The British Basketball Federation says it is being placed into liquidation, placing the sport's future in the UK in jeopardy.
The BBF said in a statement on Friday night it had ceased trading "due to a significant and unanticipated reduction in income and unforeseen expenditure resulting in the company's inability to meet its liabilities as they fall due."
The organisation added: "The immediate priority for all domestic basketball stakeholders is to work closely with the sport's international governing body, FIBA, to ensure the ongoing stability and security of the Great Britain national teams, including delivering on our participation commitment to upcoming FIBA competitions.
"The BBF appreciates the ongoing commitment of the UK Government, UK Sport and FIBA to rebuilding a strong and sustainable governing structure for the sport in Great Britain.
"The British Basketball Federation, as the recognised FIBA member for Great Britain, will continue to work towards compliance with international commitments, together with the home nations, who remain as integral stakeholders within the British basketball structure."
Basketball England, Basketball Scotland and Basketball Wales said in joint statement they were committed to collaborating "to maintain Great Britain's participation in upcoming FIBA competitions".
The BBF announcement comes a month after Britain's men's basketball team were suspended from international competitions by FIBA, and the BBF's authority to license or recognise national men's competitions was suspended over what a FIBA task force said were "governance issues."
Nine Super League Basketball (SLB) clubs launched a legal action against the BBF after it awarded a licence to run a new professional competition to GBB League Ltd (GBBL).
UK Sport admitted the BBF's liquidation would lead to "uncertainty for the sport in the UK."
A UK Sport spokesperson said: "Our investment into the sport has been focused on the 3x3 programme and is unconnected to recent issues surrounding the licensing of the domestic club competition.
"We have taken robust steps throughout this period of uncertainty to safeguard public funds and to help enable GB teams to continue to compete.
"We will now work closely with DCMS (Department for Digital, Culture, Media and Sport) and the basketball community to establish a way forward for the sport."
The FIBA (International Basketball Federation Taskforce) said:
"In these challenging times, FIBA stands alongside the British Basketball Federation (BBF), UK Government, and UK Sport, and remains dedicated to supporting BBF to restore its operations and secure its position as the basketball governing body in Great Britain.
"To this extent, it is essential to ensure Great Britain's optimal performance on the international stage, showcasing the very best of British basketball through its national teams."
A shared statement from the Home Countries said:
"Clearly, this is a challenging time for our sport, but we, Basketball England, Basketball Scotland and Basketball Wales, reaffirm our commitment to collaborate under the future GB framework, alongside other stakeholders, to maintain Great Britain's participation in upcoming FIBA competitions."
