North Albury Sports Club thrown a lifeline

Administrator Chris Chamberlain speaks to the crowd about the club’s financial difficulties. Picture: DAVID THORPE

Administrator Chris Chamberlain speaks to the crowd about the club’s financial difficulties. Picture: DAVID THORPE

NORTH Albury Sports Club administrator Chris Chamberlain has provided the financially troubled club with a lifeline.

As speculation built the doors would shut yesterday, Mr Chamberlain guaranteed it would trade for at least another week and said a secondary creditors’ meeting would be held on September 18.

He said there was a glimmer of hope he could seal a deal with key players, including the National Australia Bank, the Australian Taxation Office and the Albury Council.

But his extension was contingent on members still making pledges, even though he doubted the $250,000 target would be reached by the deadline of next Monday.

“The pledges haven’t come in at the level we were pushing for,” Mr Chamberlain said.

“I am not overly positive about other options, but I need to explore them — to pull the plug at this stage would probably be unjust.”

He refused to divulge the options, but said the “next few days” were crucial.

“The short-term solution of coming up with a large tranche of money to put a deal to creditors may not be the option,” he said.

“It maybe a longer term scenario.

“I’ve got to satisfy myself and other stakeholders that it is an option.”

Members have so far pledged almost $100,000.

Mr Chamberlain said member support was crucial.

“I still need quite a large tranche of money to come in if at all possible,” he said.

“The ball is still in members’ court to assist as best they can.

“The committee is working exceptionally hard and I appreciate the efforts they are putting in.

“Up until the last couple of days, this weekend could have been it.

“But I am continuing to dig and look for alternatives.”

The club’s debts are almost $900,000, including $500,000 owed to unsecured creditors.

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