Taipans call in the money
POTENTIAL Taipans saviours have been asked to convert their pledges to cold hard cash by the end of the week to help ensure Cairns is named in the "new NBL".
The Save the Taipans group was contacted yesterday by a member of the sub-committee scrutinising clubs’ expressions of interest to Basketball Australia for entry into next season’s "new NBL".
Save the Taipans president Denis Donaghy said of most interest was when the pledges would be converted to funds. "We now ask everyone who so generously pledged support to convert your pledge to hard currency," Donaghy said.
"Our goal is to have $500,000 (paid) by the end of the week."
The Save the Taipans group received a strong response to its appeal for community ownership earlier this year for the club’s survival.
Pledges worth more than $750,000 were received from individuals, businesses and syndicates who took out more than 150 foundation memberships worth $5000 each to help raise the working capital needed to enter next season’s elite competition.
The level of interest allowed the Save the Taipans committee to negotiate with liquidators for the Taipans’ NBL licence and to enter an EOI with Basketball Australia for admission into the new
competition.
Teams needed $500,000 working capital and a $1 million bank guarantee to meet financial criteria for the new competition.
The Taipans have approached the State Government for the guarantee.
But money in the bank – or in this case, a law firm’s trust account – will be more attractive than pledges when Basketball Australia meets next Monday to consider the
applications.
"I would think that on Monday they would be close to arriving at a decision," Donaghy said. "I’m still confident."
Funds will be retained in a solicitor’s trust account until the "new Taipans" are incorporated, have the Taipans’ NBL licence transferred to the new entity and win entry to the new league. Money will be returned to members if the Taipans’ entry bid is unsuccessful.
* To convert your pledge or to become a foundation or syndicate member, head to
www.savethetaipans.com and click on the "pledge" in the header section.
Share this article
Maher goes into bat for Nash
QUEENSLAND cricket great Jimmy Maher has called on West Indies' selectors to retain fellow FNQ product Brendan Nash for the second Test against Australia in Adelaide.
Northern Pride player kicked man unconscious
A NORTHERN Pride rugby league footballer has been fined and faces club sanctions after a drunken fight in which he kicked a man unconscious then switched clothes with a mate to elude police.
Cairns Taipans players' fears allayed
CAIRNS Taipans' players are confident in the club's position this season despite a leaked Cairns Regional Council report painting a bleak picture of the financial future.
Jawai's Timberwolves notch a win
IT'S taken 14 games but Nathan Jawai has finally notched his first win with the Minnesota Timberwolves.
Cairns Taipans' Boody is back
GARY Boodnikoff will be back in Cairns Taipans colours on Wednesday night, revelling in the atmosphere of the NBL's most ferocious derby.
