Glory back on the market after sale to Melbourne-based consortium falls through

Perth Glory are again on the lookout for new owners after the sale of the club sensationally fell through less than a month after it was announced.

A Primeland Group-led consortium, headed by Melbourne property tycoon Robert Brij and associate John Nekic, were unveiled as the new owners on October 17, with formal completion of the deal scheduled to take place in early November.

But on Monday the deal was terminated by receivers KordaMentha after they said the Primeland consortium failed to “satisfy certain conditions precedent to the sale transaction”, Glory said in a statement.

The club said KordaMentha would continue to work closely with the Australian Professional Leagues (APL) and would re-engage with other interested parties to secure a buyer.

Glory chief executive Anthony Radich is confident the resumption of the sale process will yield a positive outcome.

“Although this news is disappointing, this development is completely out of our control as a club,” Racich said in a statement.

“While not being privy to the exact details behind KordaMentha’s decision, we have complete confidence in their handling of the sale process and trust that they and APL have acted and continue to act, in the very best interests of the club.

“We are heartened by the fact that multiple bidders expressed their interest in buying the club during the sale process and remain optimistic that a new prospective purchaser will be identified in the near future.”

The latest turn of events continues a topsy-turvy period for the club.

Ruben Zadkovich quit as coach in June, and the club was placed in receivership in July when then-owner Tony Sage handed back the licence amid deep financial woes.

Sage estimated he had poured about $50 million into Glory during his 15-year tenure.

“I’ve run out of funds,” Sage told AAP in July.

“Everything I’ve got at the moment is poured into my business. I can’t take it out of my business.

“I want the players to be paid on time, which they weren’t this month, which I greatly regret.

“It’s the first time in 18 years they haven’t been paid on time, but they’ve been paid now.

“When something like that happens, you’ve got to step back and make sure the sustainability of the club is the most important thing.”

The Glory women’s team are riding high on top of the ladder following four straight wins, but the men are in eighth spot after starting life under new coach Alen Stajcic with a win, a draw and two losses.


Leave a Reply

Your email address will not be published.