Gold Coast Blaze are expected to start recruiting players almost immediately after the NBL franchise was saved from liquidation.
The decision at a meeting of creditors on Thursday saved the team's licence being revoked by Basketball Australia.
Creditors voted against moving to liquidate Gold Coast Blaze Pty Ltd, which went into voluntary administration after a protracted legal wrangle with coach Brendan Joyce, who was sacked in 2009.
Joyce won his suit for breach of contract, and the club was ordered to pay him $310,000 in unpaid wages.
The Blaze has debts of more than $12 million.
The decision will return around seven cents in the dollar to unsecured creditors and Administrator Courtney Griffin from Aggs Robson Accountants says payments to secured creditors are still being worked out.
"Current staff owed wages and superannuation will get a greater return, at the moment it's estimated at around 73 cents in the dollar," he told AAP.
The club's only assets are an LED scoreboard, a vehicle, some office furniture and sports equipment and a bank account with $7000 in it.
The NBL, which released a nine-team schedule including the Gold Coast for this season, expect the Blaze to begin recruiting almost immediately.
An NBL spokesman said the team is not expected to have any trouble putting a viable roster together.
The Blaze have four players under contract including Boomers Adam Gibson and Mark Worthington, as well as coach Joey Wright.
Their first game will be the opening game of the season, an away match against New Zealand on October 5 with their first home game the next round against last season's runners-up Perth at the Gold Coast Convention Centre on October 14.