AFL stars caught in $75m trust liquidation as Western United project teeters

Key facts

• Sayers Road Investment Co placed into liquidation last month by Queensland judge.
• Trust holds $75 million in investments from AFL players including Pendlebury, Goodes, Heppell, Simpkin, Battle, Wood.
• Jason Sourasis, former player manager, oversaw trust and faces legal claims from Pendlebury over mismanagement.
• Western Melbourne Group needs urgent funding for Tarneit precinct; $100 million from new partners reported.
• Western United in hibernation for 2026 season due to financial issues.
• Australian Professional Leagues prefers 'clean reset' or shutdown of 7,000-member club.

Liquidation order deepens crisis for Western Melbourne Group

A Queensland judge has ordered the liquidation of Sayers Road Investment Co, the trustee of a $75 million investment fund that counts some of the AFL’s biggest names among its beneficiaries. The company, which oversees the Sayers Road Trust, was placed into liquidation last month at the request of an investor, according to court records. The collapse of the trustee company adds a new layer of urgency to the already precarious financial situation of the Western Melbourne Group, the entity behind plans to build a major sporting, entertainment, health and retail precinct in Tarneit, on Melbourne’s western fringe. The precinct was intended to house A-League side Western United, which has suspended operations for the 2026 season due to its financial troubles. Liquidators have confirmed they will begin investigating the trust’s operations, investments and cash holdings, signaling a formal probe into how the fund was managed.

AFL stars among investors facing uncertain recovery

The Sayers Road Trust pooled investments from a who’s who of Australian football, including soon-to-be AFL games record holder Scott Pendlebury, two-time Brownlow medallist Adam Goodes, and current players Dyson Heppell, Jy Simpkin, Josh Battle and Mason Wood. The trust held an estimated $75 million on behalf of these clients, though the exact amount each invested has not been disclosed. The fund was overseen by Jason Sourasis, a former AFL player manager and financial adviser who is now battling legal claims from former clients, including Pendlebury, who allege he mismanaged their investments. Sourasis was also the driving force behind the Western Melbourne Group’s Tarneit project, acting as its key facilitator. Sources close to the negotiations, speaking on condition of anonymity, said the trust’s problems stem from “legacy issues” in how it was structured under Sourasis’s entities. The liquidation order effectively severs the trust’s direct involvement in the precinct development.

Project on a knife-edge as funding deadline looms

The Western Melbourne Group has been scrambling to secure new financing since the trust’s troubles became public. According to sources, the group has identified new partners willing to inject an estimated $100 million to support the project and protect investor interests. However, this funding is contingent on resolving the trust’s issues and meeting an imminent deadline. Without urgent funding, the entire project and club will collapse “in a matter of weeks,” the sources said. The Tarneit precinct, which was to include a stadium, retail outlets, health facilities and entertainment venues, is now at a standstill. The Australian Professional Leagues, the governing body for top-tier soccer, is monitoring the situation closely. Officials are said to prefer a “clean reset” of the club, but if that proves impossible, they are prepared to shut down Western United entirely. The club has approximately 7,000 members.

Legal and financial fallout for Sourasis and investors

Jason Sourasis, once a towering figure in AFL player management, now faces multiple legal fronts. Pendlebury is among those suing him for alleged investment mismanagement, and the liquidation of the Sayers Road Trust will likely intensify scrutiny of his financial dealings. The trust’s collapse also raises questions about the oversight of investment vehicles used by professional athletes. Liquidators are expected to examine whether Sourasis or other parties breached fiduciary duties or engaged in improper transactions. The Queensland court that ordered the liquidation heard that discussions about the future of the Western Melbourne Group project had reached a critical juncture. The trust’s failure represents a significant financial blow to the athletes involved, many of whom relied on Sourasis for long-term wealth management. The exact recovery prospects for investors remain unclear, pending the liquidators’ investigation.

What comes next for Western United and the Tarneit precinct

The Western Melbourne Group has stated it remains committed to delivering the Tarneit project in full, despite the liquidation. The group is now focused on securing the $100 million in new funding and restructuring its finances to proceed without the Sayers Road Trust. However, the clock is ticking. The club’s hibernation for the 2026 season was a direct result of its financial woes, and without a rapid resolution, the entire enterprise could be wound down. The APL’s preference for a clean reset suggests that even if the club survives, it may emerge under new ownership or a different structure. For the AFL stars caught in the trust’s collapse, the immediate priority is recovering their investments. But the broader fallout — a stalled major development, a soccer club on life support, and a tarnished reputation for athlete wealth management — will reverberate through Australian sport for months to come.

The bottom line

• Sayers Road Investment Co, trustee of a $75 million fund, was liquidated by court order last month.
• AFL stars Scott Pendlebury, Adam Goodes, Dyson Heppell, Jy Simpkin, Josh Battle and Mason Wood are among investors.
• Jason Sourasis, who oversaw the trust, faces lawsuits from Pendlebury and others over alleged mismanagement.
• Western Melbourne Group’s Tarneit precinct and A-League club Western United face collapse without urgent $100 million funding.
• Australian Professional Leagues prefers a clean reset or shutdown of the 7,000-member club.
• Liquidators are investigating the trust’s operations and cash holdings.