Acting club chief executive Gerard Darmody yesterday confirmed a closed-door Australian Industrial Relations Commission session at Albury courthouse last week had proved successful.

The Border Mail understands Mr Terry’s settlement to have been worth $45,000, a figure Mr Darmody would not confirm.

“Stemming from the conciliation meeting, the matter was settled to our and Mr Terry’s satisfaction,” he said.

“The terms of the settlement are confidential.

“The board wishes Mr Terry all the best in his future endeavours.”

Mr Darmody said the board was still working through its recruitment strategy for a replacement chief executive, saying the position was yet to be advertised.

Mr Terry, who had held the chief executive’s position for nine years, was not available for comment yesterday.

He was sacked by the club’s board of directors on June 18.

That came after a board meeting the previous night.

Mr Terry was told his services were no longer required when he returned from a Melbourne business trip and his termination was immediate.

He initiated unfair dismissal action with the Industrial Relations Commission after a deadline for the club to provide an explanation for its decision expired.

The club had issued a three-paragraph media statement announcing the termination but gave no reasons publicly or to Mr Terry.

He and his solicitor attended the conciliation session with club representatives on Friday and the mediation between the parties was concluded by lunch time that day.

Mr Terry’s club salary had been more than $300,000 a year.

Last year, the club’s turnover was $23.46 million.

But it recorded a $1.3 million loss.

It was the first loss reported during Mr Terry’s time running Albury’s second-biggest gaming operation.