Club Glass House looking to transfer major assets to avoid insolvency
By Kirra Livingstone
CLUB Glass House faces imminent closure unless members approve a last-ditch rescue deal that would see the financially struggling venue taken over by the Caboolture Sports Club.
The longstanding dining and sports venue has announced it is no longer financially sustainable and is seeking urgent support to continue operations.
In a letter sent to members on April 22, club president Gary Gray said that without immediate financial assistance, the club would be forced to cease trading.
“Nobody wants to hear this news but we cannot avoid the facts,” Mr Gray said.
“Our most recent annual report revealed some concerns in our financial figures, including a loss for the year and an admission that we had plateaued in growth.
This comes at a time when inflation is adding to ever-increasing costs.”
After further investigations, the club has opened discussions with Caboolture Sports Club, which has proposed acquiring Club Glass House to keep it running and support future development.
“We now put to members for their consideration and approval that Club Glass House enters an agreement that will enable Caboolture Sports Club to acquire Club Glass House, ensuring its survival and future growth,” Mr Gray said.
Caboolture Sports Club, which operates four licensed venues and was established by six local sporting groups, has a record of revitalising struggling clubs, including Caboolture RSL.
“We held preliminary discussions to understand how this acquisition would work and how our club could benefit,” Mr Gray explained.
“We looked at examples across Queensland where smaller clubs have been taken over and thrived under new ownership.”
Mr Gray also confirmed that all current staff would retain their positions, and that the Glass House Country Bowls Club would be granted a long-term licence to continue operating in its current space.
As part of the proposed agreement, Caboolture Sports Club would also fund immediate upgrades to the venue, including sealing the carpark, improving lighting, and installing new carpet and furniture.
Speaking to GC&M News, Mr Gray acknowledged the weight of the decision ahead.
“It’s a difficult time for those who care deeply about the club,” he said.
“But the board believes this is the only way to guarantee the club’s survival.
If the club was to close, that would be a heavier burden than we now carry.”
Members will have the opportunity to vote on the proposal at a special meeting on Monday, May 12 at 6pm at Club Glass House.
Representatives from Club Queensland and Caboolture Sports Club will be present to share details and answer questions about the proposed acquisition.