Becoming a franchise owner in the VBA ProAm Association is a process that begins with filling out an Ownership Application. This is followed by an ownership interview which can be done online. The league commissioner will select ownership candidates until there is 50% league ownership, then owners will need to be voted in by the Owners Association (VBAOA). You must live in or near the city of the franchise that you wish to license or hire a GM that lives in or near the city.
Franchise ownership is not an outright purchase, its an ongoing licensing agreement that can be terminated if you are found to be in breach of League Franchise Rules or if the owner wishes and gets approval for a sale of the franchise.
Franchise owners can, but do not HAVE to, be players in the league. As an owner, you can hire, a GM and coach, or also be either or both of these for your franchise. Team values will rise as the league begins to become popular and the franchises begin to generate revenue.