The money owed by Sydney Olympic FC to companies controlled by its directors, including Bill Papas’ Forum Group, has ballooned to $3.5 million, raising further questions about the financial future of the 64-year-old community football club.
The Australian Financial Review can reveal that Sydney Olympic owed Forum Group $2.18 million as of June 30, 2020. A further $1.37 million was owed to Titan Cranes, the business operated by the last remaining Sydney Olympic director, Damon Hanlin.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
