Cash Crisis
Illawarra Mercury
Friday November 28, 2008
THE Wollongong Hawks will need at least $1.5 million in the bank to have any chance of being accepted into next year's new Australian basketball competition while the cash-strapped Wollongong Football Club may fold unless it can pay a $37,000 bill by next Tuesday.
The Hawks have conceded they will have to raise more money if they are to meet the criteria for entry into the revamped NBL.Basketball Australia chief executive Scott Derwin said teams would need a $1 million bank guarantee and a paid-up capital requirement of half a million dollars.If they can't boost their finances, the Hawks might be on their last legs.Meanwhile, Wollongong FC have until Tuesday to find someone to pay their $37,800 NSW Premier League entry fee or they are likely to fold.The Wolves, this season's grand final winners, are desperately searching for a white knight.CEO Jock Morlando has become the first casualty, with his position being made redundant.Even if a white knight emerges to pay for the licence, it will cost between $150,000 and $200,000 to run the club next year. $1.5 MILLION BLOW TO HAWKS - P67$37,000 BILL MAY KILL WOLVES - P63
© 2008 Illawarra Mercury
