Snakes' confidence up
Cairns Basketball officials are "very confident" the Taipans will play in the National Basketball League next season after agreeing to buy the club's licence yesterday.
Cairns Basketball president Denis Donaghy will fly to Sydney tomorrow to discuss plans for next season with Basketball Australia and NBL officials.
View Cairns Taipans picture gallery.
The agreement with liquidator KPMG gives Cairns Basketball access to the club's licence, business names, trademarks, some plant and equipment and TicketsPlus.
The sale remains subject to the Taipans' acceptance in next season's new league, with Save the Taipans organisers still working to meet all of Basketball Australia’s conditions.
The club will be able to meet the requirement of providing $500,000 in working capital after more than 140 foundation members each pledged to commit $5000 to the club.
Negotiations for a third party to provide a $1 million bank guarantee are continuing.
Mr Donaghy would not disclose how much the licence would cost, but said the agreement gave the club impetus to start planning for next season.
"Today is another really important box to tick because without the licence we don't go anywhere," he said.
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