billo
Years ago

Kings owner facing arrest

Looks like Tim Johnson's house of cards is coming down at a rate of knots.

This article gives a great update on where things are up to in the liquidation process.

Key points:
- liquidators will be seeking arrest warrents for Mr Johnson

- Kings have been trading while insolvent for 2 years

- Johnson also being pursued by Firepower business partner over $20 million in loads made over the last 18 months

- creditors, including Kings players, owed $250k

- tax office owed $580k

- insurance premiums remain unpaid from last year meaning the Kings played the whole of last season uninsured

- Johnson currently in hiding in Bali

Looks like it could be another Christopher Skase / Majorca situation, wealthy businessman owing money all over town but refusing to return to Australia to face the music. At least his creditors can take comfort in the fact that Johnson's life must be a living hell right now.

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curtley
Years ago

the kings will return in a year or 2, as will the cannons and devils.

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Statman
Years ago

If he has been rading insolvently then good luck - ASIC may not seem to act really fast but they will nomally get what thay want :)\

Probabaly a good thing he is gone even with the colateral damage its caused

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Mookie
Years ago

This guy has alot to answer for. I think this may be the tip of the iceberg.

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Anonymous
Years ago

Shows one major problem with basketball nation-wide.

Having the wrong people for the job (or in this case the ownership!)

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TR
Years ago

If wonder if the Laker interest is legit?????

For what they pay a minimum NBA contract would almost get them a complete roster in the NBL. I really like the idea of a NBL team being run by a NBA franchise. I can see the NBA team seconding their 2nd rounders to Australia as imports.

This would also help Stern aka Dr Evil and his world domination.

Also imagine if Kobe wants a run before the NBA season and wants to combine it with a holiday.

I see soooooo many possibilities. 2nd rounders become imports with 1 'guest' spot on the roster for a maximum of 5 games throughout the season. The 'guests' income doesn't impact on the salary cap, but has to be a roster player from the NBA squad.

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anon
Years ago

Is Eddie another one of these guys as well ? Tarred with the same brush. Wait and see what ASIC do. There's another one out there to come out of the skeleton shortly as well. Why does basketball find these guys or is it an indication of who has been running the game in this country to let it get to this farcical stage

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