A PRELIMINARY report has found Illawarra Hawks Proprietary Limited was $2.4 million in debt when placed into administration in April, with players and staff owed an estimated $750,000 in entitlements. They are among the revelations in the report prepared by administrator Michael Jones, which shows the club suffered losses of more than $1.6 million in the two years after Simon Stratford became sole owner of the club. A former minority partner, Stratford took sole ownership of the club in March 2017 when former majority owner James Spencely relinquished his controlling stake in the company he created in 2015. Having sustained “ongoing losses since 2016” the report shows the club ran at a loss of more than $1 million in 2018 and more than $…
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