Brian Mackney says that after a recent community meeting, everyone present was prepared to dig deep to see the club continue and change. Photo Jeff ‘Clubbing Since 1908’ Dawson

The Banglalow community has pitched in $110,000 to save the town’s club, but more is needed.

The announcement comes after a group of more than eighty people attended an upbeat meeting in the A&I Hall on Wednesday night. Spokesman for the club rescue group, Brian Mackney, said it was heartening to see the solid level of support from the community who are determined not to see their 102-year-old club slip into liquidation.

He says the community made three very strong points at the meeting. ‘They want to retain their club, they want their club to change, and they are prepared to dig deep to see that happen.’

On January 13 this year an administrator was appointed to the club at the request of the club’s directors who were concerned about the club’s diminishing liquidity. 

In a notice to creditors, the administrator Mr John Vouris advised that following initial investigations they would report on the options available to them under the Corporations Act 2001. Mr Mackney says that earlier in the week, the club rescue group unveiled plans to the administrator demonstrating that sale of the club’s assets was unnecessary. A detailed submission to the administrator is required by February 13.

‘With strong community support, good management and professionally based business practices, the club could quickly turn its fortunes around,’ he said.
‘Local accountant John Hudson outlined that the group aims to raise $300,000 through the sale of secured debenture stocks to clear the existing outstanding creditors, pay off the bank and the administrator’s costs and set the club on a new path for its members and the community.’

Mr Vouris told ABC radio on Friday that he was pleased about the robust community meeting and the pledges made.

He explained that secured debenture stock is like a loan to the club by private benefactors and would need to be repaid with interest.

The group will finalise their submission to the administrator over the coming week and encourages anyone who wasn’t able to attend the meeting or who wishes to participate in the debenture issue or by other means to contact John at Hudson Management Services in Bangalow on 6687 2960.   

Asked why the club fell into administration, Mr Mackney told The Echo, ‘Clubs across the country have struggled through changing demographics and so forth.
‘They need to re-invent themselves, and this is no different from any other club.’

‘We’re on a tight time frame,’ says Mr Mackney.

The administrators will be reconvening on February 21.