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The 1987 Peters State League was the basketball competition run by the Western Australian Basketball Federation (WABF) in 1987. The "State League" brand was in its second year of existence. The 1987 Peters State League consisted of seven grades: A Men, A Women, B Men, B Women, U/20 Men, U/18 Men, and U/18 Women. The A-Grade season ended with Tangney claiming both the mens and womens championships.

Foreword
By the Director, G.N. Gurr


 * The 1987 State League will be an excellent example of the rapidly changing scene of W.A. basketball. It will exhibit several changes from 1986: deletion of U/16's, the inclusion of a W.A.I.S. team in the A grade men's competition and instances of double-headers.


 * Changes such as these are physical evidence of the ongoing thought and search for improvement with which the State League Committee occupies itself.


 * The 1987 State League will also be an excellent example of the state of basketball in W.A. As with the W.A.B.F. itself, the State League has experienced many trials and tribulations in its efforts to keep pace with our rapidly growing sport. The degree of professionalism and business-like approaches which are now essential, but were once just a bonus, are continually demanding upon the basketball fraternity and especially its committee persons. As the Director responsible for the State League I congratulate the State League Committee, Association Presidents and the Association Committees because they have not had an off-season.


 * In 1987, the State League Committee will be continuing its efforts to put in place the mechanisms by which the entire state can be included. Given the history of basketball and the state's geography, the is an awesome objective, but one that will be realised.


 * I wish the best to all who compete in Division One and Two of the State League in 1987 and on behalf of the W.A.B.F. recognise and thank you for your support of our sport's State Body as we enter a new and exciting phase in our history.

Regular season
The regular season took place over 21 rounds between 15 March and 19 July, with all seven teams (in each grade) competing in 21 games. The first six rounds saw games spread out over the five venues, before rounds 7–21 were played exclusively at Perry Lakes Basketball Stadium.

Finals
The finals series for B-Grade, U/20 and U/18 took place over three weekends, with the Semi Finals on 26 July, Preliminary Finals on 2 August, and Grand Finals on 9 August. The A-Grade finals took place over six dates, with games held on 22 July, 29 July, 1 August, 5 August, 9 August, and 12 August.