THE North Albury Sports Club is calling on the community to meet a seven-day deadline to hand over $130,000 in pledges that will determine its financial fate.
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There was a buzz at the club last night when more than 100 members turned up for a drink before sitting down for a meeting with club administrator Chris Chamberlain.
One of the club’s directors, Andy Walker, said most members were feeling hopeful.
“Time is tight and it’s all going to happen within a week, but the mood has definitely improved since we first realised we were in trouble in August,” he said.
“We are feeling very positive about the direction of the club, it was created in 1985 and has serviced the community in so many ways so it would be a shame if we lost it.”
During the meeting, Mr Chamberlain explained to members the deal he struck with creditors last Thursday that would allow the club to repay creditors at 15 to 16 cents in the dollar, shredding more than $400,000 off the club’s debt.
He said he was confident NAB would be appeased with the $130,000 from pledges and his next step would be locking down a deal with the bank today.
If that was successful, he would look to secure the sale of the club’s car parks to the council.
The terms of member contributions were also outlined in the meeting.
“The only way the club can survive is with its members,” he said.
“Your contribution is a gift to the North Albury Sports Club, at no stage can you ask for it back.
“If the club defaults in respect to payments, it will collapse and contributors will not get their money back.”
Forms outlining terms and methods of payment will remain in the foyer of the club all week.
Details: (02) 6025 8877.
