The British Basketball League will feature its first-ever team from Merseyside in the 2007-08 season.
Everton Tigers have their origins in the long-standing Toxteth Tigers club and are associated with Everton FC through its community scheme.
BBL chairman Paul Blake said: "What impressed us most about the club was their community commitment.
"They are also based in one of the UK's major cities with a great sporting heritage. We wish them all the best."
Head coach Henry Mooney, a former England men's team assistant coach, said: "This is an exciting new initiative to provide professional basketball linked to community regeneration.
"It will provide opportunities for local players to develop through Everton Tigers and the Basketball Academy."
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