Collingwood Football Club star Scott Pendlebury has filed a lawsuit against former financial adviser Jason Sourasis, alleging misappropriation of more than $2 million. The legal action, lodged in the Supreme Court of Victoria, claims that Pendlebury’s finances were mishandled during Sourasis’s tenure as his adviser.
Pendlebury, 37, discovered in February 2023 that a total of $2,148,900 had been withdrawn from his investment account without his knowledge or authorization. Sourasis, who had been managing Pendlebury’s finances since 2013, allegedly transferred the funds to accounts associated with his own business ventures.
Details of the Allegations
The lawsuit outlines over 50 transactions dating back to 2015, with individual withdrawals reaching as high as $305,000. According to the court documents, much of the money was transferred to entities linked to Western United FC, a club that Sourasis previously managed before its financial collapse.
Pendlebury’s legal team also claims that Sourasis owes the footballer an additional $300,000 for a personal loan, which was supposedly due for repayment within a day. Pendlebury agreed to extend this loan for up to 12 months at a hefty interest rate of 50 percent per annum, yet it remains unpaid.
Sourasis has publicly denied the allegations, stating, “The allegations are vehemently denied. As a legal process has been started, we can’t make any further comments at this stage,” in an interview with the Australian Broadcasting Corporation (ABC).
Financial Mismanagement and Club Collapse
The court documents reveal that many of the alleged misappropriations involved transfers from Pendlebury’s Macquarie account to accounts marked as investments in Western Melbourne Group (WMG) and Jaszac Investments, both associated with Sourasis. Notably, some transactions were described in relation to property developments linked to Western United’s stadium project.
In August, the Federal Court ordered the liquidation of WMG Football Club, which held the Western United licence. Although the club is currently in “conditional hibernation” and will not participate in the upcoming 2025-26 season, it has appealed the ruling. A hearing regarding this appeal is scheduled for December 2023.
The unfolding legal battle not only highlights issues of financial oversight but also raises questions about the trust placed in financial advisers by high-profile athletes. Pendlebury’s case could serve as a cautionary tale for others in the sporting world.
The outcome of this lawsuit could have significant implications, both financially for Pendlebury and reputationally for Sourasis, as further details emerge in the coming months.
