East London Royals will not compete in the BBL after their bid was withdrawn.
However the Royals still insist they will compete in the BBL in time for the 2013/14 season.
Royals chief executive Mark Clark says there has too much work gone into the club already for them to give up on playing in the BBL.
He said: “We will continue to build the East London Royals brand and our place in the local community.
“With new investment, a community programme and a broader financial base we will develop the East London Royals Franchise to a level that will launch in the 2013-2014 season.”
BBL chief Andy Webb said he understood the situation of the Royals, and aired on the side of caution in withdrawing the Royals franchise into the league.
He said: “We are extremely disappointed to lose East London for next season.
“We must recognise however that all sporting clubs are operating in difficult financial times and this type of issue is being replicated across multiple sports, and indeed businesses, in the UK and Europe.
“Whilst this was a difficult decision, given their circumstances, we could not be confident of Royals completing the season and that was simply not an option.”
Manchester Giants will be the only newcomers into the league which tips off on Friday, September 21.