22 March 2015
The Hakoah Board announces that both parties to the Hakoah dispute have been approached by Mr. Frank Lowy with a proposal to resolve their current differences. The current Board claims that it is in a position to lodge its Development Application (DA) for White City which includes both the community/social/recreational facilities (community facilities) and a full size soccer field. It further claims that this redevelopment can be delivered over time without selling any of the White City site. The Balkin/Reid/Boyarsky team do not believe these claims are achievable.
The proposal put by Mr. Lowy and accepted by both parties is that the Balkin/Reid/Boyarsky team will withdraw its nominations to be elected to the Hakoah Board at the upcoming AGM, cancel the EGM, and discontinue the court proceedings. On this basis, the Hakoah Board agrees that, if by end of 2015, it has not been able to demonstrate to Mr. Lowy's satisfaction that its DA for both the community facilities and full sized soccer field will be approved by Woollahra Council, the current Board will resign at that time.
Mr. Lowy congratulates both parties on achieving resolution of their differences so as to bring membership together to deliver a sporting and communal centre that this unique site offers and will benefit all current and future members.