CHICAGO (CBS) — After weeks of speculation, the Chicago Bulls officially have announced they’re buying an NBA Development League franchise and have a deal in place for the team to play its home games in Hoffman Estates.

No one could be happier with the decision for the new team to play and locate its offices at Sears Centre than Hoffman Estates village officials, who have worked hard to find a stable anchor tenant for the 8-year-old, 10,000-seat arena.

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“It will certainly be a big boost to our burgeoning entertainment center out there, and the people who live in the northwest suburbs will be able to see future NBA and some current NBA players play at the Sears Centre Arena, so this is a fabulous day for us,” Hoffman Estates mayor William McLeod said.

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The team begins play next fall. The team will play 24 home games between November and April.

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The Bulls have launched a contest to name the team. Those who enter before Nov. 25 will receive a buy-one-get-one-free ticket voucher. Submissions can be made at bulls.com/dleague.