FIBA in March of last year awarded Britain the host nation place on the condition that England, Scotland and Wales make a decision in June 2012 on whether to retain the structure beyond the 2016 Olympic cycle, or go their separate ways once again.
With the sport keen to build on the performances of the men's and women's basketball teams at the 2012 Olympic Games. the news that FIBA have approved the plans to ensure a future British programme is a major step.
FIBA secretary-general Patrick Baumann commented: "What Scotland has decided has been extraordinary, to relinquish its membership of FIBA in favour of a British programme. In 2016, they will no longer be a member of FIBA directly but they will be a member of the British federation which in turn is then a member of FIBA. They've given up something extremely important to them, for the benefit of the game in this country. And so did England."
When talking about Basketball Wales' decision not to sign up to the agreement Baumann said: "You have something that is not just a large majority, but almost unanimity wanting to maintain a British program beyond this term and to go on and be successful for the good of the game. Despite the Welsh negative decision we still took the view to sign the contract with England and Scotland, because I think this is going to be unstoppable."
Read more from the Home Country Associations statements made on 5th July by basketballscotland here and England Basketball here.
