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April 6th, 2009 The new publicly owned Cairns Taipans has secured a bank guarantee to the value of $1million from the Cairns Regional Council, the final hoop in scoring entry into the New National Basketball League (New NBL). Following a Special meeting today, Mayor Val Schier acknowledged the overwhelming community support for the Taipans demonstrated through $760,000 in public pledges. “A bank guarantee from Council ensures this community owned national team has a future in the New NBL,” Cr Schier said. In 2008 Cairns Taipans Basketball Pty Ltd was placed into administration after nearly a decade’s participation in the National Basketball League. A crusade to revive the Taipans under public ownership ensued resulting in the not-for-profit community enterprise - Taipans Basketball Inc, along with a campaign to gain entry into the new NBL. For the Taipans to be accepted into the new elite national men’s basketball competition a minimum of $500,000 working capital was required along with an unconditional bank guarantee of $1 million to ensure the team could play out the season regardless of unforeseen financial instability. “The Townsville City Council has provided the Townsville Crocodiles with a similar financial guarantee, so it isn’t an unusual proposition,” Cr Schier said. Cr Schier said in its business case to Council, Taipans Basketball Inc. made evident how the business would be made profitable and where expenditure would be cut back. Taipans President, Denis Donaghy, explained cutbacks in three key areas of ticketing and merchandising, player payments and staff. “The ticketing agency and merchandising store under the previous model were significant loss makers, and will be outsourced in future. “Staff costs will be reduced as a result of changes to ticketing and merchandising. “The new NBL signals an era of stringent salary cap adherence, and an understanding from the NBL Players Association, players and agents that everyone has a responsibility to ensure club profitability and stability” “A comparison with other clubs showed where significant reductions could be made in player and other club salary costs. Mr Donaghy said by using more effective talent scouting and recruitment he is confident that a competitive team can be fielded with a significantly lower salary cap. Mr Donaghy said the Board has directed team management to better engage community groups, schools, and local basketball associations- reaffirming the Taipan’s grass roots involvement. Council expects this reinvigorated community commitment to be reflected in game attendance. -------------------------------------------------------------------------------
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.Apr 15:.Talent shines in finals .
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Related: For General Enquiries: email info@savethetaipans.com or call the Cairns Basketball office on (+61) 7 4041 2145. All messages will be answered.