THE South Tweed Sports board and management this week announced a new partnership with the Commonwealth Bank.
The new deal includes refinancing its current loan and managing the club’s day-to-day operational and investment banking.
Club members were advised at annual general meeting in November last year that the existing loan with Perpetual Trustees would end this September after a 12-year relationship.
The global financial crisis and subsequent Federal Government bank guarantee of savings accounts left Perpetual with significant fund withdrawals and Perpetual elected to close its mortgage funds, according to club CEO Gordon Rhodes.
Board chairman Charles Thygesen said the board set the goal of refinancing by July this year and was pleased that this had occurred earlier.
“We had accepted the CBA’s letter of offer in early April (subject only to a valuation), however the valuer was delayed in commencing his work and so delayed this announcement,” he said.
“We trust this announcement will end any speculation to the club’s future immediately.”
Mr Rhodes welcomed the announcement.
“The club has worked hard to reduce our debt in the past 12 months and with a new agreement we can all look to the future with renewed enthusiasm,” he said.
