, including London Lions and the unnamed Manchester franchise.

The new owners have hired former Manchester Giants operations manager Dominique Allen in a similar role.

“I’m really excited to be part of the new franchise and looking forward to its successful evolution as a top-tier club,” said Allen.

“We would like to thank the fans and partners, including our educational partner MMU, for their patience as we look forward to a new era for basketball in Manchester!”