BASKETBALL team files for bankruptcy

Wednesday, July 11th 2001, 12:00 am
By: News On 6

(Albuquerque-AP) -- The International Basketball League has no immediate plans to bring a new team to town.

The New Mexico Slam's two-season existence ended last month when the team filed for Chapter Seven bankruptcy protection.

Court records show the Slam owes 67 creditors a total of more than 311-thousand dollars. That includes rent to the city of Albuquerque.

The city is in possession of most of the Slam's assets, which include basketball operations equipment such as scoreboards and the playing floor.

The IBL agreed in late February to fund the troubled team through the rest of the season after Slam owner Gil Burciaga decided to shut down the team due to substantial financial losses.