Penrith. Panthers to sell 12 clubs

The Panthers Group has resolved to sell 12 clubs regarded as “not core property” to ride itself of an $80 million debt, according to The Sunday Telegraph. The Panthers annual report noted the key reason behind the proposed sale of assets was $63 million loan that Panthers has to repay by June next year. Panthers posted losses of $61 million over the past eight years, including $9.5 million last year.

Penrith. $800 million proposal

Penrith City Council has resolved that an $800 million entertainment and business park proposal on the 50-hectare Penrith Panthers site be forward to the Department of Planning for pubic exhibition. If approved, the plan is estimated to create more than 4000 construction jobs and more than 3000 ongoing positions. The Penrith Chamber of Commerce and the Penrith City Centre Association are concerned about the proposal’s effect on business elsewhere in the city, according to the Penrith City Star.

Penrith. Panthers in trouble

Panthers, Australia’s largest licensed club empire, with a total of 14 clubs in NSW and a membership of more than 140,000, is expected to report a loss of $11 million at its upcoming annual general meeting.