Back to business for Cannons
The league board accepted the recommendation by administrator Michael Slavern to allow the consortium to take over the embattled club.
The Cannons had entered into voluntary administration on Tuesday, with the league then suspending them from the competition.
The club will continue to be based in Canberra for the rest of the season and will resume playing in the competition in Round 14.
In a statement, NBL Chief Executive Peter Ali said that the news is positive for all stakeholders in Australian basketball.
"This decision is the result of 48 hours of intensive work, and we are delighted that the Cannons will continue to compete," said Ali.
"This is a great example of the key basketball bodies in Australia working together for the good of the game. Without the cooperation between Basketball Australia and the NBL under the One Basketball umbrella, this could not have been possible."
"I must stress, however, that there is still a great deal of work to be done."
The consortium will meet with the Cannons' major stakeholders on Friday to further discuss the future of the club.
While no financial details were available, the club reportedly needed a cash injection of $350,000 to finish the season.
It remains to be seen whether all Canberra players will remain with the club.
Centre Pero Vasiljevic has already left the club, joining his former club Victoria, and import Dave Thomas is reportedly close to severing his ties.
