In definitive proof that Rugby is the game for Lawyers, Queensland Rugby Union (QRU) have moved to have the A-League’s Brisbane Roar placed into Liquidation.
QRU has obtained the consent of a liquidator and the matter will be heard on the 19 August unless full payment is received by that date, from the Indonesian owners, the Bakrie Group. To reach the point of a winding-up Creditor’s Petition usually means that a Statutory Demand has gone unpaid. Once the 21 day period for the Statutory Demand lapses there is a presumption of insolvency which the Brisbane Roar must displace at the very least to avoid insolvency and liquidation.
The Roar apparently owes 12 months of rent over its use of Ballymore Stadium. This is on top of allegations of financial distress over unpaid dues to players and officials, and the financial plunge handed to them of late (latte?) by the dropping of major sponsor the Coffee Club.
Given the success of the Roar, now is probably a prime time for some ailing mining giant to step in, assume the debts and take the Bakrie Group up on their months long effort to offload the twice-champions.
[update] The winding up application has been dismissed after a settlement was apparently reached between the parties. The settlement is confidential but the inside word is that the Brisbane Roar’s financial woes are far from over with players and staff still awaiting payment.