Canberra Cannons collapse

Austadiums • Tuesday 17th December 2002

The Canberra Cannons have been suspended from any further participation in the National Basketball League after being placed into voluntary administration.

The club has failed to secure funding to ensure it can continue as a going concern and has ceased all operations as administrator Michael Slaven, of Rangott and Slaven, takes control.

"I am now required to assess the company's financial position and report back to creditors," Mr Slaven said in a statement.

"A meeting of creditors on January 21 will then determine the outcome of the administration process."

The Cannons' matches in Adelaide and Perth this weekend have been cancelled and the NBL has already made amendments to the draw as a result of the collapse.

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The Canberra Cannons have been suspended from any further participation in the National Basketball League after being placed into voluntary administration.
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