The Townsville Crocodiles have become the second NBL club to go into voluntary administration in less than two weeks.
The Townsville Bulletin reported that the club's future is in serious doubt after the board of directors at the franchise appointed an administrator on Tuesday.
It comes after the Townsville Crocodiles Basketball Club Ltd suffered significant losses in the 2013/14 financial year and follows hard on the heels of the Wollongong Hawks going into administration earlier in the month.
"This has been a truly devastating decision for the board to make. However, it does not spell the end for the Crocodiles," Crocodiles chairman Darren Finlay said.
"This is a necessary and important step in the process of rebuilding the Crocodiles for the future and provides some breathing space whilst the NBL finalises its plans for the 2015/16 season."
Previous Crocodiles owners Barrier Reef Basketball handed in their licence to the NBL in 2013.
The NBL has struggled in the past decade, losing at various stages teams from Sydney, Melbourne, Brisbane, Singapore and Gold Coast.
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