Brydens Lawyers could buy 50% stake in WT
- Thread starter Joe_s_Tigers
- Start date
Blackpearl
New member
@Tiger Watto said:
me too !
Go_Moltzen
Member
Balmain Tigers multi-million dollar NRL re-payment deadline (31/3/16) **five weeks** from today.
Will be interesting to see who owns/runs the the club we all support in the future.
Will be interesting to see who owns/runs the the club we all support in the future.
GNR4LIFE
Well-known member
@Go Moltzen said:
They'll probably get the extension and this rubbish will drag on for another 12 months, at which point they'll probably beg for another extension and get that as well. They'll end up outliving all of us.
gallagher
Well-known member
@GNR4LIFE said:
Even if they don't get the extension they have 6 months to sell. It'll drag on for some time yet. And I'd like to know who sets the price?
TigerOfBankstown
New member
Brydens involvement in league is a massive positive business decision considering the demographics of the NRL both on and off the field, in the boardrooms and in the stands. Additionally They can own half the Tigers and gain possibly more if we turn it around and become profitable.
It would be good if Balmain can remain involved at some way. If Wests take over the other half then so be it, that would make sense.
What the clubs need is more of the TV profits, we don't need the beurucratic NRL centrally running the show like some communist government dictating everything and anything, they are over paid, the NRL is becoming like a nanny state with 8 team semis, 70 subs, salary cap and a different team winning the comp every year and emphasis on regional teams for the sake of keeping the children happy and maintaining interest levels artificially. We need decentralisation, survival of the fittest, not the status quo where NRL makes billions from tv rights and 13 clubs are non profitable.
It would be good if Balmain can remain involved at some way. If Wests take over the other half then so be it, that would make sense.
What the clubs need is more of the TV profits, we don't need the beurucratic NRL centrally running the show like some communist government dictating everything and anything, they are over paid, the NRL is becoming like a nanny state with 8 team semis, 70 subs, salary cap and a different team winning the comp every year and emphasis on regional teams for the sake of keeping the children happy and maintaining interest levels artificially. We need decentralisation, survival of the fittest, not the status quo where NRL makes billions from tv rights and 13 clubs are non profitable.
Go_Moltzen
Member
ANY UPDATES/NEWS RE: BALMAIN TIGERS MARCH 31, 2016 LOAN REPAYMENT DEADLINE?
@Go Moltzen said:
Hot off the presses..BALMAIN TIGERS LOAN REPAYMENT DEADLINE IS MARCH 31, 2016
Go_Moltzen
Member
@Geo. said:
The Telegraph, Danny Weidler or the MOLE will let us know :stuck_out_tongue:
Go_Moltzen
Member
@Geo. said:
RE: _**Hot off the presses**_..<big>Balmain Tigers in emergency talks with NRL to save their share of the Wests Tigers joint venture.</big>
http://www.dailytelegraph.com.au/sport/nrl/teams/tigers/balmain-tigers-in-emergency-talks-with-nrl-to-save-their-share-of-the-wests-tigers-joint-venture/news-story/9ad0cc4d29a3b307381acd38591e9894#load-story-comments
innsaneink
Well-known member
BALMAIN are in emergency talks with the NRL to save their share of the Wests Tigers joint venture and 108 years of proud rugby league history.
The foundation club has just two weeks to find the $5.4 million they borrowed from the NRL in 2014 or risk handing over the full NRL license to Western Suburbs.
In a last ditch bid to save their logo and identity, the Tigers have called in local legend and former Olympic champion Dawn Fraser to try to persuade billionaire developer Harry Triguboff to buy their half-share in the Wests Tigers and pay the money back to the NRL.
The Western Suburbs side of the merger was the de facto guarantor when Balmain borrowed the money from the NRL two years ago.
Under the lending agreement, the thriving Wests Ashfield club would take full control of the joint venture if the Tigers can’t raise the money by March 31 or sell their share within six months.
“We’re very understanding and sympathetic to their problems,” said Wests Ashfield CEO Simon Cook, “We were once kicked out of the competition ourselves so we know what it’s like.
“Whatever happens, the Wests Tigers brand won’t change. We’re having constructive conversations with Balmain and the NRL right now to try to find a solution.”
There is one suggestion from the talks that Balmain will repay a small part of the loan to the NRL to maintain a minority share of the NRL club.
Under this arrangement the three independent directors, including chairperson Marino Go, would be replaced by Western Suburbs board members.
The Tigers are hoping billionaire fan Harry Triguboff can save the joint venture.
Other options are:
# Balmain come up with the money (highly unlikely) and get their own directors back on the joint venture board.
# A new shareholder (possibly Triguboff) comes in and will decide with Wests on the new board.
# Wests take control of the joint venture and determine the composition of the board.
Whatever happens, the days appear numbered for Go and all three independent directors who were appointed as part of former NRL CEO Dave Smith’s rescue plan.
Both Balmain and Wests are determined solve the problems peacefully to ensure the players are not affected after kicking off the season so positively with two outstanding victories over the Warriors and Sea Eagles.
Unless Triguboff steps in, there is little or no hope of Balmain coming up with the money. The club is already in $11 million debt from their closed Leagues Club on Victoria Road at Rozelle.
The foundation club has just two weeks to find the $5.4 million they borrowed from the NRL in 2014 or risk handing over the full NRL license to Western Suburbs.
In a last ditch bid to save their logo and identity, the Tigers have called in local legend and former Olympic champion Dawn Fraser to try to persuade billionaire developer Harry Triguboff to buy their half-share in the Wests Tigers and pay the money back to the NRL.
The Western Suburbs side of the merger was the de facto guarantor when Balmain borrowed the money from the NRL two years ago.
Under the lending agreement, the thriving Wests Ashfield club would take full control of the joint venture if the Tigers can’t raise the money by March 31 or sell their share within six months.
“We’re very understanding and sympathetic to their problems,” said Wests Ashfield CEO Simon Cook, “We were once kicked out of the competition ourselves so we know what it’s like.
“Whatever happens, the Wests Tigers brand won’t change. We’re having constructive conversations with Balmain and the NRL right now to try to find a solution.”
There is one suggestion from the talks that Balmain will repay a small part of the loan to the NRL to maintain a minority share of the NRL club.
Under this arrangement the three independent directors, including chairperson Marino Go, would be replaced by Western Suburbs board members.
The Tigers are hoping billionaire fan Harry Triguboff can save the joint venture.
Other options are:
# Balmain come up with the money (highly unlikely) and get their own directors back on the joint venture board.
# A new shareholder (possibly Triguboff) comes in and will decide with Wests on the new board.
# Wests take control of the joint venture and determine the composition of the board.
Whatever happens, the days appear numbered for Go and all three independent directors who were appointed as part of former NRL CEO Dave Smith’s rescue plan.
Both Balmain and Wests are determined solve the problems peacefully to ensure the players are not affected after kicking off the season so positively with two outstanding victories over the Warriors and Sea Eagles.
Unless Triguboff steps in, there is little or no hope of Balmain coming up with the money. The club is already in $11 million debt from their closed Leagues Club on Victoria Road at Rozelle.
diedpretty
Well-known member
Reading between the lines would suggest that Wests Ashfield have decided to take up Balmains 50% come 31/3\. Although their is no direct quote stating this the fact that are working closely with the NRL and Balmain and looking at possible options to maintain Balmain in some form would suggest this.
GNR4LIFE
Well-known member
@diedpretty said:
It's an odd ploy. If you lose your house for not keeping up on the mortgage do you really care who moves in after you? Only if you have some kind of agenda.
Tiger_Watto
New member
Rothfield's agenda isn't about Balmain or Wests, it's about Marina Go.
I'd suggest there are a lot of furies in that story!
I'd suggest there are a lot of furies in that story!
http://www.dailytelegraph.com.au/sport/nrl/teams/tigers/billionaire-developer-harry-triguboff-wont-outlay-54m-to-keep-balmain-tigers-alive/news-story/c8fbbbb6a37cbcc9e711d1cfc3bcb09e#load-story-comments
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BILLIONAIRE developer Harry Triguboff wants to help Wests Tigers win a premiership — but won’t outlay $5.4m to keep Balmain Tigers alive.
The Daily Telegraph spoke with Triguboff about the possibility he would buy a half-share in Wests Tigers to keep the Balmain identity and logo alive.
Balmain borrowed the massive amount from the NRL two years ago.
The Daily Telegraph revealed the Balmain faction had two weeks to find $5.4 million or hand over the full NRL licence to joint venture partner, Western Suburbs.
Triguboff is a lifetime Balmain fan — but will only outlay money to help his club attract players to Concord.
“I spoke with them,” said Triguboff, founder and managing director of Meriton Apartments. “They wanted money to buy four good players and I told them I would help.
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“I told them if I did then I wanted someone from Balmain on the board. At the moment there is no one from Balmain on the board. I told the NRL I have put more money into Wests Tigers than they ever had.
“Now might be the last chance. I don’t want my name on their shirts. I only want to help buy the players they want. If they tell me they are good players, then they are good players.
“Then we can win a comp. That is what I am interested in. They came to see me with (Aaron) Woods, he is a nice person.”
Asked how much the club was seeking, Triguboff said: “I can’t remember — $500,00, $600,000.”
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Harry Triguboff will help Balmain tigers — but he won’t save them.
Triguboff reiterated though he would not find the necessary $5.4 million.
“I’m not interested,” he said. “What can I do? I have been there for many years. That has nothing to do with me. People drift apart.”
Wests Tigers have started the season in stellar form, securing big wins over New Zealand and the Sea Eagles. The Leichhardt Oval crowd was in raptures on Monday night during the big win over rivals Manly.
“The boys are playing well, thank God,” Triguboff said. “They are very talented. I think the general manager (Justin Pascoe) is quite a good fellow. He is OK, I am very pleased.”
Meanwhile Balmain Leagues Club yesterday reaffirmed its support for a development application for Rozelle Village, site of the old Balmain Leagues Club. Balmain Tigers chairman Leslie Glen claimed approval of this application was vital to the hopes of survival for Balmain Leagues Club and Balmain Tigers.
“Without the support of Rozelle Village and its sole director, Ian Wright, the Balmain Leagues Club would not have survived up to this point,” Mr Glen said. “We are genuinely grateful for their continued support.
“This DA includes a fantastic facility for our club and gives our members and the community the home they deserve. It is vitally important to the future of our club and our presence in our local community that this application is approved and we can return to Rozelle.”
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BILLIONAIRE developer Harry Triguboff wants to help Wests Tigers win a premiership — but won’t outlay $5.4m to keep Balmain Tigers alive.
The Daily Telegraph spoke with Triguboff about the possibility he would buy a half-share in Wests Tigers to keep the Balmain identity and logo alive.
Balmain borrowed the massive amount from the NRL two years ago.
The Daily Telegraph revealed the Balmain faction had two weeks to find $5.4 million or hand over the full NRL licence to joint venture partner, Western Suburbs.
Triguboff is a lifetime Balmain fan — but will only outlay money to help his club attract players to Concord.
“I spoke with them,” said Triguboff, founder and managing director of Meriton Apartments. “They wanted money to buy four good players and I told them I would help.
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“I told them if I did then I wanted someone from Balmain on the board. At the moment there is no one from Balmain on the board. I told the NRL I have put more money into Wests Tigers than they ever had.
“Now might be the last chance. I don’t want my name on their shirts. I only want to help buy the players they want. If they tell me they are good players, then they are good players.
“Then we can win a comp. That is what I am interested in. They came to see me with (Aaron) Woods, he is a nice person.”
Asked how much the club was seeking, Triguboff said: “I can’t remember — $500,00, $600,000.”
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Harry Triguboff will help Balmain tigers — but he won’t save them.
Triguboff reiterated though he would not find the necessary $5.4 million.
“I’m not interested,” he said. “What can I do? I have been there for many years. That has nothing to do with me. People drift apart.”
Wests Tigers have started the season in stellar form, securing big wins over New Zealand and the Sea Eagles. The Leichhardt Oval crowd was in raptures on Monday night during the big win over rivals Manly.
“The boys are playing well, thank God,” Triguboff said. “They are very talented. I think the general manager (Justin Pascoe) is quite a good fellow. He is OK, I am very pleased.”
Meanwhile Balmain Leagues Club yesterday reaffirmed its support for a development application for Rozelle Village, site of the old Balmain Leagues Club. Balmain Tigers chairman Leslie Glen claimed approval of this application was vital to the hopes of survival for Balmain Leagues Club and Balmain Tigers.
“Without the support of Rozelle Village and its sole director, Ian Wright, the Balmain Leagues Club would not have survived up to this point,” Mr Glen said. “We are genuinely grateful for their continued support.
“This DA includes a fantastic facility for our club and gives our members and the community the home they deserve. It is vitally important to the future of our club and our presence in our local community that this application is approved and we can return to Rozelle.”
As it was in response to the previous article posted in this thread about Harry being approached to bail out Balmain…How may threads would you like on the subject....
gallagher
Well-known member
$500k in exchange for a seat on the board sounds ok but would the NRL allow that? A club sponsor can't provide third party deals so could a board member provide third party deals?
Harry may have just torpedoed the idea.
Harry may have just torpedoed the idea.
