TITANS FACE COURT IN BRISBANE

Written on the 28 March 2012

TITANS FACE COURT IN BRISBANE

THE financially-stricken Gold Coast Titans’ off-field dramas continue today in Brisbane’s Federal Court.

Contractor Reed Constructions will attempt to wind up orders for the Titans’ property arm which were started, but withdrawn by the Australian Tax Office last week.

A report by external accountants appointed by the National Rugby League Independent Commission has found the football club is tied into the debt predicament which boss Michael Searle (pictured) claims is confined to its property arm.

Most of the reported $35 million debt relates to the Centre of Excellence at Robina and Searle will try to sell that asset to pay it off.
Reed believes it is owed $1.046 million on the centre.

Plastering company Clipstar has also reportedly engaged lawyers to seek a $336,000 debt for work on the centre.

 

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