Move ends 16-year ownership of club by Tony Sage though receivers pledge team will operate “business as usual“.
The future of Perth Glory has moved a step closer towards being resolved, after receivers were appointed to run the club and find a buyer before next season.
Bringing the curtain down on the 16-year ownership of Glory by Tony Sage, the move comes after what was described as “this period of uncertainty for players, staff, members and fans” with Sage making clear his struggles to continue funding the club.
Advisory firm KordaMentha has been given immediate control of Glory’s operations and will manage the receivership process, ensuring the ongoing obligations of the club are met, while a sale is agreed.
Though Sage had been seeking fresh investment for some time, including the possibility of a change of owner, the move to appoint receivers means that process will be expedited, with KordaMentha predicting a new owner will be in place within 10 weeks.
The appointment of receivers relates to various loans made by the Australian Professional Leagues (publisher of this website) to Sage to keep Glory afloat, and which were secured against the club.
The situation was compounded last season by the club having to play most of its games at Macedona Park, with a capacity of some 3000, while HBF Park was renovated for the Women’s World Cup.
Though the club received some compensation from the WA Government, reported to be around $1m, Sage has argued that the club lost more than that during its dislocation.
Glory is currently without a long-term coach for the men’s team after the resignation of Ruben Zadkovich at the end of last season.
Academy boss Kenny Lowe has been acting as interim head coach, overseeing the friendly against West Ham and the Australia Cup defeat to Macarthur last week.
Though Glory won the Premiers Plate and reached the Grand Final in 2019, the club has struggled on and off the field since.
“Perth Glory have faced incredibly difficult circumstances over the last five years and we are pleased to close off this period of uncertainty for players, staff, members and fans as they continue their preparations for next season,” said APL CEO Danny Townsend.
“Here we have a process which allows for the club’s operations to continue ‘business-as-usual’, whilst the technical adjustments are made to the club’s ownership structure.
“Under this league structure, the continuity of our clubs is now guaranteed by the league.”
Andrew Knight of KordaMentha said that an “orderly sale process for the Perth Glory Football Club” would begin straight away.
“While this process is being undertaken, the receivers and managers will continue to operate the club in a ‘business as usual’ manner as the teams continue their pre-season preparations.”
Source: Keep Up News