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NRL Side Penrith Panthers Asset Deal Nets Property Developer A$10M

The man dubbed the "financial godfather" of National Rugby League side Penrith Panthers stands to make a A$10M ($7.9M) profit from his close association with the club after "buying and flipping" one of its "key property assets to the Catholic church," according to Nick Tabakoff of THE AUSTRALIAN. Property developer Lou ­Zivanovic is "set to make the windfall profit from the cemetery development" after the NSW government this week approved his sale of Panthers Wallacia golf club to the church, which will build a 60,000-plot cemetery. The deal "raised an outcry from Panthers members and Facebook groups" and questions for the Penrith board and management about the processes under which Panthers Wallacia was sold to Zivanovic for what has been called a "bargain-­basement price." Land title searches show Zivanovic's private company, Cabe Investments No. 21 Pty Ltd., bought the 42.5-hectare Wallacia property from the Penrith Rugby League Club in '14 for A$2.7M. Zivanovic agreed to sell it for between A$13M (10.3M) and A$14M ($11.1M) to the Catholic Metropolitan Cemeteries Trust following this week's approval. Zivanovic "made headlines this year" over his role as a "fixer" for the club. The multi-­millionaire brokered a A$50,000 abortion deal with an ex-girlfriend of Panthers forward Bryce Cartwright "after she became pregnant to him." Days after it was exposed, Penrith GM of Football Phil Gould "seemed to distance the club from Zivanovic at a hastily convened press conference," saying: "Lou isn't around the club," and adding that he had no "official role" there. Zivanovic, who played for the Panthers as a forward in the '80s, is reportedly "profiting on several fronts from his close association" with the club. The sale of the course to the church to create a cemetery has been "met with anger and tough questions from some Panthers members." One ex-Wallacia Golf Club advisory board member and current Panthers member said, "The course was sold at an apparent bargain price to Lou Zivanovic, and he is now selling it for an eight-figure sum. The money that Zivanovic has made should belong to the club members." Panthers CEO Brian Fletcher defended the price of the club's '14 sale to Zivanovic. He said, "To my knowledge, it was the right price at the time." Fletcher added that the deal was put to the Panthers annual general meeting in '14, and "members passed it." Calls to and messages left for Zivanovic on Thursday were not returned (THE AUSTRALIAN, 9/1).

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