The NBL's ninth team will be called the South East Melbourne Phoenix.
The team unveiled its name, logo and colours on Saturday morning, with green the standout feature of the club's theme.
Phoenix general manager Tommy Greer said the name stood for the rebirth of basketball in Melbourne's south-east.
“When we announced the team we asked the fans to give us their suggestions for a name. We received hundreds of names but eventually chose Phoenix, a name that represents the rebirth of basketball in South East Melbourne,” he said.
“Basketball has a proud heritage in South East Melbourne having produced some of Australia’s greatest players and teams. Now the fans once again have a team to call their own, the Phoenix.
“Not only do we think we it’s a strong name but we have chosen colours that will make a bold statement and help unite fans across South East Melbourne when we enter the NBL next season.”
NBL chief executive Jeremy Loeliger said it was an "exciting moment" to welcome the NBL's ninth team.
“Melbourne’s south east has long been the stronghold of basketball participation in Australia with about 100,000 of Victoria’s 240,000 total registered participants and it has a rich history in elite and community basketball," he said.
“Melbourne United now has a strong foothold in the market, having won the NBL Championship last season and attracting sell-out crowds at Melbourne Arena.
"The time is right for the introduction of a second team in Melbourne and to rebuild the NBL rivalries that the city was known for in the 80s and 90s.”