The name of Sudbury's new National Basketball League Team has been announced: The Five.

The team, owned by Sudbury Wolves Sports and Entertainment, owned by Dario Zulich, was announced on Tuesday.

Zulich said it was also his first look at the final product, and that he was more than pleased.

"I love the logo. It was one of a number of logos that needed to be decided upon, and I finally get to see it. It's unique, it's different, we can build off it; I'm very excited about it," he said.

It's the newest team in the National Basketball League of Canada, which now features 11 franchises.

Deputy commissioner Audley Stephenson welcomed the new squad in a video posted to the league's Twitter account.

We are overjoyed to welcome the Sudbury 5 to the <a href="https://twitter.com/NBLCanada?ref_src=twsrc%5Etfw">@NBLCanada</a> family to start play next season!<br><br>Welcome The Sudbury 5!<a href="https://twitter.com/hashtag/AllOne?src=hash&ref_src=twsrc%5Etfw">#AllOne</a> <a href="https://twitter.com/hashtag/NBLC?src=hash&ref_src=twsrc%5Etfw">#NBLC</a> 🇨🇦🏀🇨🇦 <a href="https://t.co/VjZjbeaDuQ">pic.twitter.com/VjZjbeaDuQ</a> —@NBLCanada

Cliff Skelliter, from LaunchPad Creative, says the inspiration for the name came from the local 705 area code, the number of players on the court as well as Sudbury being known as the Nickel City.

Zulich, who also owns the Sudbury Wolves, says schedules for the Wolves and the Five will be laid out to avoid conflict.

He says he believes the Five will be able to draw both from current Wolves fans, as well as tap into a set of residents who are seeking new forms of entertainment.

'Different kind of entertainment'

"Basketball is a growing sport in Canada — that and soccer — so I'm very happy to participate at an early stage," he said.

"The City of Greater Sudbury will be a basketball town. I think it is right now — maybe not at the pro level — but once people see it and experience it, they'll come back. It's a different kind of entertainment."

Bob Johnston, the team's vice president of basketball operations, admits the sport is relatively new to him.

However, he says his experience with the City of Greater Sudbury and in the sports and entertainment industry have prepared him well for his duties. He said basketball decisions will be left to the new general manager and coach, who is expected to be hired in June.

Bob Johnston is the vice president of basketball operations with The Five. (Benjamin Aubé/CBC)

Johnston adds the team plans to spend up to the league's $200,000 salary cap. He explained that five of the 12 players on the roster must be Canadian, as per league rules.

"Because of that, we're going to actively look for qualified talent in Sudbury," he said.

"In fact, we've already done some of that legwork. We know there's a few professional players who have played and they're local men, so we'll maybe reach out to them," said Johnston, adding no player moves will be made until a new coach is hired.