The British Basketball Federation announced that it will cease operations and begin liquidation proceedings due to a significant and unexpected financial shortfall, Reuters reports, BTA reported.
The headquarters informed in a statement that the decision was dictated by a “significant and unexpected reduction in income and unforeseen expenses, which results in the inability of the company to meet its obligations when they fall due“.
The governing body confirmed that it was working with specialist firm Begies Traynor to complete the liquidation process. Despite the collapse, the immediate focus remains on protecting the UK national teams and ensuring their participation in upcoming international competitions, the British federation also commented and added:
“The immediate priority for all stakeholders is to work closely together with the International Basketball Federation (FIBA) to ensure the continued stability and security of the UK national teams.“
FIBA pledged its support and said: “In these difficult times, FIBA stands with the British Basketball Federation and the UK government, remaining committed to supporting the headquarters in restoring its operations and strengthening its position as the governing body for basketball in the UK. In this regard, it is essential to ensure that Great Britain performs optimally on the international stage, showcasing the best of British basketball through its national teams.“
The British Basketball Headquarters was temporarily suspended by FIBA last month, and the men's team was removed from international competition due to governance issues.
In August, FIBA set up a task force to investigate “non-compliance with regulatory requirements“ in British basketball following a power struggle between the local federation and the Super League. basketball.