The Women's National Basketball Association will expand to 14 teams next year, adding a franchise in Chicago.
The new team, which does not yet have a nickname, will be owned by Chicago businessman Michael Alter with a select group of minority investers. It will be only the second WNBA franchise not affiliated with an NBA team.
The new Chicago team will play its home games at the University of Ilinois-Chicago Pavilion.
After seeing its Miami and Portland teams fold after 2002 and Cleveland disband after 2003, the WNBA is adding a team for the first time since 2000.
NBA Commissioner David Stern said the WNBA has clearly solidified financially. He also said he expects to name a WNBA commissioner soon. Val Ackerman stepped down as the league's commissioner on February 1.