Netball New Zealand has succeed in making radical changes to the FastNet competition and secured a major financial boost.
The Fast 5 tournament will be held in Auckland in November, with $600,000 in funding being injected over three years.
Auckland Events and Tourism is working with Netball New Zealand on the tournament.
The International Netball Federation has approved an overhaul of the rules which sees playing numbers reduced from seven to five.
There will be three scoring zones, from which the goal attack and goal shoot can have a go from.
Netball New Zealand CEO Raelene Castle says if the tournament is successful, they can think about expansion.
"Some discussions with the international netball body about moving towards a series, and perhaps having one event in New Zealand and then one event in Australia next year, and then perhaps over time evolving it into an event in Asia."
The Government is to put $600,000 into the event over three years.
FastNet was introduced in 2009, but has closely resembled traditional netball until now.