Sydney Olympic FC have reached an agreement with the liquidators of Bill Papas’ now-collapsed business, Forum Group, to settle claims of millions owed by the football club.
According to The Australian Financial Review (AFR), Forum Group put $3.34 million into Sydney Olympic, recorded in the soccer club’s books as related-party payables.
This news raised doubts earlier this year about the future of the club, which was formed in 1957 by Greek immigrants. Bill Papas resigned as president of Sydney Olympic on July 2, 2021 after Westpac alleged Forum Finance had defrauded the bank of nearly $285 million.
But liquidators McGrathNicol and Sydney Olympic have now come to resolution.
The club said it had received a letter from McGrathNicol wanting to seek clarity over funds “previously classified as related party loans provided by the company’s previous director.”
According to new accounts for the 2021 financial year filed with the corporate regulator and obtained by the AFR, the liquidators “formed the opinion that the company is not liable for these amounts.”
“On May 9 2022 an agreement was entered into with the liquidators to settle all previous claims against the company for an immaterial amount,” the new accounts said.
The deal means the club’s future is now secure and it will continue to operate. This news comes as Sydney Olympic won the National Premier League NSW Men’s premiership in August.
READ MORE: Bill Papas’ Xanthi FC shares have been frozen by Greek authorities.
Source: The Australian Financial Review.
