The club elected a new board on December 6, with former Liberal Rockdale Councillor Gary Green as its president and Rockdale Council's media and public affairs co-ordinator Vince Carrabs with assessment officer Michael Azzi among its board.

Vice-president is Peter Kean and treasurer is Alan James. Other board members are John Birrell, Misha Karajcic, Vanessa Clemente, Joseph Oliveri and Pasquale Carbone.

Mr Green said the club had lost more than $1.3 million in the past three years and if it could not turn things around before March it might close.

The board was considering fresh ideas to reinvigorate the business, including fish markets, dry dock boat storage and fishing competitions.

"Our loyal and dedicated staff will lose their jobs and members will lose their club,'' Mr Green said.

"I want to make sure our club remains the `Brighton Fishos', and stop it from being taken over by another club or turned into a

reception centre.''

The club voluntarily appointed an administrator in November last year because it could not continue to pay its debts.

A deed of arrangement was agreed to at a meeting of creditors in December 2008, enabling it to continue trading and to proceed with a restructure. It also explored options for financing a new marina and possible amalgamation with another club.

The deed was also to ensure unsecured creditors were paid a dividend of 40 cents in the dollar and to preserve employee entitlements.

The creditors voted in July to extend the deed until March 2010, but if an amalgamation or refinancing of the club's debts or funds is not obtained by then it will be wound up.

The club had a net loss of $651,686 in 2008-09, up on the $522,101 loss the previous financial year.

A statement on the financial report by the club's directors, backed by auditors, said there were ``not reasonable grounds to believe that [the club] will be able to pay its debts as and when they fall due''.

RT Hospitality Solutions' administrator Robert Brennan said there was a time limit and it was important to be honest with the community. "I am optimistic a viable solution will be found,'' Mr Brennan said.

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