January 17, 2020 Paul Courts
GOVERNMENT action and a homeless industry are prospects as the long-running Globe Derby land sale saga reaches another level.
As of this morning ASIC has moved to “strike-off” the club’s development company GIC Globe Derby, along with other names associated with the developer.
Given today’s ASIC movement, and a creditor owning the title, the club is unlikely to be in possession of the money or the land.
Last October “Notice of Possession” signs were posted on the land by the developer’s creditor, however, club President Richard Miller assured participants the matter was not as dire as it seemed while stating the club will receive the owed funds before the end of the month.
With the money unpaid in mid November, Miller declared the committee was expecting the balance before the end of 2019.
“We are expecting to get settlement in the next few weeks,” Miller said. “Last December was the timing we were working to but it has dragged on.
“We have gotten some of it during the past month, but there is still money owing which we are hoping to get the balance of before Christmas.”
Alarmingly recently-appointed club President Anne Mowday claimed she is unaware of the ASIC situation and is still offering the well-played club line “the money will be paid”.
“Nothing is different to what it’s been all along,” Mowday said. “The club was supposed to be paid by mid January and is harassing the developer to get a fixed date for it.
“As you and everyone else knows, he has been slow getting things moving along, so the club is harassing to get a fixed date for final payment, but we expect to receive the outstanding funds.
“Our lawyer has been talking to him in last 48 hours and that’s the first I’ve heard of it (ASIC).”
The club’s lawyer Lisa Harrington simply replied with “I don’t have any instructions to disclose that with you” when asked if the money will be paid and if the ASIC situation is a concern.
Industry-wise, the prospect of the club’s problems leaving harness racing in South Australia without a home is a concern.
Having found itself millions of dollars in debt, the South Australian Harness Racing Club committee elected to sell a portion of its unused land to raise money.
As such a section was sold to a developer with the proceeds to reduce the club’s deficit.
“The sale will all but wipe it out, but to a manageable level,” Miller said.
Subsequent operating losses have resulted in the debt growing, with club’s report for the 2018/19 financial year showing a deficit of $1.5million.