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Perth Glory rescue netted just $1 upfront, Supreme Court told​

Matt Mckenzie
The West Australian
Tue, 2 April 2024

The rescue bid to save the Perth Glory from collapse cost just $1 upfront, the Supreme Court has heard.

But the new owners are set to spend upwards of $20m rebuilding the club over five to 10 years and are believed to have forgone a valuable equity share in the A-League to get the deal across the line.

The previously confidential price tag was claimed in an affidavit lodged in a Supreme Court fight between former Glory chairman Tony Sage and investor Kakka Enterprises.

Kakka has been seeking to wind up Mr Sage’s business Okewood Holdings since October, after Okewood’s prize asset — the Glory — was sent to receivership in July.

Victorian businessman Ross Pelligra led a move seven months later to save the club after an earlier buyer’s proposal fell over.

Mr Sage is expected to receive no cash from the deal, despite Okewood claiming $33m of debts from the Glory. Australian Professional Leagues, the A-League’s parent, had wanted about $5m, regulatory filings showed.

The APL business has had troubles too, with headcount slashed this year.

There will be plenty of work ahead for Mr Pelligra. That has included finding the club a new home.

“I believe in the club. I believe we can turn it around,” he told The West Australian on Monday. “The whole community, I can feel the fight inside them.”

KordaMentha, which acted as the Glory’s receivers, declined to comment because the matter was before the court. Receivers had seized Mr Sage’s shares in a series of public companies but have now relinquished control.

Mr Sage had a recent win with a huge deal to take the key asset of his European Lithium business onto the Nasdaq.
 

Perth Glory rescue netted just $1 upfront, Supreme Court told​

Matt Mckenzie
The West Australian
Tue, 2 April 2024

The rescue bid to save the Perth Glory from collapse cost just $1 upfront, the Supreme Court has heard.

But the new owners are set to spend upwards of $20m rebuilding the club over five to 10 years and are believed to have forgone a valuable equity share in the A-League to get the deal across the line.

The previously confidential price tag was claimed in an affidavit lodged in a Supreme Court fight between former Glory chairman Tony Sage and investor Kakka Enterprises.

Kakka has been seeking to wind up Mr Sage’s business Okewood Holdings since October, after Okewood’s prize asset — the Glory — was sent to receivership in July.

Victorian businessman Ross Pelligra led a move seven months later to save the club after an earlier buyer’s proposal fell over.

Mr Sage is expected to receive no cash from the deal, despite Okewood claiming $33m of debts from the Glory. Australian Professional Leagues, the A-League’s parent, had wanted about $5m, regulatory filings showed.

The APL business has had troubles too, with headcount slashed this year.

There will be plenty of work ahead for Mr Pelligra. That has included finding the club a new home.

“I believe in the club. I believe we can turn it around,” he told The West Australian on Monday. “The whole community, I can feel the fight inside them.”

KordaMentha, which acted as the Glory’s receivers, declined to comment because the matter was before the court. Receivers had seized Mr Sage’s shares in a series of public companies but have now relinquished control.

Mr Sage had a recent win with a huge deal to take the key asset of his European Lithium business onto the Nasdaq.
Castro retiring really sucked the value out of the club then.
 

A-League Men: For all of Perth Glory’s newfound ownership stability, their on-field woes are damaging​


Ben Smith
The West Australian
Sun, 14 April 2024


It was The Simpsons meme personified — stop, stop, he’s already dead.

Perth Glory almost died an agonising death when they were left without an owner last year; they may have survived, but they are currently playing sans a soul.

Their 8-0 loss to Melbourne City was an A-League record for biggest ever margin, and the worst loss in the club’s once-proud history — coming exactly five years on from their first A-League Men’s Premier’s Plate.

New owner Ross Pelligra watched on with horror. A large contingent of travelling fans on their annual ‘Tour of Duty’ — people who paid their hard-earned money to travel interstate in a cost of living crisis amid soaring air fares — stood stoically as they witnessed history unfold in the worst way possible.

The players probably owe those fans a beer or eight - one for each goal conceded.

It was a reminder that for all the optimism off-field stability has brought, you need more than a shiny new coat of paint to change things on-field.

The club look doomed to receive their second wooden spoon in three seasons - but not one performance in the 2021-22 season, when an injury crisis forced them to rely on academy players down the stretch, was as embarrassing as Sunday’s defeat.

A week after captain Adam Taggart — a man who has carried the team on his shoulders at times this season — publicly questioned his team’s winning mentality, the Glory proved he was onto something.

Respected commentator Simon Hill put it best on the coverage when he said it looked like Perth wanted the season to end.

Coach Alen Stajcic has publicly spoken about the side’s spirit at testing times this season, but on Sunday they looked bereft of any fight — at least Apollo Creed made Ivan Drago sweat before the former’s untimely demise.

Former Most Glorious Player winner Darryl Lachman misplaced a simple pass which led to the second goal and was caught out multiple times defensively, as his young defensive partner Kaelan Majekodunmi looked increasingly under duress.

Giordano Colli and Trent Ostler chased shadows in midfield, exactly a fortnight after the ill-fitted double-pivot had been overrun at the same venue by Melbourne Victory.

In truth, these are the same issues which have haunted Stajcic’s side all season and have not been fixed.

Defensive errors? Tick. A midfield unable to progress the ball to the forwards on the floor unless on a counter-attack? Yep. Basic desicion-making gone awry? Uh-huh.

Stajcic did not have a transfer window to work with as an incoming manager and had to rely on free agents with the shackles on the club’s purse-strings in lieu of an owner.

But the same mistakes which have doomed the Glory have constantly reared their head on the field, and that is on him.

At the end of the day though, once again it is the Glory fans who suffer most and as Glory forward David Williams said on Paramount+’s post-game coverage, he understood why they might not want to support them at HBF Park next weekend.

Crowds have been in decline, even with a new owner and the promise of a better tomorrow.

It is getting increasingly hard for Glory fans to rationalise forking out money to support the club outside of a weary sense of commitment.

While the club’s off-field future may be secure, performances like these give the very few fans who remain even less reasons to back the club in, new regime or not.

This club was meant to be the template for what an A-League club could be when the league began; not for the first time in the professional era, they have embarassed their fans.
 
Meh. The players have checked out. There is nothing to play for except getting into the Australia Cup but they always put in a s**t show of a performance in that comp so there is no point.
 

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