Steelers Club approves $2.6 million bailout

Steelers Club members have given unanimous approval to a $2.6 million property lifeline to clear debts to the St George Leagues Club.The bailout was voted in unopposed at an extraordinary general meeting of the Illawarra District Rugby League Club last night.The move gives WIN Corporation father and son owners Bruce and Andrew Gordon a 20 per cent interest in the property owned by the club, including all building, structures, car park and plant contained within any building at 1-5 Burelli St. "This continues a long association we have had with WIN and with the Gordon family, who have been magnificent supporters of our club," Steelers board chairman and Clubs NSW president Peter Newell said. "It means ... if we were to, for example, sell (the land or building) down the track they would have a 20 per cent stake in it."The vote went to club members at the recommendation of Steelers' nine-member board of directors.The deal will allow the club to clear a $2.6 million debt owed to St George since 1999, the early days of the St George Illawarra Dragons joint venture. WIN Corporation paid the bulk of the Steelers' $8.2 million debt to St George in 2006.The club's property, plant and equipment was valued at almost $15 million, according to the 2007 financial report.The club reported a $962,169 loss in 2007. "It was a resounding endorsement of the decision to go ahead," Mr Newell told the Mercury.

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