Sydney Olympic FC reach agreement with Forum liquidators to secure club’s future

·

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.

Bill Papas resigned as president of Sydney Olympic on July 2, 2021.

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.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Valentine’s Day, Greek Style: Two couples reflect on love, family and tradition

This year, The Greek Herald decided to speak with two Greek Australian couples from across the nation to ask them how they met.

‘It’s Story Time’ with Sophia Amarandos: A mini dating series on finding love

Sophia Amarandos is on her very own Bridget Jones-esque quest to find love, no matter how many glasses of wine and awkward dinners it takes.

Macquarie University leads the way in Greek Language Certificate awards ceremony

Over 200 people attended the award ceremony of the Certificates of Attainment in Greek Language 2024 that took place at Macquarie University.

Taste of the Aegean: Meet the Greek foodies bringing flavour to Antipodes 2025

This year’s Antipodes Festival is celebrating Greek culture and food with 'Taste of the Aegean,' proudly supported by The Greek Herald.

Inner West Hawks FC kick off 2025 season with memorable launch event

The Inner West Hawks FC officially launched their 2025 season with a vibrant celebration at Club Five Dock RSL on Wednesday, February 12.

You May Also Like

Australia’s business and community leaders unite to condemn anti-Semitism

More than 600 of Australia’s business, political, sporting and community leaders have signed a statement to reject hatred and discrimination.

The Greek Herald’s top 12 reads for 2023

We’re coming to the end of another year and reflect on fantastic community stories which have captured The Greek Herald’s readers in 2023.

Greek community members honoured at name day celebration of Archbishop Makarios of Australia

Members of the Greek community of Australia were honoured at the name day of Archbishop Makarios of Australia in Sydney.