Official statement from the NBL about the Blaze
On Friday 13 July 2012, the ownership of the Gold Coast Blaze outlined to Basketball Australia a proposal for the club’s participation in the 2012/13 iiNet National Basketball League Championship.
That proposal involves a ‘partnership’ with the Gold Coast Basketball Association – building on similar initiatives used by the Cairns Taipans and the Wollongong Hawks.
The BA Board has taken the time to thoroughly examine the proposal, taking into account the integrity of the NBL competition, the welfare of the players, and the future sustainability of the Blaze.
Acting Chief Executive Officer Scott Derwin today said: “First and foremost, the BA Board is grateful for the enormous amount of work the club’s owners have put into trying to keep the Blaze alive in difficult circumstances.
“The Board of BA particularly welcomes the move towards a community partnership model. The Board also acknowledges that the new proposal contains significant and necessary cost savings.
“This proposal is a good start which BA supports in principle – but the reality is it needs to be fleshed out further.
“Ultimately, BA has a responsibility to the league and the broader basketball community to insist the Blaze moves forward with a viable and sustainable business model.
“That is why the Board has asked the owners of the Blaze to provide further detailed information before the club’s participation in the 2012/13 season can be approved.”
The club’s owners have been asked to confirm the following by 31 July 2012:
- Irrefutable evidence that the club is able to put in place the current NBL required bank guarantee of $1 million;
- Detailed confirmation of major funding sources, as well as evidence of the working capital requirements of $500,000; and
- Absolute and unconditional assurance that the debt outstanding to BA will be paid no later than 31st August 2012.
These licensing requirements are consistent with those previously put to the owners of the Blaze by Basketball Australia.
Further, should the Blaze receive approval from the Board to participate in the 2012/13 season, the Board will require the club to submit detailed monthly financial reports.
Tags: Gold Coast Blaze