Following a report into the solvency of Soccer
Australia Limited, based on the information provided by the governing body, ASIC has announced that it has no further interest in the matter.
The letter of confirmation received from ASIC stated: "On the basis of the information gathered in the course of the investigation and, subject to
any additional material coming to its attention, ASIC intends to take no action against Soccer Australia."
ASIC’s decision not to continue the review of Soccer Australia’s financial position clearly re-affirms the solvency of the governing body, thereby allowing the Australian Sports Commission (ASC) to immediately fund outstanding monies due to Soccer Australia for various core soccer
programmes.
Stated acting chief executive Stefan Kamasz: “From the outset, Soccer Australia and the Board of Directors were confident that all requests from ASIC regarding our on-going solvency would be successfully addressed in a timely manner.
“The Soccer Australia Board, management and staff have worked extremely hard in the recent challenging financial environment to ensure that the sport is back on a stronger commercial footing going forward. ASIC’s completion of
its review of our finances will send another positive message to our stakeholders, corporate partners and fans that the renaissance of soccer is continuing – although there is still a lot of hard work before us.
“Soccer Australia now looks forward to promptly receiving the funding from the ASC that had previously been withheld subject to the findings of the ASIC review, to enable a number of important national soccer programs to resume without further delay."
The Australian Securities and InvestmentsCommission (ASIC) has concluded its financial review of Soccer Australia, declaring its satisfaction with the governing body's current status.
