HIGH PRICE OF DEBT

Cibona board resigns, City Hall taking over

08.12.2010 u 11:17

Bionic
Reading

As expected, the Cibona board of directors resigned after yesterday's board meeting and the coast is clear for City Hall and Mayor Milan Bandic to sail in an clear the struggling basketball club's enormous debt

Nine members of the board of directors did not submit to the collective resignation, rather tendered their resignations to the board of executives, which meets next Thursday. It is expected that the board will then accept their resignations and the final conditions for the Cibona bailout will be fulfilled.

The bailout will see City Hall take over Cibona's business facilities and pay back the club's outstanding debts.

Although the club will lose it's home, there seems to be no other solution to Cibona's financial crisis. After the dust settles, the key question - who is at fault for this dire state - should finally be posed and those responsible taken before justice.