LONDON, – The British Basketball Federation has announced it will cease trading and begin liquidation proceedings due to a substantial and unexpected financial shortfall. Basketball-British Basketball Federation to enter liquidation amid financial crisis 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 stakeholders is to work closely with the sport’s international governing body, FIBA, to ensure the ongoing stability and security of the Great Britain national teams,” the BBF said. FIBA, the global governing body for the sport, pledged its backing. “In these challenging times, FIBA stands alongside the British Basketball Federation, UK Government, and UK Sport, and remains …