South Melbourne FC has entered a period of transition following the sudden resignation of Club President Nicholas Maikousis, with Chairman Bill Papastergiadis OAM declaring a “new era of professionalism” for the iconic Hellas.
Maikousis, who had served as a Director and President of the club, stepped down effective immediately “in order to focus on his personal business,” according to a club statement on 1 September.
His departure comes in the wake of enforcement action by the Australian Securities and Investments Commission (ASIC), which last week cancelled the licence of his company, MWL Financial Group.
ASIC also banned Maikousis from the financial services industry for 10 years after finding MWL had channelled client superannuation savings into the troubled Shield Master Fund. Between September 2021 and February 2024, more than 750 clients allegedly invested a combined $155 million into Shield through MWL.
Lawyers for Maikousis and MWL have lodged an urgent application for review of the decision.
In the interim, Papastergiadis will oversee the Club’s operations as Chairman until the upcoming Annual General Meeting (AGM). In a statement to The Greek Herald, he praised Maikousis’ service while also emphasising the bright future ahead for South Melbourne.
“Nicholas Maikousis, our past president, has been a significant contributor to the fabric of South Melbourne Hellas for over 30 years,” Papastergiadis said.
He noted that the club is on the cusp of unprecedented opportunities beyond the National Soccer League (NSL) era.
“In the next few months, Hellas will be competing both on the national and international stage with the Australian Championship, a precursor to a National B League, along with the Oceania Professional League,” he said.
“The Board is united in its enthusiasm and passion to promote its players in this new football landscape. We are confident our supporters will embrace Hellas as the Club enters a new era of professionalism.”
Papastergiadis concluded by highlighting his own commitment and the energy of the Board during this period of change: “It’s exciting times and I am thrilled to be working with a committed Board on these new competitions.”
South Melbourne FC also issued a statement thanking Maikousis “for his contribution to the club over many years” while reaffirming its focus on the inaugural Championship season and participation in the Oceania Professional League.
