‘Asset grab’: War erupts over RSL takeover
A proposed merger between two prominent RSL clubs in elite Sydney suburbs has been criticized as an “asset grab” due to a vastly undervalued property, just before a member vote this weekend.
A bitter dispute has broken out over the proposed merger of two RSL clubs located in some of Sydney’s most prestigious areas. After months of intense internal lobbying by vocal executives and board members of Paddington RSL, the club’s 1,700 members will vote on Sunday on a merger that has divided the community and threatens the club’s future.
On Wednesday, Josh Farquhar, chairman of North Bondi RSL, a third Sydney community club, condemned the Coogee Diggers' proposal as an “asset grab.” He disclosed that Paddington RSL’s board had been given an alternative rescue plan from North Bondi that seemingly had not been shared with members.
“Our club presented Paddington RSL with a rescue plan earlier this year following an approach from concerned former armed services veterans attached to the Paddington RSL sub-branch.”
Farquhar explained that the plan guarantees the club’s independence, aims to restore profitability through financial and practical assistance, preserves the Paddington/Woollahra RSL veteran sub-branch, and does not put the club’s main asset—its Oxford Street building at Paddington—at risk.
Importantly, the North Bondi proposal does not suggest a merger.
Author's summary
The proposed RSL club merger sparks fierce opposition, with an alternative plan offering financial rescue while preserving independence and key assets without merging.