Proprietor walks away from Perth Glory amid crushing monetary woes

Tony Sage’s reign as Perth Glory proprietor is over after the A-League membership was positioned into receivership on the again of ongoing monetary woes.

The Australian Skilled Leagues launched an announcement on Saturday confirming that advisory agency KordaMentha had been appointed to handle the receivership course of.

Glory isn’t bankrupt and gained’t be positioned into administration, with the APL optimistic a brand new proprietor may be discovered.

The membership’s operations will proceed as regular, with the receivership course of anticipated to take 10 weeks.

As a part of the method, Sage has been relieved of his possession duties, efficient instantly.

Glory have been battered on the monetary entrance in recent times, with the shortcoming to play dwelling video games for a big a part of the COVID-19 pandemic proving significantly pricey.

The improve of HBF Park for the Ladies’s World Cup, which compelled Glory to play most of their dwelling video games at Macedonia Park final season, was additionally a giant monetary hit to the membership.

Any funds acquired from the sale of Glory will probably be used to pay again loans and different excellent bills.

Sage, a distinguished WA businessman who has been attempting to promote the membership for a number of years, will obtain any leftover funds from the sale – if there are any.

“Perth Glory have confronted extremely troublesome circumstances over the past 5 years and we’re happy to shut off this era of uncertainty for gamers, employees, members and followers as they proceed their preparations for subsequent season,” APL chief government Danny Townsend mentioned in an announcement.

“Right here now we have a course of which permits for the membership’s operations to proceed ‘business-as-usual’, while the technical changes are made to the membership’s possession construction.

“Below this league construction, the continuity of our golf equipment is now assured by the league.”

KordaMentha’s Andrew Knight mentioned an orderly sale course of for the Perth Glory Soccer Membership would start instantly.

“Whereas this course of is being undertaken, the receivers and managers will proceed to function the membership in a ‘enterprise as traditional’ method,” Knight mentioned.

-AAP


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