POSITIVE: Club Maitland City CEO Ian Martin said he has received nothing but positive feedback about the club merger proposal.
It may mark the end of an era but the imminent closure of Maitland Leagues Club and itsproposed merger with Club Maitland City, seems to have received full community sympathy and support.
The Leagues Club’s Bulwer Street premises is tipped to close its doors and relocate to the west before the end of the year.The move follows a spiralling financial downturn for the inner-city club which went intovoluntary administration owing about $2million.
FairfaxMedia reported last week howLeagues Club administrators and Maitland City CEO Ian Martin announced the merger plan, enteringinto a memorandum of understanding which has been agreed to”in principle”.
The final say however,will be up to the members of both clubs and Leagues Clubcreditors. Members are expected to put the proposal to the vote late in May.
The history-making agreement proposes to sell the Leagues Club’s property and consolidate the business with Maitland City at its Arthur Streetsite.
The Leagues Club premises, valued at more than $3million,will be sold to extinguish creditors’ claims against the Leagues Club, and Maitland City willreceive any remaining Leagues Club assets to support it in honouring its commitments under the memorandum.
“The response has been overwhelmingly positive,” Mr Martin said.“I haven’t fielded any questions or queries that have been negative.”
He saidmost of his club’s members assumedamerger was on the cards andthat itwas the most suitable outcome.“It’s never nice to close a premises but I believe members are quite understanding that the significant debt needs to be paid out and this is the only way to do it,” Mr Martin said.
The administratorhas a number of duties to complete before members put the merger to the vote. Final approval sits with the regulator, theIndependent Liquor and Gaming Authority.
“Maitland City still supportsthe Leagues Club financially and will now support them operationally in an attempt to ensure the community asset is best preserved for the betterment of Maitland Pickers Rugby League Club,” Mr Martin said.
This story Administrator ready to work first appeared on Nanjing Night Net.