David Low, who formed the share-buying strategy that allowed Fergus McCann to take over Celtic in 1994, has signed contracts giving him and his business partner a 50% stake in Glasgow Rocks, who play at the new Emirates Arena in the East End of Glasgow.
Both Mr Low and Ian Reid, director of the Rocks, exclusively confirmed the deal to the Evening Times but declined to name the purchase price.
Mr Low, who will share his stake with Joe Grimond, a Scots entrepreneur who operates from London, said he viewed the Rocks as both a business opportunity and as a chance to develop the community projects initiated by the club.
''The work the club does in schools and in the community is outstanding and I want be able to be a part of that,'' said Low, a financial analyst who has offices in Glasgow.
He also said that the Rocks' presence in a British League offered good marketing opportunities.
''Basketball is a sport that can be developed in this country,'' he added. ''It is obviously a major game in the USA but it is also huge in Europe. This a great sport to watch and I believe it has potential.''
Mr Reid, who is also the chief executive of Scottish Sports Futures, a Glasgow-based charity, said: ''It is great to have someone like David on board with his business savvy and track record.''
Scottish Sports Futures looks to educate disadvantaged youngsters through sport, with the Rocks playing a major role in its work.
The Rocks are Scotland's only professional basketball team.
More than 4000 fans turned up for their first match at the Emirates against Newcastle Eagles. Only Hibernian and Celtic, who play across the road, had higher attendances in Scottish football at the weekend.