Sydney Kings headed down the tube.

tandino

Norm Smith Medallist
Joined
Mar 16, 2007
Posts
9,228
Likes
4,783
Location
Showers Stand
AFL Club
Essendon
Thread starter #1
http://www.news.com.au/heraldsun/story/0,21985,23289463-10914,00.html

Kings close to losing licence
Tim Morrissey
February 28, 2008 12:00am

THE NBL Board is set to withdraw the Sydney Kings' licence by the close of business tomorrow if the club's financial problems aren;t resolved by then.
In a dramatic escalation in the crisis engulfing the Kings in the middle of their quest to win a fourth title, one NBL board member says Sydney are in default of their licence for a third time this season.

According to the source, the majority of the NBL board have lost patience with majority owner Tim Johnston, the chairman of fuel technology company Firepower, which is also the Kings' naming rights sponsor.

"The licence will be withdrawn at the close of business Friday (tomorrow) if the Kings don't get themselves out of default," the source on the board said.

"There are two default notices on the Kings right now and they have to fulfil both of them by Friday.

"One is that they have to furnish the league with a full set of financials under the league rules and we are entitled to ask for that.

"The Kings also have to pay whatever monies are owed to the league they are behind in."

Kings coach Brian Goorjian also confirmed mounting speculation that the players and staff aren't getting paid and many want out of the Kings, who lost to Perth last night.

NBL boss Chuck Harmison refused to confirm or deny that the Kings were in default of their licence for a third time this season, stating: "It's not league policy to comment on the financial dealings of our clubs."

The NBL is clearly on life support in Australia's biggest and toughest sporting market, with the Kings' crosstown rivals the West Sydney Razorbacks also struggling to survive.

West Sydney have applied to the league to move their home games from the Olympic Park Sports Centre at Homebush to a suburban basketball stadium in Penrith next season.

It is understood the Razorbacks cannot survive financially if they remain at Homebush, where they struggle to attract crowds.

The club is in negotiations with Penrith Council to fund a $1.3 million upgrade of the Penrith Basketball Stadium at Cambridge Park.

West Sydney are hoping the council will pay for the installation of air-conditioning, new lighting and new seating to increase the seating capacity to 2400.

A council spokesman confirmed they have been approached by the Razorbacks but said no decision could be made until issues such as parking, noise and community consultation have been addressed.

The NBL board also have to approve this significant down-grading of one of their clubs and consult with their TV broadcaster, Fox Sports.

"We will have to consider it - the Razorbacks have sent me an application which will go before our board," Harmison said. "We also have to be aware of any issues Fox Sports may have with this."

The latest development could not have come at a worse time for Kings coach Brian Goorjian and his players, who are in the middle of the playoffs, aiming for a fourth NBL championship.

If the NBL board acts on its threat it could potentially sink a last-minute deal to sell the Kings to a new Sydney-based consortium.

The Kings will officially announce today that Johnston is seeking expressions of interest over the next 10 days to buy a stake in the team.

Johnston's spokesman Michael Zahn said the Kings' owner isn't about to bail out on his team and that he has already received interest from six parties, including one from a China-based businessman.

"Tim Johnston is going to stay on with a strong stake in the Sydney Kings and Firepower is committed for two years," Zahn said.

"This isn't a cut and run job like some people are making out."

Johnston needs someone to take over the running of the Kings after confirming that he will be based overseas in London indefi- nitely while he tries to float Firepower on London's stock exchange.

Unless Johnston finds a new majority stakeholder based in Sydney or NSW the NBL board, under league rules, has the power to withdraw the Kings' licence.

NBL ownership rules state: "In the case of a company, that more than 70 per cent of the issued shares of the company are beneficially owned by persons whose domicile is in the state or territory where the club is resident. The board may waive or vary this requirement at its discretion."

Johnston shouldn't expect too many favours from the other NBL owners who make up the majority of the league's board.

"No one in the league has any interest in Tim Johnston at all now," one owner said. "We have had a gutful of what's happening at the Kings."

Even if Johnston finds new backers, they may not have a team left for the 2008-09 season.

As reported in The Daily Telegraph last week, Kings' supercoach Goorjian has refused to guarantee that he will be working in Sydney next season, which should make any potential new owner very nervous.
It ain't looking good in New South Wales, with the Hawks pretty much down and out before making a 11th hour revival, Razorbacks not fairing all that well and now with the Kings headed down the same path, things are looking a bit dicey.

At the end of the day, whether a new owner comes in or Johnston finds some money soon, changes have to be made to ensure the league's long-term viability in Sydney.
 

(Log in to remove this ad.)

Peter Sidorkiewicz

Premiership Player
Joined
Oct 2, 2004
Posts
4,526
Likes
2,144
Location
Melbourne
AFL Club
Collingwood
#3
I have a funny feeling Sydney are going to fold. Brian Goorijan will then take the South Dragons head coach offer and the majority of the Kings players will follow him to Melbourne where he will lead the Dragons to the semis and possibly a championship.:thumbsu:

South Dragons 08/09:

Jacob Holmes
Mark Worthington
Ian Crosswhite
Luke Kendall
Jason Smith
Glen Saville
Russell Hinder
Matt Burston
Nathan Herbert
Joe Ingles
 

Inferno

Norm Smith Medallist
Joined
Mar 7, 2006
Posts
5,655
Likes
2,991
Location
Tramland
AFL Club
Geelong
Other Teams
Charlotte Hornets
#5
Its time for the Kings to put their money where their mouth is, they have been propped up by the NBL for too long.
 

Alex99

Cancelled
Joined
Feb 9, 2004
Posts
16,941
Likes
1,474
AFL Club
Adelaide
#6
Its time for the Kings to put their money where their mouth is, they have been propped up by the NBL for too long.
How? The NBL have nothing to prop them up with.

Allegedly the players have not been paid for weeks and will not be bailed out by the NBL.
 

FFB1

Club Legend
Joined
Feb 25, 2007
Posts
2,584
Likes
1,961
Location
Melbourne Vic
AFL Club
Brisbane Lions
Other Teams
Boronia Hawks
#7
As a long time NBL follower it would be disappointing to see the Kings fold, theres no other team, as a Tigers supporter, and probably every supporter, that I like to beat. If they fold it shows exactly where the NBL is at as far as the future holds. While the current standard is probably at the best its ever been, unless it manages to secure a bigger sponsor (nothing against Hummer but they would be my 20th pick if you were asked which car company sponsored it) i cant see it being viable within a few years. I still recall the day when it was claimed NBL would take over as the country's number one sport - now it struggles with only two games (apart from finals) on foxtel. What does the NBL need to do in order to revitalise itself? Basketball is one of the strongest performing sports for youth, and in my area they are needing to extend the stadium to accommodate more teams, but when it gets to the big time it falls away. Apart from the obvious ($), what else can be done?
 

Inferno

Norm Smith Medallist
Joined
Mar 7, 2006
Posts
5,655
Likes
2,991
Location
Tramland
AFL Club
Geelong
Other Teams
Charlotte Hornets
#8
How? The NBL have nothing to prop them up with.

Allegedly the players have not been paid for weeks and will not be bailed out by the NBL.
I thought the NBL had been bailing the Kings out of some of their financial problems for a while. Maybe I'm wrong.
 

GETSOMENUTS

Premiership Player
Joined
Sep 28, 2007
Posts
3,703
Likes
1,305
Location
Parts Unknown
AFL Club
Collingwood
Other Teams
Redskins,NUFC, Bruins, Rays,Gumbies
#10
the kings stunk before goorj arrived and brought half the magic/titans players with him. When that knob Fiddes sent him packing from the victoria Giants coaching job (a previous nth Melb Giants/Magic grudge he couldnt get over) he sunk basketball in Victoria and handed the Kings dominance. These events thus made the NBL cream their pants as they have long wanted Sydney to be the dominant market.
Bring the greatest coach these shores have ever seen back to the best basketball state and take the dragons to the top. I just havent been able to support the tigers as I still vermently hate em.
 

(Log in to remove this ad.)

triplejdude

Premiership Player
Joined
Jul 25, 2007
Posts
3,050
Likes
588
Location
Perth
AFL Club
West Coast
Other Teams
Minnesota TWolves
#12
I have a funny feeling Sydney are going to fold. Brian Goorijan will then take the South Dragons head coach offer and the majority of the Kings players will follow him to Melbourne where he will lead the Dragons to the semis and possibly a championship.:thumbsu:

South Dragons 08/09:

Jacob Holmes
Mark Worthington
Ian Crosswhite
Luke Kendall
Jason Smith
Glen Saville
Russell Hinder
Matt Burston
Nathan Herbert
Joe Ingles
Wasn't Worthington rumoured to come home? Would fit very nicely into the Wildcats lineup.
 

bradrowe#32

Brownlow Medallist
Joined
Oct 5, 2004
Posts
14,125
Likes
6,856
Location
Perth
AFL Club
Collingwood
Other Teams
Rochester FC, Waroona FC, Pacers
#13
Pretty shocking news. I also thought they were one of the biggest clubs in the land. It will create a massive hole if they leave.
 

Troy Wingate

Premiership Player
Joined
Jun 19, 2005
Posts
3,321
Likes
7
Location
Salisbury
AFL Club
Port Adelaide
Other Teams
Port Adelaide Magpies
#14
You want to see the best team in the league, kicked out? That's a pretty small mind you have there.
Have they won the championship yet? No. Therefore they are not the best team in the NBL. Sydney has not won a championship for 2 years, with Melbourne and Brisbane the last two winners, therefore Sydney are not the best team in the NBL.

And if you wanna go by total championships, Sydney is only what, the 3rd best team? With Adelaide and Perth both with 4 titles, Sydney on 3.

Your whole arguement and saying I have a small mind just completely backfired on you.
 

DeadlyAkkuret

Brownlow Medallist
Joined
Mar 10, 2007
Posts
27,058
Likes
10,156
Location
Ensconced in velvet
AFL Club
Sydney
Other Teams
Lakers, West Ham
#16
Have they won the championship yet? No. Therefore they are not the best team in the NBL. Sydney has not won a championship for 2 years, with Melbourne and Brisbane the last two winners, therefore Sydney are not the best team in the NBL.

And if you wanna go by total championships, Sydney is only what, the 3rd best team? With Adelaide and Perth both with 4 titles, Sydney on 3.

Your whole arguement and saying I have a small mind just completely backfired on you.
They finished well on top, so yes, at this very moment, they're still the best in the league unless they lose the final. Total championships are irrelevant, so I'm not sure where you're going with that. Carlton aren't the best team in the league, are they?

Our 4th title could be coming very very soon. If it does, your paper-thin argument will be torn to shreds.
 

Alex99

Cancelled
Joined
Feb 9, 2004
Posts
16,941
Likes
1,474
AFL Club
Adelaide
#22
Hinder is the biggest dud selection ever, absolute joke. Where is the squad listed anyway? zDid Ingles and Holmes make it?
I don’t expect they will announce it for a few weeks yet. Late April, early May.

The Boomers have a tournament in Chine a month or so before the Olympics so I guess just after that they will finalize the 12 man roster.

Ingles has a small chance, Jake has no chance.
 

High Ryder

Premiership Player
Joined
May 7, 2007
Posts
3,466
Likes
1
Location
Melbourne
AFL Club
Essendon
#23
I don’t expect they will announce it for a few weeks yet. Late April, early May.

The Boomers have a tournament in Chine a month or so before the Olympics so I guess just after that they will finalize the 12 man roster.

Ingles has a small chance, Jake has no chance.
Which is a joke, How an utter dud like Hinder can make it and not Ingles or Holmes is just a pathetically biased decision.
 

Alex99

Cancelled
Joined
Feb 9, 2004
Posts
16,941
Likes
1,474
AFL Club
Adelaide
#24
Which is a joke, How an utter dud like Hinder can make it and not Ingles or Holmes is just a pathetically biased decision.
I agree with your sentiment it would be a joke if Russell Hinder makes the 2008 Olympic side over Jake but I doubt either would make the side. We have some good Bigs now.

I would take Jingles over Kendal and Saville but I doubt Brian Goorjian would do the same thing.
 

peternorth

Facts Machine
Joined
May 6, 2005
Posts
82,664
Likes
38,614
AFL Club
Richmond
Moderator #25
I agree with your sentiment it would be a joke if Russell Hinder makes the 2008 Olympic side over Jake but I doubt either would make the side. We have some good Bigs now.

I would take Jingles over Kendal and Saville but I doubt Brian Goorjian would do the same thing.
doesnt it much depend on whether goorj is coaching the dragons next year as well ;)
 
Top Bottom