A 50% share in Glasgow Rocks has been purchased by millionaire businessman Duncan Smillie.

The move has seen long-time owner Ian Reid, who has been at the club since its inception in Edinburgh 20 years ago, sell his stake but he will remain a non-executive director of the British Basketball League outfit.

Glasgow-based Smillie, 45, was previously involved with the electronics business but cashed in when a company in which he held a stake was taken over by a private equity company.

And he now plans to use his expertise – in tandem with co-owner David Low – to build up the Rocks to the next level.

“I moved back to Scotland last year and made a decision to do things which were fun,” he said. “Basketball is definitely a sport which is punching above its weight.

“I met Ian a few times and they were really enthused about what is here at the Rocks and now I’ve bought his shares. It’s almost frustrating that there are only a few weeks left of the season but I’m super-excited to get stuck in.”

It is not thought Smillie will be writing a blank cheque but he has pledged to make the club into a contender for silverware by raising extra investment that will go into the squad.

“I like winning,” he added. “My ambition is for Glasgow Rocks to be successful.”

Reid will also step down as chair of the charity Scottish Sports Futures, the Rocks main partner, later this year, having been part of the original franchise bid twenty years ago.

“It’s been a roller coaster ride with the Rocks over the last 18 years and it’s time for a change,” he said. “Together we will continue to pursue our stated objective of building the best franchise in the UK.”

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