The team announced Saturday will be known as the Delaware 87ers and nicknamed the "Sevens." The name was chosen to recognize that Delaware was the first state to ratify the U.S. Constitution on Dec. 7, 1787.
The team will play at the university's Bob Carpenter Center. The 76ers acquired operating rights for a team previously held by the Utah Flash, a team that went on hiatus two seasons ago.
Gov. Jack Markell joined 76ers Managing Owner Joshua Harris and other state leaders to announce the team.
According to the 76ers, the purchase makes them the sixth NBA team with 100 percent ownership of their development league affiliate.