Club RydeX poised to exit administration
Club RydeX could be free from administration in a few months after the man running the club said he was hopeful a $6 million loan would soon be finalised.
The Hills
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Club RydeX could be free from administration in a few months after the man running the club said he was hopeful a $6 million loan would soon be finalised.
Administrator Greg Russell said he expected the loan – which members voted for in August – to be in place before the end of March.
Mr Russell would then call an election of a new board, and hand control to that group.
The club entered voluntary administration in January last year.
The Victoria Rd organisation, which began as the Ryde Ex-servicemans Club provides dining, sports and social groups.
In recent years, however, it had been haemorrhaging money which led to a proposal to sell the site for redevelopment. This triggered legal proceedings challenging the way in which the proposal was put to members. Some members argued the resolution was not valid.
The club has debts of about $3.9 million and an independent lender is providing a loan to keep the club solvent, according to Mr Russell. This will allow the new board to pursue another development plan or other scheme.
RSL sub-branch vice president Tony Bonvino said he was eager for the administration period to end so that ” we can sit down and develop a plan the future”.
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