Blaze get $500k capital, but no bank guarantee
A BANK guarantee is all that stands between the Blaze and survival after a mystery season member injected $500,000 at the weekend. It can be revealed the club now has the funds and the structure to fund next season, but last night was still searching for someone to put up the guarantee.
The Blaze will outline their submission to the NBL via a phone hook-up this morning before the Basketball Australia board meet this afternoon to decide their fate.
The club last night confirmed they would not seek a further extension.
After days of around the clock negotiations, the club made a major breakthrough on Saturday when the season member confirmed the $500,000 working capital.
Interesting to see whether the NBL still allows the Blaze in. Apparently the Bank Guarantee is less than $1mill now?
The bank guarantee is a controversial part of the NBL structure but clubs have been allowed to proceed without a guarantee.
It was $1 million, but it's understood the process has been restructured and that figure is now substantially lower.
If Blaze continue, as expected, Gibson would stay.
Olympics-bound Adam Gibson flew to Europe on Saturday to finalise Boomers preparations, but told the Tomlinson family it was his intention to stay at the club if BA give the Blaze the green light.
Chris Goulding and Anthony Petrie have also indicated their intention to stay.
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