Embattled Brisbane Club rocked as two board members resign amid financial crisis

The Brisbane Club has lost two board members in 12 months as the elite private establishment faces potential closure amid a financial crisis.

The 122-year-old Brisbane Club is in crisis.

The embattled Brisbane Club has lost an unprecedented two board members within 12 months as it grapples with financial instability and declining membership.

The 1903-established elite private club in Adelaide Street has had only four board members resign in its entire 122-year history, records show.

Members are appointed to the eight-person board – known as the principal committee – for an eight-year term, progressively moving up the ranks to become president for a year, and finally immediate past president.

The Courier-Mail can confirm Kevin Boyle, a director at wealth management firm JBWere, resigned in September this year, while Rowena McNally, an experienced board director of more than 20 years, quit last November.

Neither My Boyle nor Ms McNally are suggested to have contributed to the fiscal or alleged governance troubles at the club, and their association with The Brisbane Club is not included in their LinkedIn profiles.

Both have been contacted for comment.

The club has also been rocked by unrelated allegations of “tawdry rumours” involving the personal and professional conduct of prominent club members.

The Courier-Mail does not suggest the rumours are true or that they relate to Mr Boyle or Ms McNally or their resignations.

On Saturday, The Courier-Mail exclusively revealed the club’s dire state of affairs.

Sources claim the club could be forced to close, with a $32m cash injection from the 2021 sale of its CBD freehold title having been eroded, year on year, to $22.5m currently.

Annual reports also show the club posted a net loss of $1.2m this year.

Its food and beverage division runs at yearly losses of up to $1.7m while leasing back the office tower space costs around $1m.

Crucially, the number of full-fee paying members has almost halved in a decade to 544, as of March this year.

Insiders say up to 50 more members left after annual fees were jacked up by 30 per cent last month to $3500.

The club has also been hit by massive staff turnover and allegations of a “highly irregular” governance structure that includes past presidents receiving free life memberships equating to around $100,000 in unrealised revenue.

Following Saturday’s article, club president Chris McCluskey emailed members to address the claims about club’s governance and finances, and said its financial position was “secure”.

Mr McCluskey said: “The principal committee continues to implement a measured, transparent strategy to improve the club’s operations and member engagement.

“The claims in today’s article appear to be rooted in unfounded, vicious rumours.”