Gold Coast Blaze is a step closer to competing in next season's NBL.
The club went into voluntary administration last month, but has been saved from liquidation after an agreement with creditors on Thursday.
The majority of creditors have agreed to receive seven cents in the dollar of what they are owed.
Director and majority owner Owen Tomlinson is now expected to finalise negotiations with a new investor.
The Blaze has already been guaranteed a spot in the upcoming NBL season.
Tags: nbl, basketball, sport, carrara-4211 First posted June 14, 2012 16:50:53
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