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Just sell us problem solved for everyoneIn the past, money from poker machines brought in plenty of cash, but those revenues are now dropping due to tougher rules and people spending less.
This means HBG can no longer rely on pokie money to fund the football team like they used to. Instead of putting all their funds into the Wests Tigers, HBG is spreading its risk by investing in non-sporting businesses, like property and hospitality venues, as well as branching out into other sports teams. The recent equity stakes in soccer ventures, partnering with historic club APIA Leichhardt to form Wests APIA FC, and taking an equity interest in the Central Coast Mariners in the A-League.
The key person behind this shift is Dennis Burgess, the group’s Chairman and the major long-term investor (a debenture holder). Because his main goal is to protect the company's financial future and prevent money from being lost, his influence is keeping HBG focused on safe, diversified business moves and controlled joint ventures rather than spending heavily on the Wests Tigers.
Agree, It's HBG steps back or the NRL forces the underlying governance structure to be fundamentally changed.Just sell us problem solved for everyone