Tensions over the future of the Victorian rugby union club escalated dramatically on Thursday when Rugby Australia fired off a letter to PwC.
Already a subscriber?Rugby Australia has told the Melbourne Rebels’ administrators it will vote against salvaging the struggling rugby union club at a creditors meeting, claiming an independent report by PwC misled creditors and was biased towards its former directors.
Rugby Australia told PwC that as a result, it would vote against a deed of company arrangement proposal, which will be put to creditors on Friday.The Australian Financial Review Rugby Australia’s assertions are likely to be disputed by PwC, which last week recommended the Rebels be rescued under a DOCA on the basis it would give employees all their money back and unsecured creditors at up to 30¢ of every $1 owed if certain conditions are met.
One of the main concerns outlined to PwC by Rugby Australia is the absence of analysis of its counter-claims against the directors or the governing body’s claims against the Rebels.PwC declined to comment, but PwC partner Stephen Longley said in his report he did not have sufficient funding to investigate or obtain legal advice on claims made against Rugby Australia and the Rebels’ former directors.
One senior government source, not authorised to speak publicly, confirmed Victorian Sports Minister Steve Dimopoulos phoned Rugby Australia chair Daniel Herbert late last week to discuss the implications of hosting the Rugby World Cup final at the MCG in 2027 if there was no Victorian team in Super Rugby.
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