Fifth-placed WNBL club SEQ Stars have ceased operations and been placed into liquidation before the end of their first season in the competition.
Source:
AAP
4 Feb 2016 - 7:48 AM  UPDATED 4 Feb 2016 - 7:48 AM

Fledgling WNBL club South East Queensland Stars have been placed into liquidation before the end of their first season, with the region continuing its unfortunate reputation as a graveyard for professional basketball teams.

Chairman of SEQ Basketball Pty Ltd Jarrod Sierocki confirmed on Wednesday night Deloitte had been appointed liquidators and the team would cease operations immediately.

As such, grave doubt exists over whether the club can fulfil their five remaining fixtures without an external financial lifeline.

The Stars, who are coached by former Boomers star Shane Heal, are still very much in finals contention, though only one of their scheduled games is at home.

They have an 11-8 record that leaves them just one win behind fourth-placed Bendigo and also play an exciting brand of basketball yet have been unable to attract crowds.

The Stars' demise continues the horror run for hoops teams in the region.

Brisbane and Gold Coast both dropped out of the men's NBL, though it's hoped the former will return to the league next season.

Logan Thunder, who played at the same venue as the Stars, withdrew from the WNBL before the 2014/15 season.

The Stars' roster includes Opals squad members Rachel Jarry and Rebecca Allen.

SEQ Basketball had been working with Basketball Australia (BA) to investigate a range of alternative options, however, none of these has provided a viable long-term option.

"Unfortunately a lack of attendance, community following and sponsorship revenue has severely impacted on the club and the losses simply can't be sustained," Sierocki said in a statement.

"It is with great regret that it has come to this.

"We were very pleased with the performance of the team and the effort by the players to play a great style of basketball.

"To be sitting fifth and in the hunt for the finals in our first year was a great credit to the players and staff."

BA said in a statement it was working with the club, the liquidator and the Australian Basketballers' Association to ensure the best possible outcome for the players.

"We are bitterly disappointed with this news as we had high hopes for SEQ," BA CEO Anthony Moore said in the statement.

"Of course our primary concern is for the players."