Thursday, June 21, 2012

Creditors meeting to decide Blaze future

Updated June 14, 2012 08:18:21

The future of the Gold Coast's financially-troubled National Basketball League (NBL) team is expected to be decided at a meeting today.

A deed of company arrangement will be put to creditors of the Gold Coast Blaze.

Administrator Roland Robson says it could provide funds for club employees and return around seven cents in the dollar to unsecured creditors.

"It would keep it alive - keep it functioning," Mr Robson said.

"It would provide the Gold Coast community with a sports team.

"We are quite aware a number of sports teams have come and gone over the years and I think to a degree this is a positive thing to enable the Gold Coast to have an [NBL] basketball team.

"Even Brisbane doesn't have one of those at the moment."

Mr Robson says if the deed is rejected the Blaze will go into liquidation and the team will fold.

"The assets will be sold off - the Gold Coast and Queensland will lose a sports team," he said.

"There will be no licence available from Basketball Australia.

"The result will be all assets sold and distributed in priority to secured creditors and any of the floating assets sold and made available obviously for employee creditors."

There had been suggestions a wealthy investor would come to the rescue of the Blaze but Mr Robson says no deal has been finalised.

"Discussions have been made with a number of investors," Mr Robson said.

"Those discussions unfortunately were not able to be materialised fast enough in the process in which the administration has to run.

"Unfortunately we could not get a position fast enough for the investor in that time frame."

The meeting will be held at Broadbeach.

Tags: nbl, basketball, broadbeach-4218, qld

First posted June 14, 2012 08:15:53

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