Friends and fellow investors are rallying around Collingwood footballer Scott Pendlebury after he alleged that his former manager, Jason Sourasis, misappropriated approximately $3 million from his accounts. Pendlebury’s claims have sparked concern among other investors who are now voicing their own issues regarding missing funds linked to Sourasis and his company, Strategic Financial Planning.
On Tuesday, Pendlebury spoke with friends and fellow investors as he initiated court proceedings to recover the alleged misappropriated funds. He claims that Sourasis siphoned off more than $2 million from his investment accounts over nearly a decade. In response, Sourasis has denied the allegations, stating, “The allegations are vehemently denied, and as a legal process has been started, we can’t make any further comment at this stage,” as reported by his attorney.
Concerns are growing that Pendlebury’s situation might represent only a fraction of a larger issue facing Sourasis. Anonymous sources suggest that another former AFL player has invested as much as $1 million into Sourasis’ Western Melbourne Group, which aims to develop a sporting and entertainment complex in Tarneit. The project has faced setbacks tied to financial difficulties arising from Sourasis’ now-dormant A-League team, Western United.
Sourasis’ personal tax liabilities have also surged, with recent filings indicating a tax bill of $6.7 million, up from $3 million. Leading financier Ozzie Kheir has publicly stated that he is owed a “substantial amount of money” from a failed business deal with Sourasis related to a property development.
Kheir expressed his frustration, saying, “I expected to be paid once he completed the Western Melbourne Group development,” but noted that he has yet to initiate legal action, hoping for a resolution. Sourasis declined to comment further on Kheir’s statements.
Several prominent athletes, including two-time Brownlow medallist Adam Goodes, along with AFL players Dyson Heppell, Jy Simpkin, Josh Battle, and Mason Wood, have also invested in the Western Melbourne Group. Tennis star Thanasi Kokkinakis and former NBA player Dante Exum are among the notable investors in the project.
The Western Melbourne Group is comprised of various entities, including the Sayers Road Trust, which allegedly received most of Pendlebury’s misappropriated funds. As the anchor tenant, Western United is integral to the proposed stadium project but has encountered significant financial challenges. The club has accrued nearly $8 million in debts to the Australian Taxation Office (ATO) and is currently in “hibernation,” unable to compete in the A-League as it seeks financial viability.
Sources indicate that the relationship between Pendlebury and Sourasis deteriorated significantly, which has been distressing for Pendlebury, who had previously enjoyed a close friendship with Sourasis. The two had holidayed together and collaborated on several ventures, including a wine brand called The Pendlebury.
Sourasis expressed his shock at the allegations, stating, “I am devastated about the breakdown of my relationship with Scott.” Unfortunately, this is not the only business venture facing difficulties; another branch of Sourasis’ financial planning business, Strategic Financial Group Australia, has gone into liquidation due to unpaid tax debts, with reports indicating unpaid employee entitlements of $123,000.
As the legal proceedings unfold, Pendlebury and other investors hope to recover their funds while navigating the complexities of Sourasis’ financial troubles. The situation serves as a stark reminder of the potential risks associated with investment and the importance of transparency in financial dealings.
