Wollongong Hawks chairman Richard Clifford has confirmed the club will fold at the end of the season.``We are very disappointed that a great era in Wollongong's sporting history is coming to an end,'' Clifford said.``The Hawks were one of the foundation clubs when the national league started in 1979, and are the only club to have competed for all 31 seasons. ``We have tremendously loyal sponsors and supporters and one of the best venues in the NBL.''The Hawks will not apply for a place in the new NBL as the club is unable to meet the financial commitments required.``It is very disappointing that we have in effect been forced out of the new competition by the need to provide financial backing that we believe is unrealistic and not sustainable, even before taking into account the current economic climate,'' Clifford said.The Hawks won the NBL championship in 2001 but were bailed out by community support when they appeared certain to fold last year.However, there is no way out for Australia's longest-running basketball franchise this time, with the new NBL competition requiring a $1 million bank guarantee as well as $500,000 working capital. ``We have everything going for us, except the extra financial backing required for the new competition,'' Clifford said.``In recent years the NBL has had five teams fold, and yet they want to raise the bar at a time when economic conditions are very tough, affecting sponsorship and attendances at games.``It doesn't make a lot of sense, from our perspective.''The Hawks will play their last game on the Gold Coast on Valentine's Day, with their last home game the night before against Adelaide.FULL DETAILS IN TOMORROW'S MERCURY