Billionaire emerges as potential white knight to save beleaguered A-League club

Property tycoon and billionaire Harry Stamoulis has emerged as a potential white knight to save Western United as he mulls a bid to buy the embattled A-League soccer club.

Two sources aware of the situation confirmed the property magnate had expressed interest in buying Western United, which faces an uncertain future amid financial troubles and a recent council rejection of updated plans for a stadium and residential precinct in Tarneit that was central to the club’s future.

The sources, speaking anonymously because they were not authorised to discuss the matter publicly, said Stamoulis was potentially interested in stepping in without being entangled in the development in Sayers Road, Tarneit.

Unless an urgent rescue is completed within the coming weeks, there are concerns the club could collapse, disrupting one of the largest elite soccer pathways in Victoria.

The Sayers Road site was seen to be fundamental to the long-term future of Western United. The club set up on the basis that it would be financially supported by the development of a sporting, entertainment, health and retail precinct that would also house the A-League team.

But Wyndham City Council earlier this month rejected a proposal from Western Melbourne Group, the club’s parent company, to alter its development agreement for the area.

Discussions over recent months, the sources said, had involved a change of ownership if there was broader support among stakeholders for a rescue deal.

They said Stamoulis’ team had undertaken due diligence into the viability of a long-term investment, which could include establishing new relationships with international clubs and universities in the United States if the acquisition proceeded.

Stamoulis has amassed a portfolio of buildings in Melbourne’s CBD over the past decade. He and his family were ranked No. 138 on this year’s Australian Financial Review Rich List, with their wealth listed at $1.2 billion.

The club and project were initially overseen by controversial sporting entrepreneur, former player manager and financial adviser Jason Sourasis, who has since been battling legal claims from former clients including Collingwood star Scott Pendlebury that he mismanaged their investments.

Sourasis denies the allegations and is defending the claims.

Last month receivers took control of the parent company in charge of Western United, a 7000-member club that was in hibernation last season due to its financial issues.

Football Australia had already rejected its licence application for next season – a decision the club was planning to appeal – and Western United received a wind-up action in April, lodged by security company Dominance Enterprises.

In a statement, Western United said it “remains committed to securing the long-term future of the club, its academy and the hundreds of players, families and supporters who rely on it.

“While recent developments have created uncertainty around the broader project, the club’s focus remains unchanged: ensuring football continues to thrive in Melbourne’s west and that young players continue to have access to pathways into elite football,” it said late last month.

“The club acknowledges the significant interest from stakeholders, community members and football supporters regarding its future and wishes to reassure all involved that work is continuing behind the scenes to identify the strongest possible pathway forward.

“The club will continue discussions with the Australian Professional Leagues (APL), Wyndham City Council and other key stakeholders regarding a long-term solution for professional football in Melbourne’s west.”

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