You may have noticed one of the AFL’s most distinguished and long serving players, Scott Pendlebury, appeared in the media recently for something he’d certainly wish he didn’t. His finances. As reported by the Herald Sun.
Former Collingwood captain Scott Pendlebury has launched a $3m lawsuit against his longtime friend and former manager Jason Sourasis, accusing him of siphoning money from his investment accounts. The two-time premiership player alleges Mr Sourasis misappropriated $2.1m over almost a decade.
The claim explains that Mr Pendlebury and his private investment company, S Pendlebury Investment Co, had been a client of Mr Sourasis’ Strategic Financial Planning from 2013 and that it had access to his bank account as part of a retainer agreement.
It is alleged that Strategic transferred money from Mr Pendlebury’s accounts more than 50 times between January 2015 and December 2023, with the Collingwood champion only becoming aware of those transactions in February this year following a review of his finances.
Mr Pendlebury immediately sacked Mr Sourasis as his financial advisor, money manager and tax advisor.
Mr Sourasis said he “vehemently denied the claims” and that he would defend them in court.
Celebrity investment blow ups are often a reminder that wealth management can still be a varied experience depending on the philosophies and processes behind it. Also, that just because you’re wealthy, it doesn’t mean your experiences will be positive. Celebrities also have more access to “big deals” and “investment opportunities”. It doesn’t mean that’s necessarily a guarantee of success either.
The Big Opportunity
It appears the relationship between the pair may have also soured due to the woes of A-League soccer club Western United FC and a potential land development deal.
In 2018–2019, Mr Sourasis, as executive chairman, led a successful bid for an A-League expansion licence by the Western Melbourne Group (WMG). Their winning proposal centered on privately funding and building a 15,000-seat boutique soccer stadium in Tarneit, in Melbourne’s west, as part of a larger $2 billion mixed-use precinct.
The deal was a public-private partnership with Wyndham City Council, which provided 63 hectares of land (retaining ownership with protections). Pendlebury was an investor, along with several other AFL players, tennis player Thanasi Kokkinakis and NBA player Dante Exum. WMG committed to developing the site in phases: first, a training facility, the main stadium, plus residential dwellings, commercial spaces, hotels, and recreation areas.
This type of development is something occurring in the US. In those cases, either larger markets or well-established franchises. In this case, it was more ambitious. Western United FC didn’t have a great following, mostly playing on a small ground at the outskirts of an undeveloped suburb, among empty paddocks, but if the stadium was built and the team could fill it regularly, they’d be flying.
WMG had a large amount of debt, along with the initial capital from early investors, to keep things ticking along, but the cash burn was big. It appears the hope was that once land was fully released, with planning approved, and development phased in, larger institutional or strategic investors would come on board. This would refinance/pay down debt, provide liquidity for early investors to exit with gains (via increased project value or distributions), and complete the stadium/precinct.
For early investors the gains could be astronomical, if everything went to plan. Things didn’t go to plan. Western Melbourne Group was placed into liquidation in August 2025. Western United FC is in recess from the A-League, having its license withdrawn, with unpaid wages and tax bills, but is still breathing after coming to an agreement with the ATO and creditors.
Should Money Even Be a Focus?
As far as the dispute between the pair, everything is alleged and it will be settled in court. After Pendlebury launched the lawsuit, Sourasis countered, showing text messages from Pendlebury giving the ok to various investment decisions, along with investing in short term lending.
The implication being (not ours) that Pendlebury was actively involved in ongoing investment and financial decisions. If true, it is interesting. We’ve mentioned a US adviser called Blaine Lourd in the past. He’s trusted by many high-profile people. Known as Matthew McConaughey’s adviser, also adviser to NFL quarterback Joe Burrow, who in 2023 signed a 5 Year $275 million contract.
We were fortunate enough to see a presentation from Lourd a couple of years back. He didn’t drop names, but highlighted the clients he advises want to come in once (or twice) a year and simply know everything is on track. They aren’t interested in money or constantly making decisions about it. Which is easy to say when you’re movie or sports star wealthy, but that’s the point. They’ve got other things they’re focused on, and they don’t want to be distracted going back and forth about money. They’ve paid someone else to deal with it.
Too often the response to celebrity financial loss is to make light of it, but it’s not their job to be the financial expert and they shouldn’t be in the news at all. The unique circumstances of someone who has a high-profile career, mean the people tasked with managing and advising them, have a unique set of challenges that extend beyond the financial.
It’s less about investing and finding “opportunities” and more about managing behaviour, expectations, and aligning their career, its longevity, and earning potential, with the correct investment choices. There is often mention of “making the most” of what is a limited high earning window, but that idea of “making the most” in limited windows can be skewed to chasing the upside, instead of protecting against the downside.
What type of career is this person going to have? This one isn’t going to be answered immediately. For a sportsperson, making it into a second contract is going to be the thing that begins to unlock greater earning potential. In Pendlebury’s case, he played 23 out of a possible 25 games in his second season, and by his third season he was in Collingwood’s leadership group. All going well with injuries, someone with this type of progression will have an above average career.
Here his club probably looks to extend his contract, with significantly more money. Continue to improve and the next contract will be even larger. Sponsorship and media opportunities have long started rolling in, adding to the bounty. There will likely be awards and accolades. It’s the adviser’s job to keep everything in context with what financial decisions are possible, along with investment choices.
What are their prospects beyond their current career? In the case of someone like Pendlebury, his career has probably gone beyond even what he thought was possible. Judicious guidance for someone like this would recognise his standing in the game, distinguished record as a leader, and association with the most high-profile AFL club in the country.
If he’s so inclined, there is a strong likelihood of high paying employment for decades to come. Whether that be in coaching or the media. Due to his record as a leader, his noted professionalism and longevity, he also has the opportunity to consult to other sports in a coaching capacity. This all presents the luxury of taking less risk, not more.
If someone is going to have a shorter career, or may not have spectacular future prospects, they shouldn’t have a mortgage they’ll have no ability to service without their current income. They also shouldn’t be in illiquid investments they may not be able to access if their career comes to an abrupt end. Again, it’s managing risk according to who they are, and what their prospects look like.
What type of mindset does this person have? With sportspeople, competitiveness is a given. A positive on the field, but getting drawn into the idea that investing should be approached the same way is a mistake. Investment success is achieved by doing less. The market is highly competitive and does most of the work for you.
Sportspeople are also around other competitive people daily. Whether that be their teammates, their coaches or opponents. They’re going to compare notes. The basics aren’t sexy. It needs to be reinforced why they’re invested the way they are, as opposed to chasing every new thing that comes along.
It’s not to say that all “big deals” and opportunities such as investing in sports teams are bad, you just need to know what level you’re at and whether their prospects are solid. Matthew McConaughey is a minority owner of his hometown Major League Soccer team, Austin FC. But this was a luxury decision made in his 50’s, when he was personally estimated to be worth over $100 million.
Despite middling on field, Austin FC has quickly become one of the most valuable teams in the MLS, with a strong supporter base and kit sales, while having the benefit of being the only professional sports team in its city. A far cry from Western United FC, with a nomadic existence, small supporter base, and location in windswept cow paddocks on the outskirts of Melbourne.
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