and another boardroom drama at "f**ked up franchise FC"
Sydney could lose roubles
Michael Cockerill and Sebastian Hassett
SMH October 24, 2008
SYDNEY FC's most significant minority shareholder, Russian millionaire David Traktovenko, remains committed to the club for the short term, but for how much longer remains to be seen.
Traktovenko, a banker who until two years ago was chairman of Russian high flyers Zenit St Petersburg, is believed to hold a 22 per cent stake in Sydney FC as the club embarks on fresh round of capital-raising from its shareholders to meet running costs. The Lowy family already has the majority share, and with minor shareholders such as Hollywood actor Anthony La Paglia diluting their stakes in recent years, Traktovenko is the only investor effectively standing between the Lowy family and a wholesale takeover of the club.
Suggestions have circulated in recent months that Traktovenko - who lives in St Petersburg but owns a waterfront mansion in Mosman so he can visit his daughter several times a year - has become increasingly frustrated with his lack of influence in club policy. Traktovenko split a $US36 million payout when he sold Zenit to oil and gas company Gazprom in 2006, and Sydney FC are his only football-related investment. He has previously expressed interest in taking a controlling stake in the club.
Traktovenko's investment is represented on the board by his son-in-law, Scott Barlow, who yesterday denied he was getting ready to sell out, or that he might shift his money to a proposed western Sydney franchise, which could join the A-League as early as 2010. Barlow did add, however, he wasn't sure what the long-term future might hold.
"Our view at the moment is that we've been with Sydney FC from day one, we've enjoyed it, we continue to enjoy it, and we're keen to stay involved. But I can't talk too much into the future. David will be out here next month, he'll be at a couple of games, and I'm sure he'll be meeting with Frank [Lowy].
"The focus at the moment is to bring the club to break-even as soon as possible. We're in better shape now than we have been, there's more stability than there has been in the past. Obviously, from a financial point of view, football is not the best investment, but all the [A-League] owners at the moment are experiencing that .
"As for the second [western] Sydney franchise, we hear the same rumours as everyone else, about who's trying to get together a consortium. But as I said, our view at the moment is we're staying with Sydney FC." (er not all mate, small club? up the road? play in yellow?)