The battle over Tony Sage’s Okewood corporate empire has taken another dramatic turn, with the receivers running Perth Glory seizing control of more of the businessman’s assets.
Mr Sage owned the team for 16 years but the A-League sent the Glory under in July last year, with debts of as much as $40 million.
Receivers from KordaMentha have now been put in charge of Okewood’s stakes in three public companies, according to a notice filed with corporate regulators late on Wednesday.
That includes Mr Sage’s slice of European Lithium, where he held 28 million shares as of August 2023. At the company’s last trading price, his shares were worth about $2.4m.
European’s shares were suspended this week with markets told a capital raising was planned.
Okewood’s shares in Cyclone Metals and CuFe Limited were also put into the hands of receivers. Mr Sage chairs all three ASX-listed companies.
It has been speculated the move will help fund a restructure deal for the Glory.
KordaMentha’s John Bumbak, Andrew Knight and Sebstian Hams had previously secured a buyer for Glory — a consortium led by Primeland property boss Robert Brij.
But the deal mysteriously collapsed. The club has since played on under the control of receivers.
Okewood also went toe-to-toe in court with creditor Kakka Enterprises, which hoped to send the whole company into liquidation.
Mr Sage had planned to sell the Glory to cryptocurrency hopeful London Football Exchange in 2020. That deal was sensationally pulled following revelations of legal issues at the UK business.
He could not be immediately reached for comment.
More to come