The cash-strapped Takamatsu Five Arrows will return to the bj-league for the 2010-11 season. The decision was announced on Thursday night at a news conference at Takamatsu city office.
Two weeks ago, Sports Project Takamatsu, which runs the team, filed for bankruptcy in Takamatsu District Court with an estimated ¥50 million in debts, but the team said at the news conference that it has decided to withdraw its bankruptcy claim.
Now, Sports Project Takamatsu will seek to put together a ¥130 million operating budget for the upcoming season. According to the Shikoku Shimbun, more than 10 local businesses have agreed collectively to contribute about ¥50 million for next season. The team also estimated it can earn ¥40 million in ticket sales and an additional ¥30 million from merchandise sales.
The bj-league issued a statement saying it will help the team with its finances, providing it with a loan of an undisclosed amount.
In related news, Sports Project Takamatsu chief executive Toshiro Motoni has stepped down and a new team president will be chosen in June. In the meantime, the league will run the team's business affairs.
Also, a combined total of nine players and members of the coaching staff, whose contracts were terminated when the team filed for bankruptcy, are now not considered ex-employees, the newspaper reported. Whether all of them will return to the team for next season, however, remains unclear.
Well-traveled coach John Neumann, a former NBA and ABA player, who joined the team in 2009, isn't expected to return.
The team still owes ¥50 million in lease fees for the use of Takamatsu City Gymnasium, but there is no strict deadline to make those payments.