THE Cairns Taipans will appeal to the National Basketball League for more time to meet financial criteria for entry into next season's competition.
Cairns submitted a revised budget to the league by last Friday’s deadline and while it met its target of 2010 season ticket-holders, the club does not fully meet the strict financial criteria the league has set down for admission.
Pictures: Cairns Taipans 2009-10
The Taipans have submitted a surplus budget for season 2010-11 and have the required $1 million guarantee in place from Cairns Regional Council.
But they have fallen short of a requirement for $500,000 in working capital – that is, funds surplus to budgetary needs.
"We understand the league is sticking hard and fast to requiring the clubs to meet all of the criteria and that means we have to find another half-a-million dollars," Taipans president Denis Donaghy said last night.
"We are showing a budget surplus. So, in fact, we need to raise another $400,000."
Strategies are in place to find the money, with season-ticket pledges, interest in corporate boxes and talks with prospective major and mid-level sponsors continuing.
Donaghy said the Taipans had met their initial goal of 2010 season ticket-holders.
"We’ve been told we need to find another $400,000 to restore our working capital position," he said.
"We’ve asked them (Basketball Australia) when we need that capital restored.
"We can’t guarantee we’ll do that today or tomorrow, that’s why we’ve asked the league to give us an indication of time (we have) and if they will (allow us that time)." The NBL wants to announce the make-up of next year’s league on February 16.
