Page said pride and passion had taken the Hawks as far as it could before and the hard facts of finance had finally won the battle it had waged against Wollongong's owners for years.

"It is not in our chemistry to let this happen but sometimes we have to face reality," Page said.

"All the shareholders are scarred with the idea of not competing next season. The rollercoaster of emotion continues to hit us from anger at the NBL to pride in our achievements.

"What else can I say but it is disappointing to end this way."

The battle had a personal cost for Page - a Hawks shareholder and a member of the NBL board that voted for the new league.

But he feels more for the players, support staff and people who will lose their part-time jobs on game nights.

The Friends of the Hawks raised more than $240,000 to keep the team alive with the funds helping Boomer Glen Saville return to Wollongong.

"The Friends of the Hawks did our job as our contribution was used to keep us alive for this year," Page said.

"To do it again we would require three times the support to fit the new model moving forward.

"Our money was spent wisely (and) it helped bring Sav back to the fold.

"It has been a good year (for the club) given the increased strength of all teams."

Page has already looked at a Cairns' community-based plan they hope will keep the "broke" Taipans alive.

It requires 120 foundation members to ante up $5000 to provide the working capital for a team and needs another individual to provide the $1 million bank guarantee for entry in the new NBL.

But from experience Page knows that wouldn't be possible in Wollongong. He holds out hope the white knight the club has needed for more than a year will appear.

"The Hawks' board decision to make the announcement now gives a small amount of time for interested parties to put in their own bid," he said.

For now he will live on the memories of 31 years and look back proudly on the team which was Wollongong to the core and won the championship in 2001.

"We have always played hard and fair," Page said.

"Our players and staff have always displayed the attitude of our town our team."