What was Perth Glory really worth? Debt recovery doubts fuel legal push for top-secret deal details

“It’s a matter of public record that the league appointed receivers over other assets, and it seems there is a possibility the sale price and the return to the defendant will have been fairly limited, if any.

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“And if that’s not the case and somehow that transaction was for millions of dollars, our case would fall away.

“The court should have the fullest and best evidence of the solvency of the defendant at the hearing, and that necessarily involves the value that its major trading asset has sold for and an understanding of the extent to which that realisation results in a return to the defendant.”

But the details unearthed by the subpoena, if granted, may not ever become public, with Supreme Court Master Sarah Russell warning any information would likely be deemed commercial in confidence.

A decision on the subpoena application is expected to be handed down later this week.

KordaMentha and the APL are not parties to the application.

KordaMentha has remained tight-lipped about the sales process since being appointed receivers over a slice of Okewood’s assets pertaining to the club in July, when Sage relinquished the Glory’s license after 17 years of ownership.

The move came shortly after the APL slapped it with a breach notice for failing to keep up with payments amid revelations the governing body had been bankrolling its player and staff wages to the tune of $4.4 million.

Kakka has been pursuing a wind-up order against Okewood since October over claims the entity is insolvent, an allegation Sage vehemently denies.

Sage had previously given an undertaking to pay Kakka Enterprises once the sale was executed.

KordaMentha and the APL were both given four weeks to hand over documents canvassing its finances under subpoenas issued back in December, but Butler told the court they had not yet been complied with.

While the value of the deal is not public, it is understood it will involve “significant investment” to restore the club to its former glory and reconnect it with the West Australian community.

It is understood receivers are in the process of being formally removed from Okewood and have handed back the shares taken in listed companies linked to Sage as security.

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