Perth Glory sale collapses

A deal to pluck Perth Glory Football Club out of receivership has collapsed after the Victorian consortium eyeing the club failed to meet certain conditions. 

It comes after the Australian Professional Leagues (APL) picked the Primeland consortium, led by Victorian property developer Primeland Group, to buy Glory out of receivership under KordaMentha.  

Primeland consortium, headed by Robert Brij, and new chairman-elect John Nekic, was selected four months after the APL appointed receivers in a bid to find new owners. 

The licensing deal was announced in July, and was expected to have been concluded within 10 weeks.

That was after Perth entrepreneur Tony Sage relinquished ownership of Perth Glory after 15 years, after a tumultuous period for the club racking up big losses.

“The Prime Land group-led consortium were unable to satisfy certain conditions precedent to the sale transaction, and the sale agreement has been terminated by the receivers, KordaMentha,” APL said.

“KordaMentha are continuing to work closely with the Australian Professional Leagues and will re-engage with other interested parties to secure a buyer for the club.”

The initial sales process was understood to have attracted multiple bids, with the price believed to be north of $20 million dollars.

Glory chief executive Anthony Radich said he was confident that the resumption of the sale process would yield a positive outcome.

"Although this news is disappointing, this development is completely out of our control as a club," he said in a statement.

"While not being privy to the exact details behind KordaMentha’s decision, we have complete confidence in their handling of the sale process and trust that they and APL have acted and continue to act, in the very best interests of the club.

"We are heartened by the fact that multiple bidders expressed their interest in buying the club during the sale process and remain optimistic that a new prospective purchaser will identified in the near future.

"We would like to thank our Members, fans, corporates, players and staff for their continued support throughout this sales process period."