The last of the NBL's foundation clubs the Wollongong Hawks will not seek a place in the revamped 2009 competition.
The Hawks, the only club to have competed in all 31 seasons of the NBL, say they could not come anywhere near meeting the financial criteria required for the new competition.
Hawks chairman Richard Clifford says they're are very disappointed that a great era in Wollongong's sporting history is coming to an end.
He says they have in effect been forced out of the new competition by the need to provide financial backing that they believe is unrealistic and not sustainable.
Basketball Australia expect existing clubs to provide a bank guarantee of 1 million dollars on top of the 500,000-dollars required in capital.