June ended
with Piggins putting the Leagues Club into administration after a challenge
supported by Peter Holmes threatened his control of the board. The Football
Club then purchased the Leagues Club debt of $3 million, which was owed to the
Perpetual Trustee Company.
The
Football Club, by purchasing the debt, acquired a greater say in what would
happen to the Leagues Club while it was in administration. However, within
days, Piggins had paid off a longstanding Leagues Club debt to the Football
Club and was claiming to be the principal secured creditor.
In another
twist, Piggins supporter Jerry Schwartz made a payment to the Football Club and
acquired the Leagues Club’s debt of $3.01 million that the Football Club had
bought only a week earlier. By doing so, Schwartz became the principal secured
creditor of the Leagues Club.
Administrator
John Lord, at a meeting of Leagues Club Members, addressed concerns about the
future of South Sydney Leagues Club. He declared that there would be “no sale
of assets, such as property, apartments, poker machines or the strata of the
building, without a full vote of Members.”
Holmes a
Court said, who last month unveiled a plan to renovate and relaunch the Leagues
Club by 2008, said, “This gives us enormous confidence that sensible proposals
will now be considered by the Administrator and put to the vote of Leagues Club
Members.
We now know
that Members of the Leagues Club will have an opportunity to vote on a proposal
that keeps their assets in their hands. Members of both Clubs need not be
concerned by rumours that Mr Jerry Schwartz has been able to buy the Leagues
Club building. Members should draw comfort that John Lord has guaranteed them a
vote.”
In other South Sydney news, Bulldogs prop Roy Asotasi signed to a
five-year deal. Parramatta
halfback Jeremy Smith will also join the club, although current premier league
halfback Joey Williams has been resigned.
The South
Sydney Herald would like to thank try-scoring machine Nathan Merritt for being
a bright light in an otherwise dark season. Nathan is two tries away from being
the top try scorer in the NRL, and was born and raised in Redfern. The South
Sydney Herald can’t wait to see you stepping the McDougall brothers next season
behind our new forward pack.
[South
Sydney Herald August 2006]