Worcester Wolves have confirmed the club has been taken over by long-term sponsors the University of Worcester.
"The partnership with the University has been very successful and now is the time for them to take ownership of the club," new president Roger Clarke said.
"It will help launch the club into a new era of development."
Clarke, the Wolves' former owner, added: "I am excited by my new role as president to help us cement a more sustainable, stronger future for the club."
Worcester have just had their most successful-ever season, winning two trophies - the first pieces of major silverware in their history.
The club has had a close partnership with the University - where they play their home games - ever since their formation and entry into competitive basketball in 2000.
James is currently putting together the finishing touches to his playing squad ahead of the new season, which starts with a trip to Newcastle - the team they beat to clinch the Play-off final - on Friday, 26 September.