Former Melbourne Rebels director Georgia Widdup said the decision meant plans for a “financially sustainable future” could progress.
Already a subscriber?The former directors of the Melbourne Rebels have been granted a final chance to revive their debt-laden rugby club and secure its long-term future, despite the Australian Tax Office and Rugby Australia voting against the plan.
“There is still a lot of work to do, but with the vote out of the way and a lot of community and government goodwill behind the club, we can finally get excited about what the future holds,” she said.The consortium, led by former Qantas chairman and Rio Tinto chief executive Leigh Clifford, is trying to raise $30 million from private equity to prop up the club for several years.
PwC based its recommendation for a DOCA on the view it would be quicker to resolve, would look after employees, and give creditors the most amount of money possible. Under the approved DOCA, employees will get all their money back and unsecured creditors will receive at least 15¢ of every $1 owed.If Rugby Australia hands back the licence for the Super Rugby competition and the Australian Taxation Office releases the directors from their personal liability over the club’s $11.
It was also opposed because the funding allows the former directors to sue Rugby Australia . PwC will need to seek legal advice and assess the merits of the former directors’ claims to proceed with legal action.
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