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Saturday, May 15, 2010
Five Arrows file for bankruptcy
TAKAMATSU (Kyodo) The operating company of the Takamatsu Five Arrows of the bj-league, the first professional basketball league in Japan formed in 2005, filed for bankruptcy with the Takamatsu District Court on Friday.
Sports Project Takamatsu went bust with liabilities of about ¥50 million after the withdrawal of the biggest sponsor for the Kagawa Prefecture-based team, Anabuki Construction Inc., officials of the company said.
The court is expected to launch bankruptcy procedures for Sports Project Takamatsu as early as next week. The company has terminated the contracts of all its players and coaches.
The Five Arrows, who joined the small-budget 13-team league after its inaugural season, finished last in the seven-team Western Conference in the 2009-2010 season.