Disgruntled NBL club owners will launch an appeal after the NSW Supreme Court threw out their long-running bid to access financial documents from the basketball league.

But Illawarra and South East Melbourne risk severe action from the league by challenging the ruling, which could range from a warning to termination of their licences, as the NBL considers its options.

Hawks owner Jared Novelly waged war against the NBL earlier this year over perceived issues with the league's financial transparency and distribution of revenue to its clubs.

Novelly also questioned whether NBL owner Larry Kestelman's extensive portfolio had presented conflicts of interest in operating the league, which the telco mogul bought in 2015.

Rival club South East Melbourne had joined Illawarra in their fight, wh

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