URGENT UPDATE: Liquidators are poised to be appointed to the troubled Western Melbourne Group (WMG), associated with AFL star Scott Pendlebury, as early as Thursday, October 5, 2023. This shocking development threatens to unravel a major sporting and entertainment complex planned for Melbourne’s western suburbs, leaving investors in disarray.
Pendlebury has launched legal action in the Supreme Court of Victoria against his former manager, Jason Sourasis, alleging he misappropriated $2.2 million of Pendlebury’s money, much of which was intended for WMG. This legal battle adds a dramatic layer to the impending liquidation, with $75 million invested by Pendlebury and numerous other stakeholders now at risk.
The Australian Taxation Office is pushing for the liquidation due to WMG’s staggering tax debts exceeding $10 million. Sources close to the case indicate that without a financial lifeline by 10am on Thursday, WMG will face immediate liquidation at a Federal Court hearing. Pendlebury’s claims are part of a series of allegations against Sourasis, who has rejected the accusations, asserting he acted with Pendlebury’s consent.
The fallout extends beyond Pendlebury; a host of other sporting luminaries, including Adam Goodes, Dyson Heppell, and Thanasi Kokkinakis, are also at stake. As the clock ticks down, these investors hope to raise additional funds to stave off the collapse. However, efforts to generate the necessary cash have fallen short.
In an alarming twist, the future of Western United, the A-League club associated with WMG, hangs in the balance. The club is currently in hibernation for the 2026 season due to financial difficulties. Should WMG collapse, the football license could be transferred to a new entity, intensifying discussions among Melbourne’s business elite about potential takeovers and revivals.
As the situation unfolds, Pendlebury’s civil claim against Sourasis is set for its first hearing on Friday, October 6, 2023, where a timeline for the case will be established. Investors facing financial losses are bracing for a challenging outcome as the full extent of Sourasis’ financial turmoil is becoming apparent, with reports of widespread losses across his business ventures.
With critical court decisions looming, the urgency for WMG’s investors grows more palpable by the minute. Will they secure the funds needed to avoid liquidation, or will the clock run out on this ambitious project? Stay tuned for live updates as this story develops.
