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The British Basketball Association said it will enter into the liquidation process as the crisis continues to sweep the sport in the United Kingdom.
A statement from the BBF said it had ceased trading “due to a significant and unexpected decline in income” and “unexpected expenses that have resulted in the company being unable to meet its obligations.”
It has been reported, external The BBF’s financial position has been affected by legal costs incurred during its battle with Super League Basketball (SLB).
In April, the British Basketball Association granted a 15-year license to run a new professional men’s competition – the Great Britain Basketball League – to GBB League Ltd (GBBL).
The BBF said GBBL, a consortium led by US businessman Marshall Glickman, will provide £15 million in funding in the first two years.
However, the nine existing SLB clubs claimed that the tender process run by the governing body was “illegal and unfair” and refused to join the new league.
A week ago, SLB reached an agreement with the International Basketball Federation (FIBA) to oversee the top-tier men’s competition in Great Britain.
Last month, the International Basketball Federation (FIBA) suspended the Brazilian Basketball Confederation due to management issues.
The GBBA statement added that the immediate priority is for local basketball stakeholders to work with FIBA to “ensure the continued stability and security of Great Britain’s national teams”, including in upcoming FIBA competitions.
FIBA, which set up a task force in August to investigate regulatory non-compliance within British basketball, said it would continue to support the British Basketball Association “to restore its operations and secure its position as the governing body for basketball in Great Britain”.
UK Sport said: “We have taken strong steps throughout this period of uncertainty to protect public funds and to help enable GB teams to continue competing.
“We will now work closely with the Department for Digital, Culture, Media and Sport and the basketball community to identify a way forward for the sport.”
A GBBL spokesperson told BBC Sport that it is “working with its legal counsel to assess its options” regarding the status of the license awarded to it by the BBF.
“In accordance with the terms of the licence, large sums of money have been paid to the BBF and this is of grave concern to the GBBL,” they added.
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