31 October 2008
THE Wests Group will lend Nelson Bay Diggers $500,000 working capital while amalgamation of the two clubs takes place.
The terms of the amalgamation, outlined in a memorandum of understanding signed by both clubs last week, would see Nelson Bay Diggers dissolved and its assets transferred to the Wests Group.Management of the Shoal Bay Road licensed premises would be left to a local advisory committee, initially to be formed by the current Diggers board.Members of Nelson Bay Diggers were told of the plans at a forum on Tuesday night, and will vote on the amalgamation on November 16.Nelson Bay Diggers general manager Malcolm Anderson said feedback from the 80 to 100 members at the meeting was positive.The Herald understands that Wests intends to go ahead with Diggers' planned $110 million hotel, conference centre and private hospital development, a linchpin of the Nelson Bay club's current strategic plan.