Page 13: Members claim Kooyong Tennis Club committee not upfront on missing millions

It’s a case of Kooyong Cluedo at the historic club, with members claiming the committee is “not being candid or upfront” and “heads must roll.”

The president says he is ‘aware’ of concerns raised by members at the recent AGM. Picture: Mark Stewart

It’s an intriguing case of Kooyong Kluedo at the prestigious tennis club on Glenferrie Rd as members look for answers over their missing millions.

Members at the Kooyong Tennis Club say they are still being kept in the dark after Page 13 revealed more than a month ago that an external review was underway over a $2.5 million loss in revenue.

Some staff have resigned and are now overseas while club president Adam Cossar continues to insist no funds have been “misappropriated.”

All this while Page 13 has ascertained the auditors are forensically examining unexplained losses in the club’s dining and function areas.

The prez says the food and beverage issue has led to an overall loss of more than $960,000 for the year.

This has come about in spite of an increase in memberships and a $980,000 profit the previous year.

Page 13 served it up to the president after it became clear food and beverage went from a profit of some $330,000 for the 2022 financial year to a loss of $2.48 million this year.

Club president Adam Cossar continues to insist no funds have been “misappropriated.” Picture: AAP

The accounts show food costs jumping 155 per cent to $4.18 million, while food revenue increased by 43 per cent to $6.29 million with staff costs soaring by 77 per cent to $2.5 million.

The president says he is “aware” of concerns raised by members at the recent AGM but members who have reached out to Page 13 are hitting the covers off with their complaints.

Members say the club’s committee is “not being candid or upfront” and “heads must roll.”

Founded in 1892, the club is known as the “spiritual home of tennis” and considered one of the world’s elite tennis clubs.

Members include former federal treasurer Josh Frydenberg and tennis greats Paul McNamee and Lleyton Hewitt.

Cossar sent a letter to members after Page 13 broke the story, saying an accounting firm would “work closely with the Board, the Finance audit & Risk Committee and the CEO and management team on an agreed scope of services

“The outcomes and recommendations of this review will be communicated to members once available.”

But accusations like “inventory scam” and “botched invoicing to suppliers” are being heard about what’s been dubbed the “racquet racket.”

Claims are also being made about an “exclusive waiting list,” with prospective members paying “a waiting fee.”

“Filthy-rich” candidates are lobbing in with up to $25,000 to jump the queue, according to some members who have spoken to Page 13.

Anyone for tennis?