Cossie club hits $100k lifeline target

The Masterton Cosmopolitan Club met a $100,000 minimum target through a debenture scheme launched last month among members, to help save the organisation from going under. FILE PHOTO

The Masterton Cosmopolitan Club has seemingly raised enough money to stay afloat for now and is waiting to hear back from the Wairarapa Citizens & Services Club on a potential merger.

The Cossie has met its minimum target, $100,000, through a debenture scheme it launched last month which asked members to lend the club money to help save it from going under.

If a total of $250,000 was eventually raised, the Cossie would be able to clear its bank debts, but was "a way off from that yet", said treasurer Alan Stewart.

Mr Stewart said the debenture issue would remain open long-term, in hopes the target would be met.

Club members were told at a May meeting that it was up to them to decide if they wanted to commit to an amalgamation with the Wairarapa Services & Citizens Club.

Mr Stewart said Cossie Club members agreed a merger would be the club's best chance of long-term survival and Services & Citizens was approached.

"After our meeting we gave them some views on how it would work and we're waiting to hear back," said Mr Stewart.

"Now the ball's in their court."

Wairarapa Citizens & Services president Bill Hey said it had asked the Cosmopolitan club to put forward a detailed proposal, which his club had since received.

The proposal would be put to the Citizens & Services committee next Tuesday, at its monthly meeting, he said.

"It will go to committee members for a decision and we'll make a call at the meeting as to how we will respond to the Cossie club," Mr Hey said.

Any major decisions would be made at his club's annual meeting, which was coming up.

"Personally, I would like to see both clubs survive in their own right," he said.

"Contrary to what some people are saying, there is enough room for two clubs in this town."