Executive Chairman of the Football Club, Mr Peter Holmes a
Court, said “We believe the administrator – John Lord of PKF – has
recommended to Leagues Club members a proposal which we believe is clearly
inferior as it will see the club thrown out of its heartland and away from the
state of the art training facility currently being built across the road in
Chalmers St, Redfern.
“The Leagues Club has been in financial distress over
the last 10 years and Mr Lord’s favoured proposal will keep the club in $2.8
million debt and re-locate the premises to between two hotels and above a
supermarket in Alexandria,”
he added.
The Football Club has made a $13.2 million offer for the
Leagues Club’s assets, enabling the Leagues Club to achieve cash reserves of $2
million and rescue it from financial oblivion and isolation from the Rabbitohs’
players and fans.
The Football Club’s proposal will see the existing Leagues
Club renovated and to be the base of the Football’s Club’s administration, a
Hall of Fame, merchandise outlet, renovated dining, bar and entertainment
facilities, as well as a range of new public facilities, including a gymnasium.
“The administrator’s favoured proposal will see the
emotional and physical link between the fans, the players and Football Club
severed with the Leagues Club, at a time when we are re-building the Rabbitohs’
family,” concluded Mr Holmes a Court.
A members’ information evening will be held next Monday
(November 20) from 6pm at the Leagues Club in Chalmers St, Redfern.
The South Sydney Rabbitohs are the most successful Club in
Rugby League. Established in 1908, the South Sydney Club has won 20 first grade
premierships and provided 62 internationals for the Australian side, and have
famously worn their cardinal red and myrtle green colours since inception. In
1925, South Sydney was dubbed ‘The Pride of
the League’ and the Rabbitohs are known as this to this day. The rebirth of the
Rabbitohs began on 7 June, 2006 through a new partnership between Russell
Crowe, Peter Holmes a Court and the 8000 Members of the Club.
News sent by: www.souths.com.au