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The Gold Coast Titans face their biggest challenge since entering the National Rugby League in 2007. Next month the team’s property arm will face a bankruptcy application after the Federal Court allowed one its creditors to replace the Australian Tax Office as a new plaintiff against the $35 million debt laden group of companies.
As it emerged debts on the Titans group of companies has blown out to $35 million, the club suffered a further setback when a Federal Court judge today supported Reed Constructions' claim to replace the Australian Tax Office in wind-up proceedings against the Gold Coast Titans (Property) Pty Ltd. Courier Mail
The National Rugby League boss, David Gallop, is determined to keep the Titans in operation. There have been a number of clubs in similar dire situations where the NRL successfully waved its magic wand and staved off disruptive team exits; but not always.
We are working through the options around that but there needs to be an acceptance that the various arms of the group's business are intertwined in terms of the level of debt and that will have ramifications as future options are explored. David Gallop CEO, NRL