The deal will see IMG work with the governing body to develop a range of merchandising products to celebrate the event which is set to take place from August 25 to September 10 2023 in the Philippines, Japan and Indonesia.

"The Global Master Licensee is an important component in the build up to the FIBA Basketball World Cup 2023 and the road to the Philippines, Japan and Indonesia," said FIBA Basketball World Cup 2023 executive director David Crocker.

"Basketball fans are very passionate, and we want their World Cup experience to be engaging, memorable and exciting, and one they will never forget."

A line of items featuring the event logo, its brand identity and marks, the Naismith Trophy, the mascot and the host countries collection will be available for fans to buy.

Clothing, toys, games, souvenirs, accessories, stationary, homeware, bags and luggage are all due to be produced.

"The FIBA Basketball World Cup is the pinnacle global event of one of the world's most popular sports," said Bruno Maglione, President of licensing at IMG.

"Basketball at the national team level has grown increasingly competitive with an ever-widening number of countries having a realistic chance to win the top prize - generating more passion, excitement and fan engagement.

"We will capitalise on that, working with FIBA to create an all-encompassing merchandise and retail program for fans in all three host countries, as well as those tuning in from around the world."

The 2023 event is due to be the first time in the tournament's history that multiple countries will play host.

A total of 32 teams are set to compete with Spain going into the competition as reigning champions following 95-75 triumph against Argentina in the China 2019 final.