There are "fresh fears" 110-year-old foundation club Balmain Tigers is "on the verge of folding" after the Balmain Leagues Club was officially placed into voluntary administration, according to Adrian Proszenko of the SYDNEY MORNING HERALD. Heworth Construction Group already lent BLC A$300,000 ($212,700) and according to Balmain, "reneged on a commitment" to provide a further A$300,000 in urgent assistance. Balmain Tigers Rugby League Football Club Chair Leslie Glen said that the club was left "high and dry" after entering into voluntary administration at 2pm on Friday. The BLC, which was established in '57, is the "only significant source of income for the football club," although there are hopes junior footy programs -- including SG Ball and Harold Matthews -- will not "be affected in the immediate future." Balmain already had "only a tenuous hold" of its 25% share of Wests Tigers. The foundation club must repay a five-year, A$2.5M ($1.7M) loan to the National Rugby League in Nov. '21, although the figure will come to "well over" A$3M ($2.1M) once interest is added. If it cannot pay back the money, the NRL has the option of putting Balmain's share on the market, which is "expected to be picked up by Wests Ashfield." Balmain must launch a fundraiser to immediately raise the A$500,000 ($354,500) required to continue its operations (SMH, 10/28).
