Basketball presented new and compelling performance information that reprioritised the sport and the Board agreed to further investment.
UK Sport's award will be on a one year conditional basis with the following three years funding released only on the fulfilment of strict performance criteria. The exact amount of investment to be awarded to these sports will be determined through further dialogue with the sport in the coming weeks.
British Basketball's Performance Chairman, Roger Moreland said: "We are absolutely delighted with the decision of UK Sport today. They have acknowledged that we successfully presented compelling new performance data, which not only impressed the Board but made them recognise that we are potential podium contenders for 2020. They could see from our evidence and that supplied by Patrick Baumann from our International Federation (FIBA) that our sport has an upward trajectory in terms of both performance and participation.
"The endorsement and support of FIBA also played a crucial part in our success by demonstrating through technical information, how much progress we have made over the last 7 years as well as our position globally. We will now enter into a dialogue with UK Sport about the actual details and level of funding as well the support services required. This is a momentous day for British Basketball and everyone who is connected with the sports, whether players, fans or officials."
Reacting to the decision, Mr Baumann, Secretary General of the International Basketball Federation (FIBA) said: "I am thrilled for British Basketball and UK Sport's recognition and appreciation of the very strong case we presented. The new funding will allow the sport to build on the progress and growth it has already made in a very short time and aim for a podium place in 2020."
GB and NBA star Luol Deng said of the announcement: "Today's announcement by UK Sport is incredible news for not only us as a team but for the future development of the sport of basketball. The last few weeks have also been a great example of team work and what can be achieved when everyone works together to deliver a result.
"The hard work, however, starts now. As players and as the figureheads of the sport we have to now deliver on a number of levels and ensure that the legacy of 2012 and indeed the last six years is established and continues to grow between now and Rio. In 2016 we aim to reward today's decision with a medal!"
GB player, Drew Sullivan commented: "Today's news is absolutely fantastic for the sport, I am overwhelmed to hear basketball have been awarded funding from UK Sport.
"This news puts GB firmly back on the map and on the road to success. I would like to say a huge thank you to all the fans who have supported the campaign to fund British Basketball."
Sharon Hodgson, Chair of the All Party Parliamentary Group on Basketball added: "On behalf of the APPG on Basketball, I am thrilled with UK Sport's decision to fund Basketball for the Rio Olympic cycle. This is fantastic news for the thousands of young people who enjoy playing Basketball every week, and for those young athletes inspired by London 2012 to work towards competing at Basketball's elite level. Basketball is at the centre of an immeasurable amount of positive work in local communities up and down the country, and having an Olympic team for these young people to look up to is vital to these efforts. I am confident that this decision will enable British Basketball to continue in their strides of progress up the global leader-boards, and enter into Rio 2016 with a superb chance of competing for a place on the podium"