LONDON (Reuters) -The British Basketball Federation (BBF) has announced it will cease trading and begin liquidation proceedings due to a substantial and unexpected financial shortfall.

In a statement released on Friday, BBF said the decision was driven by “a significant and unanticipated reduction in income and unforeseen expenditure resulting in the company’s inability to meet its liabilities as they fall due.”

The governing body confirmed it is working with insolvency specialists Begbies Traynor to complete the liquidation process.

Despite the collapse, the immediate focus remains on safeguarding the Great Britain national teams and ensuring their participation in upcoming international competitions, the federation said.

“The immediate priority for all domestic basketball stakeholder

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