THE ARL Commission has warned Gold Coast managing director and majority owner Michael Searle that a major restructure of the club – including the likely dilution of his role within the organisation – would need to take place if the game’s governing body is to save the Titans with a financial bail-out.
The warning came yesterday after Searle said he had taken legal advice and placed the Gold Coast Titans Property Trust (Pty Ltd) – a separate entity to the football club – into voluntary administration.
By placing the property arm in administration, Searle has headed off Federal Court proceedings, scheduled to begin in Brisbane today to have the property trust wound up so that Reed Group, the construction company that finished the $20 million Centre of Excellence adjacent to Skilled Park, can be paid the $1.04 million it claims it is owed.
Searle sold the five-storey building, which carried the vast majority of the Titans’ debt, last week to finance company Handling Solutions.
However, Searle insisted voluntary administration would allow creditors to receive far greater return on monies owing than if the Trust went into liquidation.
“We are aiming for the best possible outcome for the creditors in these most difficult of…