Briggs is leading a 12-strong group of concerned members of the basketball community who are desperate to save the beleaguered team.
On Wednesday night Basketball Otago announced it was not entering a team in the 2009 National Basketball League (NBL) because of a lack of resources.
But following some impassioned discussion the board backed down and agreed to give the group time to review the accounts and examine different models for running the franchise.
BBO has secured funding of $100,000 for the Nuggets' campaign in 2009.
In 2008 the Nuggets operated with a budget of $350,000, but up to $100,000 of that was poured into the franchise by BBO.
However, BBO has stated it is no longer prepared to jeopardise the rest of the organisation by continuing to cross-subsidise the Nuggets.
"Realistically we're going to need closer to $150,000," Briggs said, when asked how much it would take to keep the Nuggets afloat.
With the $100,000 already raised by BBO, that would give the ginger group a working budget of $250,000.
It is tight but Briggs believes by getting locals involved and making cuts where feasible, it is possible.
Briggs is meeting former Nuggets general manager Warrick Diack and former Nuggets manager Shane Atherton on Monday to discuss how the group can raise the $150,000.
But time is of the essence, with Briggs saying he had received an email from BBO chief executive Mark Rogers stating the group had until Tuesday to come up with a plan.
"We have to try and get a package together that we can take back to the board, because they hold the licence, and convince them that this is a goer," Briggs said.
"We're only getting together on Monday. So we're behind the eight-ball right from the word go. The way I look at it, it is not only about getting the Nuggets back on court. It is being able to provide the Nuggets to the community as well."
The other members of the group include former Nuggets coach Todd Marshall and former Nuggets Andrew Parke, Dean Ruske and Brent Matehaere.
