Netball New Zealand has finally put a stake in the ground on the future of the elite domestic competition, choosing private investment as the way forward from 2027.Watch a livestream of the announcement below:As first reported by RNZ, the national body confirmed on Tuesday is formally backing a bid by Anna Mowbray and Ali Williams to establish a private franchise league, signing a non-binding term sheet with the high-profile couple.The term sheet sets out an intention to privatise the competition from 2027, in what would be a significant overhaul of how the elite domestic game is funded and organised.Under the proposed model, the private investment group would hold the licence for the competition and its teams, while Netball NZ would retain a governance role on the board established to oversee the new league.In a statement released on Tuesday, Netball NZ said having agreed to terms in principle, work is now beginning on a long-form agreement between the organisation and the investors.There is still plenty to be worked through before the new competition takes shape, including its format, team structure, season dates and commercial and broadcast arrangements - and the clock is ticking.RNZ understands Mowbray and Williams have just three weeks to pull together the necessary funding to get the league off the ground.The investors have committed to a minimum five-team competition in 2027, with the final number of teams to be determined as the process progresses.Mowbray said their ambition goes well beyond simply providing a lifeline for the domestic competition."We want every young player who steps onto a court in New Zealand to be able to see a straight line from there to the very top of the world game. We intend to build that through an invigorated domestic competition," the high profile businesswoman said."Our goal is to provide the backing to make New Zealand the undisputed home of world netball, where the Silver Ferns command the same reverence as the All Blacks, and every girl who picks up a ball believes she can get there."Netball NZ chief executive Jennah Wootten, who only took the helm of the organisation three weeks ago, said the decision provided some clarity after months of uncertainty over the future of the domestic competition.A private ownership model was one of several options considered by Netball NZ as it grappled with the future of the competition after incurring losses of $3.7 million last season."While there remains a lot of work to do, we can today confirm that we are advancing work on a model that will provide a meaningful professional competition and career pathway for players."This model will ensure that fans and our community will have teams to support, and that young people around the country will have athletes to look up to."Wootten said the decision followed a thorough process involving many parties, including the New Zealand Netball Players' Association and the Zones."After a great deal of careful consideration, including exploring every option available to us, the Board has reached the view that private investment is the right path forward."Private investment brings capital, commercial capability and partners committed to growing this competition and the sport around it," said Wootten."Netball has an incredibly passionate and loyal supporter base, with strong match attendances and growing participation. This is about giving that game the backing it deserves."Wootten said the alignment with the investors had been central to the Board's thinking"Anna and Ali are passionate about sport, and passionate about the broader outcomes that sport delivers for women and girls in New Zealand. That alignment is extremely important to the Board."This is a partnership with people who understand what this competition means to New Zealand, and we are excited that they have chosen to back netball."The proposed private model comes too late to prevent a significant chunk of the country's leading players from already committing their futures overseas.With players left in limbo while netball officials grappled with some big decisions facing the game, Netball NZ was forced to roll back its eligibility rules for the Silver Ferns, allowing players based overseas to remain eligible for the national team.The decision has seen Kiwi players flock overseas in unprecedented numbers, with 13 players taking up contracts in Australia's Suncorp Super Netball competition, including 10 of the 12 members of the Silver Ferns' Commonwealth Games gold medal-winning team. Several players, including superstar shooter Grace Nweke (Sydney Sirens) and the Heffernan twins, Kate (Adelaide Thunderbirds) and Georgia (Sunshine Coast Lightning), have signed multi-year deals.A further five players have landed contracts in the UK. Others, like former Silver Fern and highly regarded defender Kate Burley, have made the decision to retire.Wootten also acknowledged the impact of recent years on players and the netball community."We know the wait has been difficult, particularly for players, as well as coaches, managers, support staff and all others who earn a living from their role with teams. But we had to get this step right. This is not a decision with short-term impacts, we are talking about a long-term commitment to the sport. We are glad to be able to give a clearer direction about the proposed trajectory of the domestic competition today."We know a number of players have made commitments overseas because we could not give them certainty any earlier. We understand why they made those decisions and the job now is to build a competition they want to come back to, and one that is compelling for the players here in New Zealand."Player terms will be determined through collective bargaining with the NZNPA.Players' Association boss Pippa Moore said it's a "bold but necessary step" for the future of the game."Most importantly, it offers a credible pathway towards a meaningful professional competition at home - one that gives our best players a reason to build their careers here and ensures the next generation can aspire to play at the highest level in their own country."