The Herald Sun reports: “The termination of the team’s licence is the most extreme action the league can take when a club is placed in default but, in the current circumstances, it was quite simply the only course available to us,” NBL chief executive Chuck Harmison said in a statement. Harmison said club owner Tim Johnston had failed to pay outstanding money owed to players by yesterday’s 5pm deadline. The licence will now be returned to the NBL office. The seven contracted Kings players, some with families and mortgages, new coach Bill Tomlinson and his assistants will have to find new teams.

InsideHoops.com says: The Sydney Kings are the most famous team in Australia’s NBL, the main league there. But they’ve apparently been mismanaged so badly they can’t afford to pay their players and, for now, are out of the league. We’ll have more on this later today or tomorrow, on our blog or on the InsideHoops front page.