Sydney Spirit placed into default

The Sydney Spirit National Basketball League (NBL) team has had default proceedings initiated against it by the NBL that could see the license stripped from club owner, Razorbacks Entertainment Pty Limited.
The sole director of Razorbacks Entertainment Pty Limited, Greg Evans, was asked on Tuesday for further information about the companyâs financial position, in particular his previously stated intention to place the company into the hands of an administrator. A deadline of 4pm on Wednesday (yesterday) was set for Evans to respond or the League would immediately initiate default proceedings against the club.
The 4pm deadline expired without any further communication from Evans, leaving the League with no option other than to place the Spirit into default. Evans and the Spirit now have 10 business days to rectify the breaches outlined in the default notice or the teamâs license will be withdrawn.
Interim Chief Executive of Basketball Scott Derwin said despite the move he felt optimistic that the Spiritâs home game against the South Dragons on Saturday night at the Sydney Olympic Park Sports Centre would go ahead as planned.
Derwin stated that âa default notice was issued this afternoon to Razorbacks Entertainment Pty Ltd which, if left unrectified, will see the League terminate the Spiritâs license at the close of business on Wednesday 10th December.
âWe are however looking at the option of in the meantime stepping in to run the Spiritâs home game against the Dragons on Saturday as a way of giving us more time to find a potential rescue package for the club. We are optimistic that the game will go ahead on Saturday and hope to confirm tomorrow that the match will be held as scheduled at the Sydney Olympic Park Sports Centre at 7:30pm.�?
âWe met with all the players and coaching staff of the Spirit this morning to bring them up to date with the situation and answer their questions, and to their credit they have indicated that they are going to continue to prepare for Saturdayâs match as if it were business as usual.�?