This was published 6 months ago
Billionaire businessman Adrian Portelli will no longer purchase a stake in the floundering Derrimut 24:7 Gym empire, saying he could not see “eye to eye” with the owners to make the deal work.
The gym’s founder, Nick Solomos, is now fighting to save the company from liquidation by the Australian Tax Office.
Portelli’s announcement came only hours after a controversial adjournment in the Federal Court as the company’s creditors chase millions in late payments.
An investigation by The Age revealed in September that the rapidly expanding melbourne gym empire had been failing to pay taxes, staff superannuation, and hundreds of businesses and landlords.
Solomos’ company accounts have been used for $5000-a-week pocket money, to make mortgage payments on his property portfolio, to fund more than $30,000 a week in payments to his ex-wife and to give luxury cars to senior staff.
Portelli, who is famously nicknamed “Lambo Guy” and upped his public profile as a prolific buyer on reality-TV show The…