This was published 4 years ago
Billionaire Walker sells share in A-League newcomers Macarthur
Little more than a year after winning the bid for an A-League licence, billionaire property developer Lang Walker has sold his share in Macarthur Football Club after agreeing to an offer from two local businessman.
If it wasn't for a food truck, the property developer would never have arranged a deal to sell his 50 per cent stake in the football club valued at more than $7 million.
Lang Walker has sold his 50 per-cent share in Macarthur FC. Credit: Sally Tsoutas
Roy Mammone, who owns Sydney Trucks and Machinery, arranged a food truck for Macarthur late last year and then sought to increase his partnership with the Bulls.
According to a source close to the sale, Mammone formed a consortium with south-west Sydney property developer Michael Gerace with the aim of buying into Macarthur FC.
Their initial offer to two directors was knocked back, but a multi-million proposal to Walker was accepted which sources said gave Walker a profit on the $7 million he contributed towards the Bulls licence fee in December 2018.
Walker will retain close ties with Macarthur for at least their first five seasons after agreeing to a long-term sponsorship with the club. As part of the deal, Walker Corporation signed a five-year sponsorship with Macarthur said to be worth more than $1 million.
“The goal from the beginning was to establish a professional football club for the region’s future generations. We have successfully established a grassroots club thanks to the strong and significant support from local businesses and communities, junior football associations, and Macarthur’s local councils,” Walker said.
“And now as the club moves into its next phase, local investment will help it deliver opportunities to the region, while Walker will continue our support in the health and wellbeing of the community through our investment in the Macarthur Medical Research Centre.”
Macarthur FC will enter the A-League next season. They will play home games at Campbelltown Stadium and be coached by current Matildas boss, Ante Milicic.
“The club is very excited to be so close to our inaugural season. I’m looking forward to seeing families and football fans getting behind the region’s first professional football club,” Gerace said.