Anonymous
Years ago

Eddy Groves loses Adelaide Arena court case

FORMER ABC Learning Centres boss Eddy Groves has been ordered to pay $5 million plus interest to Commonwealth Bank after losing a Supreme Court case.

Commonwealth Bank sued Mr Groves over a loan he took out to buy the basketball stadium used by the Adelaide 36ers.

The bank was seeking $5 million plus interest on the 2006 loan he used to buy the Distinctive Homes Dome, now called Adelaide Arena.

In the Supreme Court today, Justice Malcolm Blue ruled in favour of the bank.

http://www.adelaidenow.com.au/business/eddy-groves-must-pay-bank-5m/story-e6frede3-1226412494107

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Anonymous
Years ago

So what does this mean for the Sixers and basketball in general?

If Eddy doesn't have the cash will he be selling (or will the bank reprocess and then sell) to the highest bidder (eg a church)?

Could be bad news? Or has the bank provide assurances to basketball SA that it won't be sold to a non-basketball private entity?

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Faith for all
Years ago

Hill$ong has promised that basketball will be allowed to use the arena , provided the half time break is lengthened to include a sermon and a pass the bucket process for donations.

Season tickets will be set at a simple rate more affordable rate of 2% of your gross income.

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Anonymous
Years ago

He will probably appeal anyway

Reply #368395 | Report this post

Anonymous
Years ago

Need money to appeal

Reply #368396 | Report this post

Hendo8888
Years ago

So the team was bought on stolen money and the court was bought on a loan that couldn't be repaid?
Awesome.

Reply #368397 | Report this post

Anonymous
Years ago

plenty of tucked away money in wifes name

Reply #368399 | Report this post

SMA
Years ago

Splash!!!!!!!!!!!!

Another turd into the Oz basketball pool.

Unpaid guarantees, unpaid loans, unpaid players.

Next thing NBL will be screening ads that have suggestive racial stereotypes...oh wait done that!

Reply #368404 | Report this post

BJF
Years ago

What's it got to do with the state of basketball? Somehow the collapse of abc is basketballs fault?

Hendo your comments are ill informed

Reply #368413 | Report this post

Anonymous
Years ago

Sixers have used stolen money before. That is undisputed.

Reply #368419 | Report this post

Anonymous
Years ago

What if the people (us) all put our cash together and buy the arena? How much is the arena to buy? I got a spare $100 lol

Reply #368491 | Report this post

KET
Years ago

We'd need about 50,000 people putting in $100

Reply #368498 | Report this post

Anonymous
Years ago

Anon 419, that's a stupid comment. Yes one of the previous owners used stolen money, but as soon as this came to the attention of the other owners they all put extra money in to repay Flinders, so as the club stands it has NOT been paid for with stolen money.

Reply #368718 | Report this post

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Eddy Groves loses Adelaide Arena court case

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