News Articles
2 December 2000
NORTH SYDNEY players still owed a combined $2 million after the club collapsed financially are poised to be offered a compromise deal.
The out-of-pocket players include David Fairleigh, Glenn Morrison and Scott Pethybridge.
It is understood the Cammeray-based North Sydney Leagues Club is working to obtain money to pay out players still waiting for final payments.
Norths need a multi-million sum to make creditors an offer and a large portion of that money is expected to come from initiatives put forward by the leagues club.
"The club needs to stand on its own two feet," said Graham Campbell, the adminstrator's (Max Donnelly) representative from chartered accountants Ferrier Hodgson.
"If accepted, it would put North Sydney Football Club in control of its own destiny.
"The administrator was necessary but the time has come for matters to move on.
"We are hoping to make an offer to creditors which they will accept.
"The alternative will be the administrator stays in place for four to five years to complete payments to creditors."
It is not yet known how many cents in the dollar the creditors -- which include players, banks and trade suppliers -- will be offered.
There were rumours late yesterday that Norths, once financially stable, would attempt to stand alone in the NRL and divorce themselves from the Northern Eagles.
But Campbell said: "They are committed to the joint venture."
But North Sydney Leagues Club is still recovering financially from a concert where some say it lost more than $100,000. Called Heat Wave 2000, it boasted bands including Killing Heidi and The Whitlams.
The concert was in no way linked with Norths Football Club. Tickets for the concert were $50 but only 5500 people attended in the 20,000-seat NorthPower Stadium.
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