Balmain Tigers’ future secured with funding agreement with NRL and Western Suburbs

[innsaneink]

The future of foundation club the Balmain Tigers has been secured under a new funding agreement soon to be finalised with the NRL and Western Suburbs Magpies.

Under the new arrangements, Balmain will hold onto a 25 per cent share of the Wests Tigers joint venture with seats on a revamped board of directors.

Western Suburbs will pay the NRL $2.5 million of Balmain’s $5 million debt and take a 75 per cent ownership of the joint venture.

The final make-up of the board will be determined later in the season although the Magpies will have a majority on the board to match the shareholding.

The future of the independents, including chairperson Marino Go, will be addressed later in the season. Some will have to go under the new structure to allow Balmain to get two votes back.

Wests would also want to appoint their own chairman.

Balmain officials are still in talks with NRL accountants over the $2.5 million they will owe once Western Suburbs has chipped in with half the amount owed to the NRL.

It is likely they will be granted a three-year extension to pay the money back once the future of the Victoria Road development site in Rozelle has been settled.

Western Suburbs officials had the opportunity — and funds — to take complete ownership of the Wests Tigers but always wanted Balmain to stay involved and to play future games at Leichhardt Oval.

http://www.dailytelegraph.com.au/sport/nrl/teams/tigers/balmain-tigers-future-secured-with-funding-agreement-with-nrl-and-western-suburbs/news-story/b97684e18a1badd50c9cabf7c2ba5980?utm_content=SocialFlow&utm_campaign=EditorialSF&utm_source=TelegraphSport&utm_medium=Facebook

 

[Tim Sheens]

Thumbs up for this outcome.

 

[Sabre]

Great news for all involved.
Well done to everyone involved in the negotiations too.

And a very gracious and classy act from Western Suburbs.

 

[GNR4LIFE]

Great news for all involved.
Well done to everyone involved in the negotiations too.

And a very gracious and classy act from Western Suburbs.

I'd say it was an act to benefit themselves, rather than an act of charity. They're still majority shareholders with 75% per cent anyway. It won't cost them as much owning 75% as opposed to 100.

 

[Russell]

Glad Wests have returned the favor - thanks.

 

[gallagher]

Means nothing if they don't put some serious cash into the joint.

 

[Patts]

Story is short on detail. Does Balmain contribute 25% of ongoing costs, do they have an option to buy back 25% like reported a cpl of weeks ago, what's the real length of time they have to pay back the NRL, etc

 

[Snake]

The thing is will Balmain contribute each year there share to run the club or are they just an anchor around the clubs neck ,pulling them into there black hole of debt.

 

[happy_tiger]

"once the future of the Victoria Rd development at Rozelle is settled "

I reckon the WT's will win a premiership before that occurs

Look I don't agree at all with this in principle in any way , shape or form I'm sorry

Bit like sticking a band aid over a shark attack wound , just delaying the inevitable and could bring Wests and the WT's to its knees

Like I said before , this could be the decision we look back at in the future and say it destroyed the WT's

 

[gallagher]

I'm sure they're made the right decision that keeps us in the poor house.
No money = no expectation.

 

[tigerap]

Means nothing if they don't put some serious cash into the joint.

$2.5M not enough?

 

[gallagher]

Means nothing if they don't put some serious cash into the joint.

$2.5M not enough?

Obviously not. Look at our facilities, coaching staff and admin staff.

 

[cqtiger]

Sensible decision.

Gotta laugh at the nuffies decrying this decision. All the "we're Wests Tigers now" from people who forget that the Wests Tigers are a combination of Balmain and Western Suburbs. Now that combination is 75/25 but that suits me. It obviously suits the Magpies board too.

Nuff said

 

[steve-o]

Great outcome. Well done to all parties involved

 

[ricksen]

It is what it is. Let's have a look back in 12 mths to see how things are going.
On the surface of it, looks to be a decent outcome, but the proof is in the pudding.

 

[Magpie_Magic]

Good to see the NRL pushed out.

 

[gallagher]

Good to see the NRL pushed out.

Yeah, that a positive, i never liked the idea of them picking members of the board. Did they even change anything?

 

[hammertime]

This is seriously terrible guys. Say good bye to our club, the leagues clubs are back in control…. :deadhorse: :deadhorse: :brick:

 

[hammertime]

Good to see the NRL pushed out.

Yeah, that a positive, i never liked the idea of them picking members of the board. Did they even change anything?

I don't think you guys know how the independent selection worked. They were selected by all 3 parties….

 

[gallagher]

Good to see the NRL pushed out.

Yeah, that a positive, i never liked the idea of them picking members of the board. Did they even change anything?

I don't think you guys know how the independent selection worked. They were selected by all 3 parties….

Fair enough.