Sydney, NSW – Members of the Cyprus Community of NSW clashed with EY Australia administrators during a heated July 29 meeting, furious over the $55 million sale of the club’s Stanmore property to developer Conquest without a member vote. The nearly one-hectare site was sold to address over $20 million in debt, with administrators citing their authority under the Corporations Act to proceed during voluntary administration.
Protesters gathered outside, brandishing signs reading “Our heritage not for sale” and “We built this, not you,” accusing EY of betraying the community. Administrator Morgan Kelly defended the decision, calling the sale the best of seven offers and essential to resolve a financial crisis that saw debts surge from $12 million to over $20 million in a year, fueled by legal disputes and internal conflicts.
The sale’s proceeds, due by mid-2026, will be held in trust for a future club purchase, with temporary venues planned for community events. Members criticized the lack of transparency around bidders and the rejection of alternatives like a 99-year lease, while also demanding answers about delayed board elections, which Kelly blamed on past court injunctions.
The Stanmore…