11 March 2015
The board of directors of the Townsville Crocodiles Basketball Club Ltd have today placed the company into voluntarily administration, appointing Moira Carter and Robert Humphreys of BRI Ferrier as Administrators of the company.
Recently, the Crocodiles have made big strides toward securing a positive future, after signing a memorandum of understanding to return to The Swamp and securing funding for a new court. A solid and sustainable business plan and budget has been developed based on securing similar crowds and sponsorship to that achieved in the 2013/14 season, to play in the 2015/16 season and beyond.
However, at this time the NBL is not able to provide clarity around the number of teams remaining in the competition or what the next season will look like. As a result, the club has been unable to go to sale for the next season. Without additional funds coming in, the Board has no alternative but to place the company into voluntary administration.
“This has been a truly devastating decision for the Board to make. However, it does not spell the end for the Crocodiles. This is a necessary and important step in the process of rebuilding the Crocodiles for the future and provides some breathing space whilst the NBL finalises its plans for the 2015/16 season” said Chairman Darren Finlay.
“The Crocodiles are more than a basketball team. For nearly 25 years the club has been a part of the fabric of the Townsville community, providing entertainment for fans, inspiration and pathways for children, stimulation for the economy, and pride to the entire region.”
“The club’s members, staff, players, volunteers and Board have poured their heart and soul into the organisation over the years and there are no words that can truly express the gratitude for their tireless devotion and efforts."
“With the continued support of the local community, we believe that the Crocodiles will come out of administration in a stronger position and build a sustainable business model as part of the NBL.”
We believe in the future of the Crocodiles. "We believe that we will win!"
For more information please contact:
07 4755 3300