Phil Gould wants Penrith Panthers to be debt free in three years

BUZZ V GUS II: Phil Gould reveals the Panthers are still $55 million in debt but have assets worth $260 million, and aim to be debt free in three years.

Gus shows Buzz a glimpse of where he wants the Panthers to go. Photo: Brett Costello

WHEN Gould started in 2011 the club was $112m in debt and on the verge of closing their doors.

“The club was in such a state we shouldn’t have been in professional football,” Gould said.

“When I came it was a much bigger job than just the football. We got a new board, new management and we’re extremely proud of where we stand at the moment.

“We wanted to be a source of inspiration and aspiration for the people of western Sydney.

“If it’s not as big and strong and as recognisable as the Broncos are in Brisbane, what are we in it for.

“Memberships, crowds are and sponsorship is up. All corporate areas at the stadium are sold out.”

WHEN BUZZ MET GUS

GUS EXLAINS HIS ISSUE WITH THE NRL

Gus shows Buzz a glimpse of where he wants the Panthers to go. Photo: Brett Costello

Gus borrowed $10 million from his great mate James Packer and refinanced when the club nearly folded.

The Panthers are still $55 million in debt but have assets worth $260 million.

The aim is to be debt free in three years with $300 million of assets.

They made a profit last year of $26 million.

The next ventures are an 860-unit development, a $20 million multi-level carpark, and 250 aged-care units next to Panthers leagues Club on the 200 acres they own.