The NBL competition will now be known exclusively as the Philips Championship.
"This is the single most significant announcement that we as a League have made in a number of years," said NBL commissioner Mr. Rick Burton.
"We have been searching for a major international brand who was willing to enter into a true partnership with the League, and that is exactly what we have found with Philips. They share our vision and there are some wonderful synergies between our two brands."
"Our recent effort to open doors into Asia was a key element in attracting a global giant like Philips and we intend to work closely with our new partners to leverage exposure for our brand internationally."
Chief executive officer of Philips Electronics Australia, Mr. Harry van Dyk, said: "Philips Electronics has used sport as a vehicle to effectively showcase our brand to consumers for decades now."
“We have aligned ourselves with high-profile global properties which include the 2006 FIFA World Cup, the French Open and the New Zealand Rugby Union. Our new partnership in the form of the Philips Championship demonstrates the esteem in which we hold the NBL competition as it joins this list."
The NBL also announced plans to hold a Philips Championship regular season game between the Perth Wildcats and Melbourne Tigers in Asia on January 8. The fixture would become the first-ever regular season game scheduled in Asia.
