The Big Bash League is to be partially privatised, beginning with the sale of the struggling Melbourne Renegades, Cricket Australia announced on Tuesday.
The governing body wants to bring in private investment to the Twenty20 competition as it looks to shore up the game's financial future which has come under threat from lucrative leagues abroad.
"Beginning the sales process for the Renegades allows us to take the first step in a self-determination model for our members and represents a defining moment for the game," said Cricket Australia chair Mike Baird.
"This is a significant decision that has involved an enormous amount of analysis, discussion and collaboration over many months."
Other franchises could be offered for sale further down the track, Cricket Australia said.
Cricket Australia said it was aiming for the Renegades to have new ownership in place for the 2027-2028 season.
Melbourne is in Victoria and the state's cricket association said the sale would help Australia keep pace with an "evolving" cricket landscape.
"We're enthusiastic about moving forward with this process and taking the Melbourne Renegades to market," said Cricket Victoria director Shaun Richardson.
Privatisation has been a thorny issue in Australia, with an initial proposal to sell stakes in each of BBL's eight teams stalling earlier this year amid concerns about a loss of control for the game's local custodians.
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While the Victoria, Western Australia and Tasmania cricket associations voiced support and South Australia said it was open to the idea, New South Wales and Queensland rejected the move.