Italo Club cash crisis
By ALEX EASTON
LISMORE'S Italo-Australia Club has a new executive after its board dramatically rejected calls to call in receivers over a $40,000 debt.
New club president Barry Beddoes yesterday confirmed the club now planned to trade its way out of trouble after former president Americo Melchior resigned at a meeting on Tuesday.
Mr Beddoes stepped up from the treasurer's position, with board member John DeConte moving into the treasurer's job, after the board split at a meeting on Tuesday over calls to bring in receivers.
Mark Braz remains vice-president.
The receivers were to tackle a debt of about $40,000 built up after the club took over the running of its restaurant early in the year, but the plan was overturned after the board narrowly voted to trade their way out.
Mr Beddoes but said the club would focus on cost-cutting through the lean summer months, and start making serious inroads on the debt when trade picked up again in February/March.
"When you look at the books, they don't look good, but they're not bad," Mr Beddoes said. "We made one bad decision, and that has come back on us."
Once the initial cash crisis was solved, Mr Beddoes said the club would boost promotion.
Mr Beddoes praised Mr Melchior, who was president for four years and has been on the board about 12 years, for his contribution to the club, describing him as a dedicated member who had given everything to it.
Mr Beddoes said more details would be revealed on Wednesday, after a second board meeting.