The institutional Sydney Gay and Lesbian Mardi Gras (SGLMG) may soon to be placed into voluntary administration after a mystery saviour on Wednesday night backed out after following legal advice to withdrew his pledge of a A$400,000 rescue package, according to The Australian.
In early June, the SGLMG board announced that they have found a benefactor who has loaned Mardi Gras A$400,000 to pay off crippling debt in return for the Mardi Gras trademark and business name, a week after the board made a public plea for help after the New South Wales state government rejected its approaches to save the annual event.
The board is now trying to find an alternative around voluntary administration.