HAWKS FLY THE GAMING COOP IN $85M PLAY
AFL powerhouse the Hawthorn Football Club has made a step away from gaming and will reap hefty returns from the record-breaking sale of the WestWaters Hotel & Entertainment Complex in Melbourne to the expanding Oscars Hospitality Group for $85m.
The football club sold the leasehold interest in the pub, alongside the private investors who held the freehold interest, with Oscars buying both components.
While the sale profit split is yet to be disclosed the dramatic move was hailed by Hawthorn president Jeff Kennett as a “significant decision” for the club as part of a long-term shift away from gaming revenue.
“The financial settlement will help establish a Future Fund that, with the continued support of members, will secure Hawthorn’s future as an independent, sustainable and progressive club,” he told members.
Mr Kennett has previously defended the club’s pokie machines, but the club has been working to diversify its asset base in recent years in preparation for the WestWaters sale.
The club still owns the Vegas at Waverley Gardens in Mulgrave.
The sale is Victoria’s highest ever recorded pub sale, trumping last year’s record-breaking regional deal in Bendigo’s All Seasons Hotel at $54.5m.