Glory back on the market after sale to Melbourne-based consortium falls through

By News / Wire

Perth Glory are again on the lookout for new owners after the sale of the club sensationally fell through less than a month after it was announced.

A Primeland Group-led consortium, headed by Melbourne property tycoon Robert Brij and associate John Nekic, were unveiled as the new owners on October 17, with formal completion of the deal scheduled to take place in early November.

But on Monday the deal was terminated by receivers KordaMentha after they said the Primeland consortium failed to “satisfy certain conditions precedent to the sale transaction”, Glory said in a statement.

The club said KordaMentha would continue to work closely with the Australian Professional Leagues (APL) and would re-engage with other interested parties to secure a buyer.

Glory chief executive Anthony Radich is confident the resumption of the sale process will yield a positive outcome.

“Although this news is disappointing, this development is completely out of our control as a club,” Racich said in a statement.

“While not being privy to the exact details behind KordaMentha’s decision, we have complete confidence in their handling of the sale process and trust that they and APL have acted and continue to act, in the very best interests of the club.

“We are heartened by the fact that multiple bidders expressed their interest in buying the club during the sale process and remain optimistic that a new prospective purchaser will be identified in the near future.”

The latest turn of events continues a topsy-turvy period for the club.

Ruben Zadkovich quit as coach in June, and the club was placed in receivership in July when then-owner Tony Sage handed back the licence amid deep financial woes.

Sage estimated he had poured about $50 million into Glory during his 15-year tenure.

“I’ve run out of funds,” Sage told AAP in July.

“Everything I’ve got at the moment is poured into my business. I can’t take it out of my business.

“I want the players to be paid on time, which they weren’t this month, which I greatly regret.

“It’s the first time in 18 years they haven’t been paid on time, but they’ve been paid now.

“When something like that happens, you’ve got to step back and make sure the sustainability of the club is the most important thing.”

The Glory women’s team are riding high on top of the ladder following four straight wins, but the men are in eighth spot after starting life under new coach Alen Stajcic with a win, a draw and two losses.

The Crowd Says:

2023-11-17T00:13:21+00:00

Football Fan

Roar Rookie


I have to reluctantly agree with you. The establishment will never let football get to that next level. Look at night, opening match of the WC for our national football team yet nothing in the MSM other than Ch10, no articles in the main newspaper in Melbourne. Other than the hard core like myself who go out of their way to find out things, none of the "casual" fans even knew it was on, hence the poor tv ratings last night.

2023-11-15T22:51:42+00:00

Brainstrust

Roar Rookie


Training bases are provided free of charge to the AFL, what are you suggesting Roar buys property to make a training base, that would be half a billion for the land in Brisbane. Then you can rent it for 100k a season to someone that makes perfect business sense.

2023-11-15T09:12:46+00:00

Grem

Roar Rookie


Attendance? You mustn’t have been watching the present “world” cup. I happen to be in India and at the game I attended, I pretty much had the ground to myself. It was a bit like being at a Macarthur game!

2023-11-15T03:40:12+00:00

AR

Roar Rookie


"Yes funny how he mentions Cricket’s international fixtures & completely ignores the Matildas & the Socceroos." *sigh* Ok, I'll explain it to you... The Matildas & Socceroos operate under a completely separate broadcast deal (from memory its $100M over 3 years). Unlike the cricket deal (which funds all tiers of the sport form grassroots to Test matches), the Matildas & Socceroos deal relates only to national teams. That deal has NOTHING to do with the ALeague or ALeague clubs, or whether a single club can remain financially solvent...which is what this article is about. When you guys point to crowds in cricket, and then complain cricket is "getting more money" or getting "a disproportionate amount of coverage", it reveals how little you understand about how these sports - soccer included - are paid for.

2023-11-15T02:25:38+00:00

chris1

Roar Rookie


There is a trend in the women's game that the coaches are given even less time to get results than in the men's. Not sure why that is.

2023-11-15T00:33:45+00:00

Punter

Roar Rookie


Yes funny how he mentions Cricket's international fixtures & completely ignores the Matildas & the Soccroos.

2023-11-15T00:11:00+00:00

AR

Roar Rookie


Sport all rounder said: "ALM cannot sustain the revenue / expense disparity. Not enough fans, sponsors and a distinct lack of visibility as a mainstream sport." chris1 replied with: "Cricket and Rugby are even worse when it comes to attendance and interest. But it gets a disproportionate level of coverage." - this fundamentally misunderstands the argument. So I tried to explain: CA has a massive broadcast deal which enables it to fund the entire sport. The APL doesn't. I'm sorry if you don't understand that. As you were.

2023-11-14T23:14:18+00:00

Brainstrust

Roar Rookie


The article on keepup mentions a first payment of 10 million. So minimum 10 million you would assume its more like 20 million which is quite exorbitant for Perth Glory. The only issue if Sage sold the club he sells the company thats holds the license, including all its debt. So it doesn't make sense, one would pay the APL 10 million plus unless Sage has managed to pile in the debt in his holding company which would be quite a feat, one wonders how he managed to hold off creditors for so long or how he managed to get loans because 10 million in debt cannot be accumulated that quickly.

2023-11-14T22:47:56+00:00

Ferno

Roar Rookie


Sage didnt sell it because there was no offer. It seems thet the only offer including down payment was the one that didnt pay. Pellingra's offer was nill payment, only the promise to invest in the club.

2023-11-14T21:40:17+00:00

chris1

Roar Rookie


Grem – AR is only on here to put scorn on the sokkah. He just falls into the category of “scroll over and ignore”. Never has anything worthwhile to read.

2023-11-14T13:41:54+00:00

Brainstrust

Roar Rookie


The APL actually benefits if clubs go broke, because then they get the license back and get to sell it again while the former owner has a;; tj niils What doesn't make sense is why didnt Sage sell it on the cheap, now he gets nothing. The interesting one is Newcastle, that happened in the transition to the APL and before they got the Silver Lake money. Sydney FC, Wanderers and Western United combined got a new licence for Newcastle Jets , and I assume it was free. So are they selling it and getting the money or are the APl getting the money.

2023-11-14T09:25:37+00:00

Grem

Roar Rookie


They had 3 to choose from, so It will have that owner – soon. You’re changing what we said and comparing the wrong things. We could also argue the Socceroos/Matildas (international) pull in more revenue than the Sheffield Shield (domestic). The cricket v football discussion is to do with the domestic competition (Sheffield Shield/A Leagues) being propped up by the international component of their games. No billionaires investing in domestic cricket. The national cricket team presently has a great broadcast deal that Channel 7 were trying to change by using BBL and their lack of name players as an excuse. The next contract for the Socceroos and Matildas will be interesting and that money could be used by FA to fund football (like the ACB fund cricket) if they were still running their game as the ACB does.

2023-11-14T09:13:07+00:00

Waz

Roar Rookie


If you’re on Twitter go find Ray Gatts post on the A League today.

2023-11-14T09:02:54+00:00

Waz

Roar Rookie


I’m surprised Garrath started the season so not surprised he’s gone. Performances have been a bit tepid to say the least

2023-11-14T07:42:52+00:00

AR

Roar Rookie


This is a dumb argument. CRICKET - Cricket Australia has a $1.5B broadcast deal over 7 years (7 Network & Fox/Kayo), which covers mens/womens internationals and the BBL. That money is not attached to ratings benchmarks, and the TV audience (and international crowds) remains strong. In short, cricket in Australia is flush with cash. SOCCER - The APL has a $200M broadcast deal over 5 years (Network 10 & Paramount +), which covers the ALM and ALW competitions. Part of the deal required the APL to achieve baseline subscriptions numbers to Paramount +, which it failed to meet, meaning the APL received less money from Ch.10 than it expected, which meant less financial distributions for the clubs. In turn, this meant the ALeague clubs had to go looking for additional income streams, and so did the APL - selling its grand final to Sydney was one such measure. We all know how that panned out. ALM games were moved off 10's main channel to 10Bold, and ALW games were moved off terrestrial TV entirely and onto 10Play, the streaming service. So you can debate which sport is more popular or better attended around Australia or the world, but it has little to do with this article...which involves a single privately-owned ALeague club - Perth Glory - which is bleeding cash and cannot find another billionaire owner.

2023-11-14T04:29:52+00:00

Grem

Roar Rookie


I’m in India at the moment. The crowds in this biggest cricket country in the cricket “world” for the one day “World Cup” are generally really poor. I also think cricket is in decline and the Indian tour guide sees it the same - he believes there has been too much cricket and interest is waning. Football is the growing interest here.

2023-11-14T04:23:47+00:00

chris1

Roar Rookie


See I don't see cricket as well supported as you say. Sydney for example (and this is repeated in all of the other cities), gets one test match a year. A handful of ODI's and T20's. Then there are a few BBL matches. So not many people are actually attending cricket are they? And the ratings are slowly but surely declining. Even on old mans platforms. And you mention cricket being a well supported sport internationally. It might be? Whatever it is, it's a fraction of what football attracts.

2023-11-14T03:55:07+00:00

Grem

Roar Rookie


I agree that the game needs to be aiming for sustainability at the A Leagues level. Until that happens though, there seem to be a number of people that still want to “invest” in the game, which is lucky for us.

2023-11-14T03:52:02+00:00

Grem

Roar Rookie


Cricket has support at an international level. The Sheffield Shield that provides the players is not viable either. Given the financial situation at the moment, it is FA that needs to govern the sport. The money now being made from the Matildas and Socceroos can then funnel into the domestic game to produce the players they need – like cricket.

2023-11-14T03:51:25+00:00

Garry

Roar Rookie


MM whats up Roar members?? "Former A-League Men striker Alex Smith will replace the axed Garrath McPherson as the Brisbane Roar's ALW coach."

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