KET
Years ago

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.


Read More at Goldcoast.com.au




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Jake  
Years ago

Sounds like they are cluthcing straws. What they needs is a solid business model as you they can turn this situation around - mjaybbe not this year but in future years so the club can survive otherwise we will be back in this situation in 12 mths time.

Reply #370451 | Report this post


natwhereyouat  
Years ago

My understanding is that BA/NBL are more worried about this happening again in 12, 24, 36 months time. They want a solid plan for the team to be in the league for at least 5 years. If that aren't confident about this new plan, the Blaze will be no more.

Reply #370454 | Report this post


Anonymous  
Years ago

The model they have presented is supposedly much better than anything they have run with so far, not that that's saying much!

Reply #370455 | Report this post


Anonymous  
Years ago

The model they have presented is supposedly much better than anything they have run with so far, not that that's saying much!

Reply #370456 | Report this post


Jack Toft  
Years ago

It would be great to see these guys continue, but highlights the fact that a solid business model is needed (thanks Jake). The NBL cannot continue to lurch from season to season with uncertainty. While some clubs will always be more profitable and attract sponsors, some clubs will find that more difficult to achieve.

While the GCB is based out of Brisbane, the lack of a Brisbane based club is unsettling to say the least. A population base of nearly 1.5 M people should be savouring the delights of the NBL. No one wants to travel an hour from Brisbane to support "their" team. We do need to get a Brisbane team back into the league as part of the big picture.

I am hoping that the appointment of KK will provide some certainty to the competition as well as avoiding these pre-season jitters that appear each season.

It is time that the NBL have a look at its position and compare itself to other sports, see just what their strategic position should be and then sail down that path. We need a strong, financially viable competition.

It would be great to keep GCB in the competition, but the important thing is having a competition in the first place.

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bowtie  
Years ago

It's been proven with the Bullets that GC people will travel to Brisbane but not the reverse.

Reply #370459 | Report this post


natwhereyouat  
Years ago

Personally i believe that the Bullets should replace the Blaze. Maybe merge? I'm not sure the legalities of a NBL merger.

But South QLD Bullets? Split games 50/50 between Brisbane & the Gold Coast? Not sure if that will work, just an idea.

Reply #370463 | Report this post


Anonymous  
Years ago

do they need a new coach now too?

Reply #370464 | Report this post


Tornado  
Years ago

The Guru, I doubt you would be running Dillon as your SF? I think they will run with more of a line up like;


Petrie/ Massey
Import / Anthony
Import / seabl gun
Goulding / Dillon
Gibson / Gleeson

Still a very strong line up if they get decent imports!!

Reply #370465 | Report this post


Lance_Uppercut  
Years ago

Would the NBL ever consider modelling itself after the NFL profit sharing system? surely after soo many clubs folding in the last ten years it is time for a rethink of how the NBL and clubs operate.

"The NFL's revenue-sharing model is universally lauded as the reason pro football continues to thrive in tiny markets like Green Bay, Wisconsin. It's an industry in which all 32 franchises share profits for a common cause.
The bulk of the league's revenue - approximately $4 billion in 2011 - comes from broadcast deals with NBC, CBS, Fox, ESPN and DirecTV. That income is shared equally among all teams. Income from licensing deals - everything from jerseys to posters to team-logo beer coolers - is also shared evenly.

Ticket revenue is split using a slightly different formula: the home team keeps 60 percent of "the gate" for each game, while the visiting team gets 40 percent.

Other sources of revenue - things like the sale of luxury boxes, stadium concessions and the like - are not shared, which does give teams in bigger markets or with state-of-the-art arenas a significant edge in profitability."

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Anonymous  
Years ago

Good idea if there was money to share around.
But the NBL and teams have next to nothing to go around.

Reply #370476 | Report this post


curtley  
Years ago

Agree with nat and lance.

But that would involve thinking outside of the square and I can't think of the last time the NBL did this.

Reply #370477 | Report this post


Anonymous  
Years ago

Id like to see alex gynes in that backup sf role
Also luke cooper vs gleeson
For backup pg

Keep petrie at pf and go for import c and sf

Whats rick rickert up to?

Reply #370480 | Report this post


Anonymous  
Years ago

Ira Clarke will be one import if it all goes ahead

Reply #370485 | Report this post


Phadreus  
Years ago

But no one makes a profit.

Reply #370487 | Report this post


Anonymous  
Years ago

It would be awesome to see Ira Clark back at the blaze. That dude can play. Then maybe deleon or a centre and that's a team I would watch and maybe go for even after all this bullshit.

Reply #370493 | Report this post


Tyrell  
Years ago

gibson, de leon, goulding, petrie, clark

could that starting 5 dominate the league (only talking about the starting 5's and not looking at depth or bench?

Also- anon, where are you getting the word that ira is coming back?

Reply #370511 | Report this post


Anonymous  
Years ago

Deleon would be good to have back

The blaze will need a strong import combo to be competitve and to attract fans to games

Reply #370515 | Report this post


NBL Fan  
Years ago

I sometimes travel from Brisbane to the GC for one game a year. I think it would be a great idea to merge the Bullets and the Blaze.

Reply #370560 | Report this post


Isaac  
Years ago

The club's owners have been asked to confirm the following by 31 July 2012:

- Irrefutable evidence that the club is able to put in place the current NBL required bank guarantee of $1 million;

- Detailed confirmation of major funding sources, as well as evidence of the working capital requirements of $500,000; and

- Absolute and unconditional assurance that the debt outstanding to BA will be paid no later than 31st August 2012.

These licensing requirements are consistent with those previously put to the owners of the Blaze by Basketball Australia.

Reply #370699 | Report this post




 

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