Nick Kyrgios has turned his love of basketball in to an investment by joining the ownership group of NBL team the South East Melbourne Phoenix.

The deal was announced on the eve of the Australian Open, with the 2022 Wimbledon runner-up making a second move into sports investment.

He recently joined four-time grand slam champion Naomi Osaka in investing in Miami PC, who will compete in next year's Major Pickleball League in the US.

A friendship with Phoenix owner Romie Chaudhari is beyond Kyrgios' investment move.

Kyrgios joins former NBA champion Andrew Bogut in ownership of an NBL outfit. Bogut is part-owner of reigning champions the Sydney Kings.

The Phoenix ownership group also includes NBA star John Wall and former NBA players Al Harrington, Josh Childress, Dante Exum, and Zach Randolph.

'Everyone knows my basketball roots and to be a part of the NBL. There has been so much growth, it's a massive move for me, I'm support excited to hump on board and do anything I can to help grow the team. Massive pleasure for me to be a part of it.

'I'm one of the tennis players who doesn't travel as often, I'm looking to be in Australia a little bit more, whenever they need my help or support I'm willing to do what I can. I'll give them my time.

'I've got a lot of things happening but this is the biggest one to be honest. My tennis career won't last forever.

Kyrgios practised on centre court at Melbourne Park on Thursday as he gears up for his Australian Open campaign, having overcome an ankle and knee issue that forced him out of the United Cup and Adelaide International.

'My knee is feeling good, my ankle is feeling good,' he said.

'I don't think anyone is feeling 100 per cent, with a couple of people pulling out already, it's normal for eveyrone this time of year to be battling some injuries.

'But I'm one of the best players in the world so I am going to go in to the tournament with confidence.'

Despite his own hopes, Kyrgios said nine-time champion Novak Djokovic remained favourite to win, even after his injury scare on Wednesday.