As a rugby union who’s who gathered for lunch this week, the future of the embattled club was on everyone’s lips. How do you save a loss-making operation without leaving a sour taste in anyone’s mouth?
Add articles to your saved list and come back to them any time.Melbourne’s who’s who of rugby gathered on Tuesday at the city’s oldest and one of its finest private venues, the Athenaeum Club, for a luncheon where the star invite was former Wallabies captain Stirling Mortlock.
BRC founder and then Melbourne Rebels president Paul Docherty at the club’s season launch in Fitzroy late last year. As Docherty’s empire crumbled, directors in some BRC-invested entities received formal notices from the Tax Office, known as a director penalty notice, as first reported by the. The list of affected directors includes five from the Rebels’ club: barrister Tim North, KC, former Minter Ellison lawyer Georgia Widdup, one of the country’s best forensic accountants, Owain Stone, rugby administrator Neil Hay and business doyenne Lyndsey Cattermole.
No decisions were made at the lengthy Tuesday meeting, but a source briefed on discussions said there was an understanding the directors would take their claims to court if the outcome of the club’s voluntary administration process did not swing in their favour. That money would then be immediately repaid to the Tax Office to clear the debts and the board’s high-profile directors would then resign from the board. Under this scenario, millions more would be required from Rugby Australia and potentially the Victorian government to support the perpetually loss-making club to get back on its feet or help to form a new club, such as the previously floated Rebels Pasifika merger.
Directors, advisers and creditors to various parts of Docherty’s business empire speaking on the condition of anonymity have expressed frustration with the push to save the club given the huge amount of financial devastation left by the collapse of 13 companies associated with his investment house BRC Group.“There was zero malice on the part of Paul, it definitely wasn’t intentional but it’s very distressing.
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