A last-minute agreement has spared A-League club Western United from liquidation, giving operator and major shareholder Jason Sourasis a chance to revive the struggling side.
The reprieve came after the Australian Taxation Office accepted a payment plan for a $15.5 million tax debt.
As recently as Thursday, December 11, the ATO had been pushing for liquidation, before Federal Court Justice Penelope Nescovkin ordered mediation, calling the deal “the last chance” for anyone to recover funds.
Under the agreement, major lender Johnson Controls will cover the $15.5 million tax bill, while a second backer, believed to be linked to billionaire Paul Lederer, will inject a further $5 million.
Western United had been run by Sourasis, the former business partner and financial adviser to star investor Scott Pendlebury, who is suing Sourasis in separate proceedings over claims more than $2.1 million was invested without his knowledge, allegations Sourasis denies.
The deal prevents liquidation, which would likely have left investors and creditors empty-handed, and allows Sourasis an opportunity to resurrect the club after it sat out the current A-League season due to unpaid players.
Western United described the outcome as a “positive step” toward its eventual return to the competition.
Source: Herald Sun.
