Later Developments
After the 2002 AFL season Elliott was sacked as President of the Carlton Football Club, a position he had held for two decades. His term ended when the club was found to have breached the Australian Football League's salary cap conditions, prompting large fines and other penalties. He was also blamed for Carlton winning the wooden spoon in 2002. In a move some thought to be ungracious, given his long service, his name was removed from the club signs at its home ground, Optus Oval, Princes Park.
Elliott's venture into rice milling with Water Wheel Holdings led to a corporate collapse in 2000. In 2003 the Victorian Supreme Court ordered him to pay grain suppliers, farmers and trade creditors A$1.4 million in compensation for allowing Water Wheel to trade while insolvent. He declared himself bankrupt in 2005, owing money to 14 creditors, including the Australian Taxation Office, the Australian Crime Commission, the Victorian Director of Public Prosecutions and the Australian Securities and Investments Commission.
He was caricatured in Rubbery Figures, a satirical rubber puppet series that screened in Australia in various forms from 1984 to 1990.
Read more about this topic: John Elliott (businessman)
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