BASKETBALL AUSTRALIA GIVES BLAZE A NEW DEADLINE
July 17, 2012 at 5:45 pm
Gold Coast Blaze owners are tonight considering, whether they’ll re-submit a proposal to Basketball Australia, or close their doors.
The B-A has given the club a fresh deadline, until the end of the month, to flesh out a financial plan and repay $146,000 its owed.
It was one of 95 unsecured creditors when the Blaze went into voluntary administration in May owing $12 million.
Acting CEO Scott Derwin says the club must prove it can pay a $1-million guarantee, have working capital, and major backers.
Blaze Co-owner Owen Tomlinson says he’s disappointed as he felt the club had covered all its bases.
They will now reconsider their options.
Story: NBN News ·
Filed Under:
Gold Coast Sport
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This is the right decision by BA
Derwin said, “The Blaze had advised they had a $500,000 capital investment from a mystery supporter
Ultimately, a mystery funding source won’t cut it. Given the club’s recent financial uncertainty, it is not unreasonable to expect solid and detailed financial modelling.
How were the Tomlinsons able to get such funds in a short time after going into VA?
Its been a scam to reduce their debt to people on the GC
BA exposed them but l feel for the people owed money.