BT need to pay $4m in 2 years

[Newtown]

'a Balmain figure' says we're gonna re-locate to Perth. Isnt there a 'Balmain figure' that is part of a consortium hoping to get a team in the NRL from Perth? Someone perhaps looking after one's self interests?

And had a lot to do with emptying the Club at Rozelle?

 

[tottie]

Maybe this will be the dilemma that makes the club finally unite? As much as we have all played out the Balmain v Wests issue we must all remember that both clubs were all but broke and run down by dinosaur boards that used each other to survive. These boards have since carried on and helped keep the WT in the same mindset. Balmain have gone backwards due to the leagues club issue and Wests leagues have stabilised, so do Wests people want to get rid of Balmain and lose the "Wests" to another state and hand over the catchment area to Canterbury after spending the past 30 yrs trying to survive? Maybe the Wests boardroom should remember that sometimes it is better the devil you know!!!

_Posted using RoarFEED 2013_

 

[wtfl1981]

Maybe this will be the dilemma that makes the club finally unite? As much as we have all played out the Balmain v Wests issue we must all remember that both clubs were all but broke and run down by dinosaur boards that used each other to survive. These boards have since carried on and helped keep the WT in the same mindset. Balmain have gone backwards due to the leagues club issue and Wests leagues have stabilised, so do Wests people want to get rid of Balmain and lose the "Wests" to another state and hand over the catchment area to Canterbury after spending the past 30 yrs trying to survive? Maybe the Wests boardroom should remember that sometimes it is better the devil you know!!!

_Posted using RoarFEED 2013_

The parties are already united via WT. All Balmain football operations is run by WT. But as Balmain FC is an OWNER of WT then there is no more 'uniting' to make the debt go away… It just becomes another parties debt. More than likely Ashfield Leagues.

_Posted using RoarFEED 2013_

 

[tottie]

_Posted using RoarFEED 2013_

 

[Knuckles]

The time for unification was in 2005 when we won the comp. It didn't happen (for long) then and it's too late now …. The damage is done. If Balmain can't raise the $4m to get their two votes back, I think we've had it. I can't see Ashfield taking control of Wests Tigers. They almost lost Wests Magpies in 1983-5 and again in 1999\. Our fate will rest in the hands of the NRL. Its a shame if it comes to that but all the bickering and mismanagement over the years looks set to reach its finale.

 

[system]

DT article:

CASH-strapped Balmain have two years to raise $4 million — or suffer extinction from the Wests Tigers joint venture.

The Daily Telegraph can reveal the NRL’s multi-million rescue package is likely to carry a deadly ultimatum for both joint venture partners — Balmain and Western Suburbs — to re-pay their share of the money within two years.

While the Magpies faction are capable of complying thanks to the backing of Wests Ashfield Leagues Club, Balmain will need external support to maintain its stake in the NRL franchise. With their Rozelle Leagues Club development in deep freeze on Macquarie Street, Balmain officials concede there is little other option but to find a millionaire benefactor or petition diehard fans to donate money.

AFL namesakes, Richmond Tigers, ran a similar initiative in 2011 known as the ‘Fighting Tiger Fund’. It was able to raise $6 million from supporters within one year, and donations are still being sought to keep the club competitive in a crowded Melbourne market.
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Skipper Robbie Farah is a Tigers’ junior. Picture: Gregg Porteous Source: News Corp Australia
Since their licensed club funding dried-up four years ago, Balmain have struggled to balance their half share of the books at Wests Tigers. The situation has been critical since 2012, when Wests Tigers recorded a $2 ­million operating loss.

Balmain could not meet their financial commitments, and, 18 months later, its debt to the joint venture now stands at around $2 million. Wests Ashfield was only compelled to equal Balmain’s contribution, but agreed to advance the NRL club money to ensure salaries were paid. Certain Magpies directors wanted control in exchange for taking-over Balmain’s outstanding commitment last year, but subsequent negotiations have seen the NRL provide the necessary funding.

It’s believed the NRL is providing around $4 million to cover the existing shortfall, as well as another $4 million that will keep Wests Tigers afloat for the next two seasons. As security for the loan, the NRL have been given effective control of a new-seven man board. Three of the directors will be independent, NRL-nominees.
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Robbie Farah and Tigers’ teammates. Picture: Gregg Porteous Source: News Corp Australia
Balmain and Western Suburbs will both have two directors, but Balmain’s delegates will be unable to vote until their share of the money is repaid, giving the NRL a 3-2 majority for now.

Should Balmain not be able to raise its $4 million within the two-year time frame, their delegates will be removed from the board and the 108-year foundation club will no longer have a stake.

That would leave Wests Ashfield with a decision over whether to accept the entire financial risk, a burden their board and members might not be prepared to accept. If that were the case the club would fall into the hands of the NRL, making it ripe for relocation. Some Balmain figures are already convinced a move to Perth is on the drawing board, because of the ‘Wests’ moniker.

TAKE PART IN OUR SUPERCOACH CHALLENGE!

“It makes complete sense — the Wests Tigers could work in Perth just as it does in Sydney,” said one Balmain figure. “And everyone knows the NRL needs to get rid of some Sydney clubs.”

Balmain chairman Leslie Glenn has said he will not publicly discuss the club’s survival plan until the new constitution is formally signed-off. Parties expect an official agreement to be inked within the next month.

_Posted using RoarFEED 2013_

Sell it off make it private to a balmain millionaire aka meriton

_Posted using RoarFEED 2013_

 

[mykidsrule]

:bash :crazy If the Nrl continue to have their blinkers on when it comes to the south western corner of Sydney and just say the Wests Tigers go along with that silly proposal of relocating to Perth,I believe that the club would lose more supporters then it gains!! I for one, believe that both sides of the joint venture have already sacrificed enough to ensure a future back in 99 when the merger decision was made.
There for in my opinion the NRL should be doing more in regards to promoting the game and keeping our club WESTS TIGERS involved in the fastest growing area in Sydney,SOUTH WEST SYDNEY. Not selling us off to a mining magnate on the other side of the country to try and tap into a market that has already been tried and tested before, for zero gain. The WESTS TIGERS and the NRL are kidding themselves if they cannot see the potential of the SOUTH WEST AREA of SYDNEY over the next 10 years and beyond. :sign: :supporter:

 

[happy_tiger]

Can't believe people on here expect rich fans to fork out millions to a lost cause

If the fans want to save Balmain that's fine , but if I had 50 million I wouldn't be dumping it into something that is bound to fail

Whether it was Wests or Balmain

 

[innsaneink]

DT article:

CASH-strapped Balmain have two years to raise $4 million — or suffer extinction from the Wests Tigers joint venture.

The Daily Telegraph can reveal the NRL’s multi-million rescue package is likely to carry a deadly ultimatum for both joint venture partners — Balmain and Western Suburbs — to re-pay their share of the money within two years.

While the Magpies faction are capable of complying thanks to the backing of Wests Ashfield Leagues Club, Balmain will need external support to maintain its stake in the NRL franchise. With their Rozelle Leagues Club development in deep freeze on Macquarie Street, Balmain officials concede there is little other option but to find a millionaire benefactor or petition diehard fans to donate money.

AFL namesakes, Richmond Tigers, ran a similar initiative in 2011 known as the ‘Fighting Tiger Fund’. It was able to raise $6 million from supporters within one year, and donations are still being sought to keep the club competitive in a crowded Melbourne market.
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Skipper Robbie Farah is a Tigers’ junior. Picture: Gregg Porteous Source: News Corp Australia
Since their licensed club funding dried-up four years ago, Balmain have struggled to balance their half share of the books at Wests Tigers. The situation has been critical since 2012, when Wests Tigers recorded a $2 ­million operating loss.

Balmain could not meet their financial commitments, and, 18 months later, its debt to the joint venture now stands at around $2 million. Wests Ashfield was only compelled to equal Balmain’s contribution, but agreed to advance the NRL club money to ensure salaries were paid. Certain Magpies directors wanted control in exchange for taking-over Balmain’s outstanding commitment last year, but subsequent negotiations have seen the NRL provide the necessary funding.

It’s believed the NRL is providing around $4 million to cover the existing shortfall, as well as another $4 million that will keep Wests Tigers afloat for the next two seasons. As security for the loan, the NRL have been given effective control of a new-seven man board. Three of the directors will be independent, NRL-nominees.
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Robbie Farah and Tigers’ teammates. Picture: Gregg Porteous Source: News Corp Australia
Balmain and Western Suburbs will both have two directors, but Balmain’s delegates will be unable to vote until their share of the money is repaid, giving the NRL a 3-2 majority for now.

Should Balmain not be able to raise its $4 million within the two-year time frame, their delegates will be removed from the board and the 108-year foundation club will no longer have a stake.

That would leave Wests Ashfield with a decision over whether to accept the entire financial risk, a burden their board and members might not be prepared to accept. If that were the case the club would fall into the hands of the NRL, making it ripe for relocation. Some Balmain figures are already convinced a move to Perth is on the drawing board, because of the ‘Wests’ moniker.

TAKE PART IN OUR SUPERCOACH CHALLENGE!

“It makes complete sense — the Wests Tigers could work in Perth just as it does in Sydney,” said one Balmain figure. “And everyone knows the NRL needs to get rid of some Sydney clubs.”

Balmain chairman Leslie Glenn has said he will not publicly discuss the club’s survival plan until the new constitution is formally signed-off. Parties expect an official agreement to be inked within the next month.

_Posted using RoarFEED 2013_

Sell it off make it private to a balmain millionaire aka meriton

_Posted using RoarFEED 2013_

Always a cowardly ''guest'' with these type of remarks….grow a set
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Good post - mykidsrule

Better to be based in half the JV area than none at all.

 

[tigermaniac]

I can see it now. 6/6 split between Campbelltown & Perth. The Magpies have kept up their part of the JV so the league will allow this to happen so the club can remain viable via a WA corporate bank roll, the NRL keeps its foot in the West of Sydney and at the same time give the people of WA a team that is also theirs. It's up to Balmain now, their future is in their hands. If they leave it till the last minute their gone, they'll need a solution by the end of the year.

_Posted using RoarFEED 2013_

 

[Masterton]

Can't believe people on here expect rich fans to fork out millions to a lost cause

If the fans want to save Balmain that's fine , but if I had 50 million I wouldn't be dumping it into something that is bound to fail

Whether it was Wests or Balmain

Maybe not. But if i had 6 billion I would. (That's Harry Triguboff's net worth.)

 

[innsaneink]

**I can see it now. 6/6 split between Campbelltown & Perth.** The Magpies have kept up their part of the JV so the league will allow this to happen so the club can remain viable via a WA corporate bank roll, the NRL keeps its foot in the West of Sydney and at the same time give the people of WA a team that is also theirs. It's up to Balmain now, their future is in their hands. If they leave it till the last minute their gone, they'll need a solution by the end of the year.

_Posted using RoarFEED 2013_

No chance…would cost a fortune based on either end of the country. Logistical nightmare.

 

[tigermaniac]

**I can see it now. 6/6 split between Campbelltown & Perth.** The Magpies have kept up their part of the JV so the league will allow this to happen so the club can remain viable via a WA corporate bank roll, the NRL keeps its foot in the West of Sydney and at the same time give the people of WA a team that is also theirs. It's up to Balmain now, their future is in their hands. If they leave it till the last minute their gone, they'll need a solution by the end of the year.

_Posted using RoarFEED 2013_

No chance…would cost a fortune based on either end of the country. Logistical nightmare.

What if they had no choice, do you think the Magpies would hang up their boots, no way. If the NRL propose the move they'll fund it. The boys at Ashfield would accept, their not the ones paying or traveling.

_Posted using RoarFEED 2013_

 

[Coastie_Tiger]

If they try and relocate us to Perth they may as well euthanise us now, all that will happen is another utter failure in Perth and they will chop us anyway. Be lucky to last five years, thankfully Mayer has already rubbished the rumour if he's to be believed.

 

[Magpie_Magic]

Hate to say I told you so but….....remember a few thinking it was nonsense a few months ago when I mentioned it in debates re our corporate structure.

Balmain people on here thought that the "independents" would care for their interests within the WT but NRL people have their own agenda as Magpie people will tell you.

Thanks to Balmain mismanagement of their financial situation we will be focused on these type of issues sadly more than the football over the next few years.

Feels a bit like the 80s again for me.

And I thought at least with the JV that will be a thing of the past.

 

[Furious1]

Hate to say I told you so but….....remember a few thinking it was nonsense a few months ago when I mentioned it in debates re our corporate structure.

Balmain people on here thought that the "independents" would care for their interests within the WT but NRL people have their own agenda as Magpie people will tell you.

Thanks to Balmain mismanagement of their financial situation we will be focused on these type of issues sadly more than the football over the next few years.

Feels a bit like the 80s again for me.

And I thought at least with the JV that will be a thing of the past.

An unnamed BALMAIN source. Doesn't say anything about an "unnamed" NRL independent. Sounds like complete rubbish to me. There are other clubs that are in the firing line. It's no more credible than Souths relocating to Bega because that's South of Sydney.

The NRL would be sadly mistaken if they think a majority of Wests Tigers fans would still follow the team from Perth. There was already one bitter pill swallowed for both sets of supporters in the merge. We've done our bit for the NRL, find someone else for the Perth experiment mark ii.

_Posted using RoarFEED 2013_

 

[innsaneink]

**I can see it now. 6/6 split between Campbelltown & Perth.** The Magpies have kept up their part of the JV so the league will allow this to happen so the club can remain viable via a WA corporate bank roll, the NRL keeps its foot in the West of Sydney and at the same time give the people of WA a team that is also theirs. It's up to Balmain now, their future is in their hands. If they leave it till the last minute their gone, they'll need a solution by the end of the year.

_Posted using RoarFEED 2013_

No chance…would cost a fortune based on either end of the country. Logistical nightmare.

What if they had no choice, do you think the Magpies would hang up their boots, no way. If the NRL propose the move they'll fund it. The boys at Ashfield would accept, their not the ones paying or traveling.

_Posted using RoarFEED 2013_

NRL wouldnt push a half hearted wishy washy 50/50 relocation to perth….especially one as incompetent as us...its senseless

Perths failed once...IF, its a big IF if Perth get another carack, theyll be making damn sure they get it right....6 WTs games a season would go down real well dont you think? :unamused:

 

[Magpie_Magic]

Agree mate.

But the mere mention is depressing and destabilizing and negative for recruiting players and sponsors.

Having lived through the 80s and seeing the Magpies axed and relocated I've learned there is always some substance in the rumour as the powers try to sound out ideas.

Already, Gus and his panthers and another club with a canine species as a logo are ready to move in like vultures.

I for one will put up with no further nonsense from this code and I'm sure many others feel the same

Enough is enough.

 

[Magpie_Magic]

Agree mate.

But the mere mention is depressing and destabilizing and negative for recruiting players and sponsors.

Having lived through the 80s and seeing the Magpies axed and relocated I've learned there is always some substance in the rumour as the powers try to sound out ideas.

Already, Gus and his panthers and another club with a canine species as a logo are ready to move in like vultures.

I for one will put up with no further nonsense from this code and I'm sure many others feel the same

Enough is enough.

 

[pHyR3]

Agree mate.

But the mere mention is depressing and destabilizing and negative for recruiting players and sponsors.

Having lived through the 80s and seeing the Magpies axed and relocated I've learned there is always some substance in the rumour as the powers try to sound out ideas.

Already, Gus and his panthers and another club with a canine species as a logo are ready to move in like vultures.

I for one will put up with no further nonsense from this code and I'm sure many others feel the same

Enough is enough.

so basically, there are too many sydney clubs but if you get rid of mine i'm done with the NRL.

cronulla fans feel the same way