Central Coast Mariners owner Richard Peil has spent close to $7million the past two years as part of his 'passion' - but he has sensationally quit the football club due to significant funding cuts made by the governing body.
Peil confirmed his decision on Saturday in an emotional message to members and fans – less than a week from the A-League 2024/25 season kicking off.
He previously made his feelings well known about the difficulties of maintaining an A-League club afloat due to the myriad of issues inherited by the current Australian Professional Leagues (APL) from previous management.
Last season the allocated amount was $2million for each team.
'There are multiple factors behind why I felt I had no choice but to make this decision,' Peil said via a statement.
'But the quick explanation is it has become extremely financially challenging for small clubs to survive following the recent cuts to funding from the A-Leagues.
'When I took over the club, funding from the APL was $2.35million per year.
Peil announced his decision on Saturday – less than a week from the A-League 2024/25 season kicking off (pictured, Mariners defender Brian Kaltak with the Premiers Plate earlier this year)
'This was reduced to $2million last season, and now for this season has gone down to just $530k.
'This drastic slashing has made it tough for me to improve the financial performance of the club to a position that's sustainable for me to continue to fund solely by myself.
'It has also made it impossible for me to achieve the 'milestones' Mike [Charlesworth] and I agreed on nearly three years ago, that would have given me the right to purchase 50 per cent of the club at the end of the coming season.
'So it is with a very heavy heart that my time at the helm of the club comes to end.'
According to News Corp, Peil has handed control of the Mariners to Mike Charlesworth – the previous owner of the club.
Despite the Central Coast being the least funded in the A-Leagues, they have won back to back titles, including three trophies last season.
Peil believes the club is still in a viable position, pointing to high membership numbers, multiple sponsors and an envied academy program.