Norths Collective (formerly North Sydney Leagues Club) has rejected the Bangalow Advisory Committee’s (BAC) offer to buy back the Bangalow Bowlo at the 2022 ‘bail out’ price of $680,000.
A spokesperson for the Save Bangalow Bowlo Steering Committee (SBBSC), a group representing the interests of the wider community, said the offer was framed in response to sentiments expressed in the Community Stakeholder Survey conducted in January.
‘There is a widely held view in the community that any repurchase price should align with that original stabilisation amount, rather than extend beyond it,’ said Sally Schofield of Save Bangalow Bowlo.
$2 million price tag
Norths has advised that a buy-back by BAC remains possible at a figure of $2 million.
‘With the buy-back price set at $2 million, the BAC has now resumed negotiations with Norths on the pathway to community ownership option, the community’s second preferred option,’ said a BAC spokesperson.
Under this process, the legal title to the Bowlo property would transfer back to a Bangalow-based registered club entity, while Norths would retain a no-repayment 25-year mortgage over the property. The terms and structure of this option are currently being clarified between Norths and BAC.
Once approved, a deamalgamation process would need to be undertaken to transfer the property, licences and other requirements back to a registered Bangalow Club entity.
Negotiations continue
‘The Save Bangalow Bowlo Steering Committee is committed to keeping the Bangalow community informed about the status of negotiations, the process to “get the club back” and the proposed dates of forthcoming Norths board meetings,’ said a spokesperson.
For more information email: [email protected] or see their social media.
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