Souths owe more than $1 million

Which is the best football code? Here you can have it out with other football fans.
Post Reply
User avatar
Beaussie
Site Admin
Site Admin
Posts: 9893
Joined: Fri Nov 19, 2004 6:38 pm
Team: Sydney Swans
Location: Sydney
Has thanked: 231 times
Been liked: 51 times

Souths owe more than $1 million

Post by Beaussie »

What is it with NRL clubs and not paying the debts? First the Titans now the Rabbitohs without funds to pay tradies. Way to go in engaging with the community. :oops:
Souths owes $1 million to tradies
Tim Barlass
March 25, 2012 Read later

SOUTH SYDNEY Leagues Club owes more than $1 million to tradesmen for work completed on its refurbished Redfern premises.

Its chairman, Bill Alexiou-Hucker, met private financiers on Thursday to try to obtain funds so it could meet the overdue payments to contractors who worked on the fit-out of the club. He said the club's day-to-day revenue was healthy but confirmed it was seeking an injection of funds to secure its finances.

An independent adjudicator, who has the legal power to deal with disputes between contractors and clients, ruled last week that All Tech Electrics Pty Ltd was owed $410,340.29 for part of an electrical fit-out contract. The adjudicator gave the club five days to pay.

The district court could order a sheriff to seize property at the club or issue a garnishee notice for the claimant to obtain funds from the club's bank account if it does not pay by Tuesday's deadline.

In his determination of the claim, the adjudicator, Thomas Uher, ruled: ''The respondent [the club] does not dispute that the claimant is entitled to payment of the claimed amount. The only reason for denying payment to the claimant seems to be the respondent's lack of funds.''

A director of All Tech, Sam Scarfo, said he knew of two other contractors owed money. He said the total amount outstanding from the club was more than $1 million, which Mr Alexiou-Hucker did not dispute. ''They contracted me to do the fit-out and they can't pay me,'' Mr Scarfo said. ''It's going to send me under if I don't get my money.''

The adjudication comes after it emerged High Concept Commercial Pty Ltd, the property company that developed the building in Chalmers Street, Redfern, in which the South Sydney Leagues is based, had gone into receivership. The building is also home to the Rabbitohs football club.

The property company was a joint venture, half-owned by the developer Albert Bertini. The other half is owned by the actor Russell Crowe, Peter Holmes a Court and a minority stake by Rabbitohs members.

Mr Bertini, speaking in Sydney last week, accepted he had lost a substantial amount of money as a result of the site's redevelopment but the investment was not connected to his other development company, Trivest Group. He said he had not fallen out with Mr Crowe but he had - ''100 per cent'' - with Mr Holmes a Court.

Mr Alexiou-Hucker, asked if he was embarrassed, said: ''I wake up [at night] but also our CEO, Ken Stewart, he doesn't sleep. I go to bed every night with a knot in my stomach. I feel terrible.'' He said he did not believe the sheriff would come knocking.

''I don't want members to think come Tuesday they will be arriving to a club without any furniture because we are very close to doing a deal with a funder, which I think will get this out of the way. Then we can concentrate on Souths on Chalmers [the club's new name] as the vibrant place that we always had a vision for it to be.

http://www.smh.com.au/national/souths-o ... z1qAm0lYVn
User avatar
cos789
Coach
Coach
Posts: 3284
Joined: Wed Dec 14, 2011 1:43 pm
Team: Wookie is a failed pathetic ugly woman
Location:
Has thanked: 0
Been liked: 0

Re: Souths owe more than $1 million

Post by cos789 »

What is it with rich people not paying the workers ?
Nice try Cos.
User avatar
Beaussie
Site Admin
Site Admin
Posts: 9893
Joined: Fri Nov 19, 2004 6:38 pm
Team: Sydney Swans
Location: Sydney
Has thanked: 231 times
Been liked: 51 times

Re: Souths owe more than $1 million

Post by Beaussie »

Souths Leagues club sounds like what the Centre of Excellence is for the Titans. A debt anchor set to bring down the entire football club. :lol: :lol: :lol:
User avatar
Xman
Coach
Coach
Posts: 13919
Joined: Wed Dec 28, 2011 7:09 pm
Team: Essendon
Location:
Has thanked: 0
Been liked: 0

Re: Souths owe more than $1 million

Post by Xman »

Lack of funds! :lol: :lol: :lol:
King-Eliagh: ...I believe [RL] is popular in all the other states and territories, bar tasmania.
User avatar
cos789
Coach
Coach
Posts: 3284
Joined: Wed Dec 14, 2011 1:43 pm
Team: Wookie is a failed pathetic ugly woman
Location:
Has thanked: 0
Been liked: 0

Re: Souths owe more than $1 million

Post by cos789 »

Beaussie wrote:
Souths Leagues club sounds like what the Centre of Excellence is for the Titans. A debt anchor set to bring down the entire football club. :lol: :lol: :lol:
It used to be the golden goose, the eny of all other clubs.
Now it's the golden duck.
Nice try Cos.
Post Reply

Who is online

Users browsing this forum: Ahrefs [Bot], Bing [Bot] and 29 guests