NBL Commissioner Jeremy Loeliger says "plenty" of prospective buyers remain in the hunt to take over the Illawarra Hawks despite incorrect claims LaMelo Ball had secured ownership of the beleaguered club.
The teenage basketball star's manager Jermaine Jackson announced on Thursday his team had taken control of the league's last remaining foundation club.
But it later emerged that long-time Hawks sponsor Tory Lavalle - who is working with the Ball camp - had miscommunicated developments, leading to Jackson jumping the gun.
Loeliger said the NBL regarded it as an "honest mistake" and remains committed to negotiations with Ball's team.
"It was a bit of misunderstanding and a miscommunication and I don't think there was any malice intended," Loeliger told AAP.
"I don't think anyone was trying to leverage the situation.
"I think it just snowballed and it got a little bit out of control but we've all had conversations and there's certainly no bad blood out there between anyone."
The NBL has taken back the Hawks licence from previous owners Simon and Wendy Stratford in recent days, having been on stand-by to take over following the reported collapse of the club.
It will now go through a process to make sure the Hawks remain viable.
"There are a number of parties interested in ownership, either in part or whole, including LaMelo Ball and his management, and Jermaine Jackson in particular," Loeliger said.
"We're continuing to have discussions with them, which is great, but there are plenty of others in the background also.
"It may be that we come to an agreement with one of them, it may be that we come to an agreement with multiple of them and that they decide to do something together.
"But we'll take our time now to make sure that we get the mix right."
Ball, 18, won the NBL's rookie of the year honours during his injury-hit cameo with the Hawks last season.
He has since returned to California to prepare for the NBA Draft and is a likely top-five selection.
If successful in taking ownership of the Hawks, he could add his name to a list of eight past and present NBA players with current stakes in NBL clubs.