New Year celebrations were pretty tame at embattled Cannons basketball coach Cal Bruton's Canberra home - but all that could change on Thursday.

Bruton said he had put the champagne on ice until the final verdict on his Cannons rescue package was handed down by club administrator Eddie Senatore at close of business on January 2.

The original December 31 bid deadline for the Canberra Cannons NBL licence was extended by Senatore after he received a letter of intent by Bruton's consortium.

Bruton's rescue package hinges on the arrival of a major backer, an Indian shipping company magnate who has $1 million on offer for the Cannons.

"There were no champagne corks popping (on New Year's eve) - I couldn't afford to wake up with a headache," said Bruton.

"We expressed a letter of intent because one of our backers had to fly in from India. He arrives in Australia tomorrow.

"We've got the backing and are ready to put forward our bid.

"But the backers didn't just want to get us to the end of the season otherwise this situation will just come up again - they don't want to throw away their money.

"That's where this guy (from India) comes in - he's offered $1 million and is a major player in getting a three-year involvement."

Bruton has been sweating it out since the NBL foundation club Canberra went into voluntary administration on December 17 with debts of around $1 million, then had its licence cleared to go to a New Zealand consortium only for the deal to collapse.

Bruton's consortium is believed to be the only bidder for the Cannons licence.

The NBL Hall of Famer has not ruled out later calling in the help of NBA legend Magic Johnson and Robert Johnson, a US billionaire who became the first majority black owner of a major American sports franchise after buying an NBA team to be based in Charlotte.

Bruton and the Cannons struck up a rapport with Magic Johnson during Canberra's mini-US tour late last year.

"That's definitely on the cards and one I will personally follow up," Bruton said.

"But you don't want to call someone up and ask them to save you - you want to be standing up and running then asking them to be a part of what you are trying to do.

"But there are so many options, I'm looking at the glass and it's half full.

"Some reports are doom and gloom and have us on the razor's edge but on the other hand there is a plan in place and we are sure if we stand up over the next few months we will be able to go forward."

Senatore said the letter of intent did not satisfy requirements but he was "working with the consortium in order for the guarantees to be put into place".

"While the best outcome is for the Cannons to start competing again as soon as possible, we have to ensure that all requirements regarding the sale of the license are met before we can move any further forward," Senatore said.

NBL CEO Peter Ali stressed that the Cannons must be ready to compete on January 8.

"We are at a stage in the season where we cannot keep rescheduling Cannons games in the hope that they can be placed back in the later rounds due to the lack of venue availability and time," he said.

The Cannons have lost only two players during the debacle - Canadian international Dave Thomas (Germany) and starting centre Pero Vasiljevic (Victoria Giants).

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