THE North Albury Sports Club has returned to the control of its members, following more than two months in voluntary administration.
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The move has pleased administrator Chris Chamberlain and club president Rob Williams, who feared the club would shut permanently before a fund-raising campaign drew $135,000 in pledges.
Albury Council’s purchase of the club’s car park, which concluded on Wednesday, marked the end of Mr Chamberlain’s management of the Alamein Avenue organisation.
“This is a really good result,” Mr Chamberlain said.
“This is realistically what our profession is all about, but without the members’ support we would not have anything to work with.
“As much as the Albury Council and the National Australia Bank had to be part of the picture, if the members had not supported it the club would have been closed six weeks ago.”
In August, when Mr Chamberlain assumed control of the club, it had $850,000 in debts with $400,000 owed to the National Australia Bank and $450,000 to unsecured creditors.
About $400,000 of the debt was eliminated when creditors agreed to accept 15 to 16 cents in the dollar, with the car park sale predicted to raise about $100,000 and the pledges amounting to $135,000.
A further $160,000 will be raised through trading profits over the next 26 months with monthly repayments of about $3000 as well as lump sum payments being made as part of a deed of company arrangement which ends on December 31, 2016.
Mr Williams said he had long discussions with Mr Chamberlain about the club shutting and was glad it had been saved.
“We have to repay the faith the members and community have shown in the sports club and Albury City Council in particular,” Mr Williams said.
“I’d like to thank Chris Chamberlain and his staff for their professionalism too, it was a long hard grind over the past two months.”
Mr Williams said the structure of the sporting groups associated with the club would have to be examined as part of generating greater revenue.
Albury mayor Kevin Mack warned that there was a “lot of work” needed to ensure it prospered over the long term.
He said more support was required from North Albury footballers, netballers and cricketers.
