Dear members,
We are writing to inform you that the club has today reached an agreement to sell the Bentleigh Club to established local property developer, Metro, for $23.7 million.
The proceeds of the sale will allow the club to establish a future fund, which will secure the long-term future of Melbourne and replace the income currently generated by gaming assets.
At a time when we are experiencing great success on the field, the sale of the Bentleigh Club highlights our strength and stability off the field too.
Financially, we are in the strongest position we have ever been in our long history as a club and this is a crucial step in solidifying this financial security.
The club is debt free and now in a position to future proof itself.
The establishment of a future fund will ultimately secure the club’s long-term financial viability. It is important that members understand that the future fund will be invested to create a balance of long-term asset growth and to produce a reliable income stream. The income generated by the future fund, which replaces the income previously generated by gaming, is the only part of the fund that will be available for the club to utilise for operational costs.
The investment of the future fund will be overseen by the club’s Investment Sub-Committee and all recommendations will require sign off by the Board.
The sale of the Bentleigh Club is the most significant financial transaction in the club’s history. It is important to acknowledge the past Melbourne Boards and Administrators who formed the initial partnership with the Bentleigh Club, which eventually evolved into the club acquiring the venue freehold in 2011.
Without the vision of these great Melbourne leaders, we would not be in the position we are in today.
The Bentleigh Club will remain fully operational until August 2022, with the sale officially settling after that date.
We would like to take this opportunity to thank you for your support and commitment to the Dees. We could not be where we are without the ongoing support and loyalty of our members and supporters.
It is certainly an exciting time to be a Dees supporter and we hope you are as proud as we are to see our club achieving great success. The Board and management are committed to growing the club into the best version of itself both on and off the field and today is a significant step in this process.
On-field we have one last challenge ahead of us in just over a week’s time and we’re excited to see what our boys can do on the last Saturday in September.
Finally, we would also like to thank the Stonebridge Property Group and Charter Keck Cramer for their support throughout the sales process.
Go Dees!
Kate Roffey Gary Pert
President Chief Executive Officer
