‘Dissolution or life extension?’

Goyang Day One faces a fateful day as it decides whether to survive or not. The Korean Basketball League (KBL) will hold the 28th 5th extraordinary general meeting and board of directors meeting at the KBL Center in Seoul on the morning of the 31st to discuss agendas related to the Day One Sports club.메이저사이트

This is the final watershed that determines the fate of Day One. From the beginning of the 2022-2023 season, Day One has revealed various financial problems such as delayed payment of salaries, but has been looking for a new acquirer due to the fall of its parent company, Daewoo Shipbuilding & Marine Engineering.

KBL held the 4th board meeting on the 2nd and presented the 31st as the ‘deadline’. At that time, the board of directors confirmed two major promises from Day One. It was said that it would solve the unpaid wages by mid-May and present an alternative to normal club operation, such as attracting new acquirers and sponsors by the 31st.

This board meeting is a place to determine whether Day One will fulfill its promise and then decide on its future course of action. According to Sports Chosun’s coverage on the 30th, it was found that many other clubs had a position of ‘I can’t wait any longer’. This is because Day One is highly unlikely to deliver on its promise.

First of all, it is said that he broke his first promise because he has not been able to resolve the arrears in his salary. It is known that the current Day One players and the front desk have not been paid for more than four months.

A new takeover has not yet been confirmed. In the meantime, it is known that the relocation of the ointment to Pohang City has been unsuccessful, and the relocation negotiations are under way with a sudden turn to Busan City. The city of Busan is favorable to attracting a basketball team, but it is still unclear whether Day1 will be able to attract new sponsors. Day One has contacted financial institutions and companies in the Busan area as acquirers or sponsors, but it is said that they are having trouble resolving existing debts such as unpaid wages.

The scene of the KBL Board of Directors meeting. Photo courtesy of KBL

In the midst of this, it is said that Day One Sports, which has to revive the basketball team somehow, is likely to present a final persuasive proposal at the board of directors. According to the basketball world, it is a ‘scenario’ that first shows sincerity in resolving the unpaid wages even for 1-2 months, and asks for more time as there is hope for delivery work.

Other clubs are skeptical about this. Public opinion prevails that it should be dealt with according to the ‘principle’ as decided at the 4th board of directors, and no longer ‘torture of hope’. In addition, there is a strong sentiment that Day One has lost trust by repeating the so-called ‘shepherd boy’ behavior in the process of paying KBL subscription fees and dealing with delayed payment of wages.

In particular, due to the Day One incident, there are serious aftereffects such as player registration (closing at the end of June) and schedule confirmation for the next season, so they cannot wait.

An official from a club said, “I don’t know what kind of dramatic solution Day One will propose on the 31st, but based on the information received so far, it seems unlikely that they will fulfill their promise.” I have to do it, and giving it time again is meaningless.”

If you follow the principle, the next step is the ‘expelling assembly’. Expulsion means the dissolution of the club. If Day 1’s scenario is not approved at the 5th board of directors’ meeting, an ‘exclusion general meeting’ will be held 1-2 weeks later according to the KBL articles of incorporation.

Now the ball has passed back to the board. Attention is focusing on whether the board of directors will give a ‘real last chance’ or ‘stop loss’.

Leave a Reply

Your email address will not be published. Required fields are marked *