Gold Coast Blaze NBL club owes creditors up to $12 million – the majority of it to the Tomlinson family - according to a report from the club’s creditors meeting on Monday.
The Gold Coast Bulletin reported more than 15 companies were represented at the first creditors’ meeting since the club was placed into voluntary administration earlier this month after it failed to meet all of its financial commitments.
Two of the largest creditors are members of the Tomlinson family which has bankrolled the club since it was formed in 2007. The Bulletin said they are owed “about $11.5 million.”
Administrator W Roland Robson reportedly said he was confident the basketball team would survive the troubled period and he was talking with “three to four” white knight investors who may be able to bring the company out of financial trouble.
“I’m hopeful the team will continue playing on the court next year,” said Robson. “We’ve now got a continuing investigation and will work out a strategy moving forward.”
Former coach Brendan Joyce is among the unsecured creditors and investigations into whether he should be a priority creditor are under way.
It was Joyce’s lawsuit for unfair dismissal following his surprise sacking that precipitated the move into administration.