After months of uncertainty, the troubled club announced on Tuesday that the proposed deed of company arrangement had been accepted by creditors, allowing the 36-year-old team to compete in the 2015-16 NBL season.

The deal ensures all Hawks employees' outstanding superannuation will be paid and leave and service entitlements honoured.

However, the proposal does not include any payments to nearly 50 unsecured creditors owed a combined $966,978.

The National Basketball League is owed more than $550,000, while the Australian Taxation Office has the next biggest outstanding bill of $209,856.

The preferred creditors - mostly players and staff - look set to be paid a combined $304,186 in outstanding entitlements.

Documents show Hawks star Tim Coenraad has submitted a claim for more than $108,000, while Adam Ballinger, Larry Davidson, Tyson Demos, Oscar Foreman and ex-Hawk David Gruber are each owed more than $18,000.

Administrator Steven Nicols recommended creditors accept the deed of company agreement rather than the alternative, which would see the club wound up.

Creditors on Tuesday voted in favour of the proposal and the administrator expects to sign off on the arrangement by Friday.

At that time control of the company goes back to Hawks owner James Spenceley.

The club was placed into voluntary administration on March 2 and since then had been working closely with the NBL, the players' association and the administrators to ensure the best possible outcome was reached for all parties, Hawks general manager Kim Welch said.

The lengthy process had been worthwhile, and the support shown from the local business community had helped secure the club's future for the upcoming season, he said.

"The support from the community has been very encouraging and we thank the fans for their patience. It was important we took our time working with all the relevant parties to ensure we got this right."

The club's new major sponsor is Multi Civil and Rail and businesses to renew their support include Wollongong Coal, McDonald's Illawarra and SKS.

President of the players' association Jacob Holmes welcomed the news the Wollongong Hawks would survive.

"We now look forward to brighter times for the Hawks, and wider NBL, as the players and management work together for mutual gains," Mr Holmes said.

NBL chairman Graeme Wade said securing the Hawks was part of the resurgence strategy.

"It's been a fantastic few weeks for the NBL and it augurs well for the upcoming season, which is only four short months away."

The Hawks will now concentrate on building a roster for the upcoming season and are hoping to retain coach Gordie McLeod.