After last week’s dive into the team’s finances revealed massive debts in the range of $2 million, the Illawarra Hawks were forced to liquidate its assets. The team reportedly owes players and staff members upwards of $750,000.
The Hawks were placed into voluntary administration prior to the dive into the team’s finances revealed the club had not turned a profit in four years. With the league controlling the franchise, the focus is to keep one of the founding clubs of the league afloat despite the debts and challenges ahead.
LaMelo Ball was once heavily linked to the purchase of the franchise. Despite Ball’s camp’s insistence that the deal was never in danger, the franchise’s bid never recovered from its initial optimism. And in the wake of the financial findings, momentum on a deal has stalled to the point where it no longer seems likely.
Ball and the Hawks will now continue heading separate ways with Illawarra likely searching for another owner and Ball likely moving away from purchasing the franchise.