A League 2024/25: Central Coast Mariners owner Richard Peil has quit following financial strain

Richard Peil has quit the Central Coast Mariners, with drastic funding cuts made by the governing body making it impossible for him to keep the club afloat from his own pocket.

Mariners coach Mark Jackson with Richard Peil. Picture: Scott Gardiner/Getty Images

Owner Richard Peil has stepped away from the Central Coast Mariners with drastic funding cuts made by the governing body making it impossible for him to keep the club afloat from his own pocket.

Peil said he had already poured close to $7 million into the club over the past two seasons.

Peil announced his decision on Saturday afternoon – just a week out from the 2024/25 season kicking off.

The owner has been vocal about the difficulties of keeping an A-League’s club going amid the issues inherited by the current Australian Professional Leagues from previous management.

It was the need for the APL to claw back funds that lead to drastic cost cutting measures during the off-season including slashing the central distribution funds from $2 million to just $530,000.

Harry Steele with Peil during following this year’s semi-final. Picture: Scott Gardiner/Getty Images

“There are multiple factors behind why I felt I had no choice but to make this decision,” Peil said via a statement.

“But the quick explanation is it has become extremely financially challenging for small clubs to survive following the recent cuts to funding from the A-Leagues.

“When I took over the club, funding from the APL was $2.35 million per year.

“This was reduced to $2 million last season, and now for this season has gone down to just $530k.

“This drastic slashing has made it tough for me to improve the financial performance of the club to a position that’s sustainable for me to continue to fund solely by myself. It has also made it impossible for me to achieve the ‘milestones’ Mike and I agreed on nearly three years ago, that would have given me the right to purchase 50 per cent of the club at the end of the coming season.

“I do want to point out that the current APL Board and upper management, in particular Stephen Conroy (A-Leagues Chair) and Gino Marra (Macarthur FC Chair), are doing an incredible job fighting to restore the A-Leagues, and I believe they will get there.

“However, it’s not going to get there in a timeline that my financial position can accommodate.

“So it’s with a very heavy heart that my time at the helm of the club comes to end.”

Mariners players lift the team’s silverware in May. Picture: Scott Gardiner/Getty Images

A-League’s Commissioner Nick Garcia said the Mariners have had great success under Peil’s leadership and wished him the best.

“We are in regular dialogue with the Mariners’ owner and management, and will continue to work with the club through this transition,” Garcia said.

“At this point everyone at the Mariners is focussed on a strong start to the season and securing three points in their opening game of the Isuzu UTE A-League, this Friday.”

Peil has handed control of the club to Mike Charlesworth - the previous owner of the club.

Charlesworth announced in 2020 that he wanted to step back from the club and was looking for a new investor.

Despite the club being the least funded in the A-Leagues they have been incredibly successful - winning back to back titles, including claiming three trophies last season.

Peil said the club was still in a viable position with membership numbers the highest in the club’s history, sponsors locked in, academy producing top talent and improved infrastructure.

Charlesworth is yet to declare whether he plans to keep the club or put it on the market again.

APL managed to offload Perth Glory, after the owner handed back the licence, for $1 last season. And Newcastle Jets also underwent a change in ownership.

Originally published as A League 2024/25: Central Coast Mariners owner Richard Peil has quit following financial strain