Mr Basnett, a father of one, was found collapsed with massive head injuries on Pepper Street, Hale, shortly after midnight yesterday.
Residents in the village, near Widnes, alerted police after hearing gunshots.
Mr Basnett was taken to hospital, where he later died.
Sources said he was known to police and may have been the victim of a drugs-related turf war.
A post-mortem examination carried out last night revealed he died of a single gunshot wound to the head, Cheshire Police said."
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