NBL BOSS Chuck Harmison has warned clubs to heed the warning of the near collapse of the Wollongong Hawks or risk becoming “dinosaurs”.
Harmison announced the Hawks would play on next season after a financial crisis had threatened the club’s existence.
He said the franchise had finally submitted its "commitment to compete" form after receiving two deadline extensions from the NBL.
The Hawks have reportedly raised around $300,000 to stay afloat, as well as surviving a hoax pledge of $250,000, but were still requiring another $190,000.
Their latest deadline was 5pm (adt).
"I can confirm that the league office has this afternoon at 4:26pm received Wollongong’s commitment to compete form, thus complying with the deadline imposed by the NBL board," Harmison said in a statement.
"As a result, there is nothing standing in the way of the Hawks continuing on in the competition in season 2008-09 and beyond.
"The NBL is truly delighted that the Hawks, as a foundation member of our league, will continue to be part of the championship and hope that the strong public support for the team continues."
But Harmison also sounded the alarm bells as the NBL attempts to lift its sinking profile.
"Make no mistake, this was an extremely close run thing for the Hawks," he said.
"The NBL board provided two deadline extensions to allow the team to secure the necessary backing to continue on in the competition.
"Going forward, all of our teams need to work harder than ever to ensure they are connecting with their fan bases and putting an attractive entertainment product on the floor.
"Quite clearly the sports and entertainment landscape is rapidly changing and our teams need to evolve with it to avoid becoming dinosaurs."
AAP