Rebels not so super
It’s a more imminent affair for those owed money by failed Super Rugby club Melbourne Rebels, with creditors said to be owed a whopping $20m-odd set to gather on Thursday to hear from administrators PwC, which is now running things.
Rugby Australia, which was being assisted on the affairs of the club by insolvency expert Morgan Kelly from EY, is believed to have called in PwC, with the call ultimately made last week by Rebels director Owain Stone, who is also the finance director of Rugby Union Victoria.
At noon last Thursday, Rebels directors Neil Hay, Lyndsey Cattermole and Stone met with PwC reps before the appointment paperwork to make it all official was signed
Like in most collapses, the Australian Taxation Office is a significant creditor, with the Melbourne Olympic Parks Trust, which runs AAMI Park where the Rebels are based, also expected to be owed a significant amount, with any loss to be ultimately borne by the Victorian taxpayer.
There are several other suppliers to the Rebels that hold security over club assets, including billionaire Kerry Stokes’s Coates Hire, which is controlled by his Seven Group.
There are also several Rebels directors, including so-called angel investor Cattermole, who is a former director of Myer and Treasury Wines, who have committed funding to the club. Ouch.