Townsville Crocodiles enter voluntary administration
THE Townsville Crocodiles' future is in serious doubt after being placed into voluntary administration.
The Board of Directors of the Townsville Crocodiles Basketball Club Ltd have today placed
the company into voluntarily administration, appointing Moira Carter of BRI Ferrier as
Administrator of the company.
It comes after the company suffered significant losses in the 2013/14 financial year.
"This has been a truly devastating decision for the Board to make. However, it does not spell
the end for the Crocodiles," chairman Darren Finlay said.
“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.”
It is the second time in two years that the Crocodiles have nearly collapsed, with previous owners Barrier Reef Basketball handing in their licence to the NBL in 2013.
MORE IN TOMORROW’S BULLETIN.