The NSW Leagues' Club Board yesterday (Monday) passed a resolution to close their Phillip Street licensed operation on 31 October, 2015. The Club would have been required to close in June 2016 on the expiry of its lease of the premises.
Chairman Dr George Peponis said the decision to close the premises eight months ahead of the lease expiry was made in the best interests of all stakeholders after a comprehensive financial review by highly regarded registered club analysts, Russell Corporate Advisory.
"We are closing the premises, not the club and the name," said Peponis.
"With respect to the members and staff, the most responsible thing to do is to close and to stop the Club's losses while we continue to look at options for the future of the Club.
"Amalgamation will be among the options considered."