CEO - Shane Richardson

[Vicious]

The debenture system has been explained multiple times. but I think people are very confused by it all. I will do my best to explain because it might stop some of the theories that circulate.

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What is HBG?
HBG is simply a registered club that "owns" Wests Ashfield and associated clubs, like Croydon Sports Club etc. More accurately, HBG members are the "owners"...but no one really "owns" anything in the true sense of the word...if all assets were sold and the organisation was dissolved, no one would receive any financial benefit. Any cash remaining would, by law, need to be transferred to another registered club or related non-profit. It does not distribute dividends, profits or capital gains like a company would. For simplicity, it is far easier to describe it as control over assets rather than ownership as we know it.

Financial incentive is not a driving factor for HBG powerbrokers.

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What is a "Debenture Holder"?
When the club was established, a limited number of individuals subscribed funds. These were secured by “debentures.” Those individuals became “Debenture Holders.” Under the constitution, a maximum of 20 debenture holders can exist at any one time.

A debenture holder is a structural position, not a board position. Debenture-holders hold a privileged, constitutionally entrenched status unless they transfer their debenture or are removed for conduct related issues. Their status isn’t based on annual membership votes, but on original subscribed funds + board-approved transfer rules. The club constitution anchors it.

Debentures are not transferable without consent of the board. and can only be transferred to persons who are members of the Club. the board is made up of 7 people. 5 board seats are reserved for debenture holders. The majority voting bloc is debenture holders.

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So...out of 20 people, 5 will sit on the board at any one time and 15 will have no say. These 20 people compete for the 5 power seats on the board constantly. This is a source of infighting and instability as the competing factions try to gain power on the board and impose their will. Romero implemented the review...Burgess, who is now the chair, undid it all....this has been on rinse and repeat for years. Wests (the rugby league club) and Balmain don't really have anything to do with it.

They are not like a traditional owner would who invested millions in capital and can do what they want. These guys have managed to control power of a multi-million dollar organisation that is supposed to be member-owned, yet 20 people control all the voting power and cannot be voted out.

That is where the outrage comes from.

Sounds a bit like Hunger Games.
How did the leader get this far, that’s hard to work out in itself ?

 

[weststigers]

Sounds a bit like Hunger Games.
How did the leader get this far, that’s hard to work out in itself ?

You'd have to question the other 19 people that put him there. No one else has any power.

 

[Rock Hopper Steve]

Sounds a bit like Hunger Games.
How did the leader get this far, that’s hard to work out in itself ?

Hiding in the shadows while the rest eliminate each other, a chameleon of sorts.

 

[Vicious]

Sorry V but who really cares about the reserve grade team, only the diehards at Lidcombe oval shouting Magpies, Magpies to try and keep the dream alive.

I still believe all the grades should be Wests Tigers allowing anything else just lets the sore fester.

HBG dropped the bomb, they have rolled the dice and with a little luck it will deliver snake eyes risking everything, that includes their reserve grade team.

I understand your point of view.
In a perfect world we do not want to hear of of any board room dramas involving Wests Tigers ever again,
My way of thinking is you need some sort of compromise to try and make that possible.
By allowing the current NSW Cup set up to remain as it is, so nothing changing, I believe that is a good enough compromise to let the independent board structure return and hopefully let the rugby league team recover from this mess we are currently in.
That way if a return of the independent board structure is not accepted by HBG, there cannot be an argument about them not getting anything that respects the Magpies heritage as part of the merger.
Having a jersey that’s mainly orange, playing more games at Leichhardt Oval, none of this should matter if the NSW Cup team remains as it currently is and if that happens virtually nobody is adversely effected.

 

[Vicious]

Hiding in the shadows while the rest eliminate each other, a chameleon of sorts.

It must have been something like that as he does not appear to be a strong enough character to rise to the top in this scenario.

 

[Rock Hopper Steve]

I understand your point of view.
In a perfect world we do not want to hear of of any board room dramas involving Wests Tigers ever again,
My way of thinking is you need some sort of compromise to try and make that possible.
By allowing the current NSW Cup set up to remain as it is, so nothing changing, I believe that is a good enough compromise to let the independent board structure return and hopefully let the rugby league team recover from this mess we are currently in.
That way if a return of the independent board structure is not accepted by HBG, there cannot be an argument about them not getting anything that respects the Magpies heritage as part of the merger.
Having a jersey that’s mainly orange, playing more games at Leichhardt Oval, none of this should matter of the NSW Cup team remains as it currently is and if that happens virtually nobody is adversely effected.

That may happen if they get through this alive but what's to stop them turfing the new independents when they feel like it again.

My guts telling me if the sacked are preparing legal action they are confident they've done nothing wrong and when the NRL have seen this they may finally do something.

 

[Vicious]

That may happen if they get through this alive but what's to stop them turfing the new independents when they feel like it again.

My guts telling me if the sacked are preparing legal action they are confident they've done nothing wrong and when the NRL have seen this they may finally do something.

We will not survive as an NRL club without a genuine independent board and I would hope and assume PVL makes that very clear.

 

[weststigers]

I understand your point of view.
In a perfect world we do not want to hear of of any board room dramas involving Wests Tigers ever again,
My way of thinking is you need some sort of compromise to try and make that possible.
By allowing the current NSW Cup set up to remain as it is, so nothing changing, I believe that is a good enough compromise to let the independent board structure return and hopefully let the rugby league team recover from this mess we are currently in.
That way if a return of the independent board structure is not accepted by HBG, there cannot be an argument about them not getting anything that respects the Magpies heritage as part of the merger.
Having a jersey that’s mainly orange, playing more games at Leichhardt Oval, none of this should matter if the NSW Cup team remains as it currently is and if that happens virtually nobody is adversely effected.

Are you suggesting our owners blew up the NRL team to protect the Magpies state cup team?

 

[Tom Shines]

We will not survive as an NRL club without a genuine independent board and I would hope and assume PVL makes that very clear.

Are you happy with Benny Elias as Chairman ?

 

[weststigers]

That may happen if they get through this alive but what's to stop them turfing the new independents when they feel like it again.

My guts telling me if the sacked are preparing legal action they are confident they've done nothing wrong and when the NRL have seen this they may finally do something.

I hope it goes to court because then it all becomes public record, but HBG know that, so they'll settle out of court like they did with the others.

 

[Tiger-ferret]

We don't even know what Success is... But we all want it, I can promise you.

Speaking of former administrators, I've always been a bit on the fence - with all of them.
I always thought the problems of this Club ran deeper than a CEO, a Chair, A Coach, A Captain and to a
point, The Playing Group.

I still feel there's is something in that, But still don't really know what it is.

I'm starting to think maybe it's Culture,
The Club (From top to bottom) also doesn't know what success is,
nor does anyone who's been part of it for any fixed time.
Probably why those who land here and do know what it looks like,
Don't last.

Richo was trying to change the culture. It’s human nature to not want change…especially if you’re a debenture holder.