The Cairns Taipans team will continue playing in the Australian National Basketball League after a rescue package offered by the League was accepted by the players, coaching staff and the club's Administrators.
The Taipans announced on Monday night that the club had entered voluntary administration based on professional advice received concerning the long-term financial viability of the organisation.
Partners from Cairns-based KPMG were appointed as the administrators by the Taipans' Board and worked with the League to find a way to keep the team alive.
Interim Chief Executive Officer Scott Derwin says the players and coaches should be applauded for putting their team before personal gain.
Funding for the package comes from a surplus in a League emergency fund.