Tiger_Watto
New member
@Geo. said:
So the NRL borrowed the money to the Wests Tigers, and there only real option if the money isn't repayed is retracting the license?
Harry interested in buying Wests Tigers
- Thread starter Bones
- Start date
So the NRL borrowed the money to the Wests Tigers, and there only real option if the money isn't repayed is retracting the license?
@Tiger Watto said:
No …the NRL lent the money to the Balmain Football Club to cover the shortfall in operating costs for the Wests Tigers for the preceding 2 years ...part of that agreement was that Balmain lost their voting rights on the Board and 3 independent directors appointed...they have until March 31 2016 to repay that loan or they will be forced to sell their share in the JV within 6 months to repay that debt to the NRL (Wests have first option) at which time a new agreement will be drawn up with whatever parties will have ownership...it's not really that hard to understand,,,,
The Wests Tigers owe no debt to the NRL never have and the NRL licence for the WESTS TIGERS will not be affected...
goldcoast_tiger
New member
@Tiger Watto said:
Everything that ive seen from the NRL has stated that the loan was to the Balmain Football club, Not to the JV, hence it has no bearing on the other partner or the JV,
If Balmain refused( or couldn't) pay, then the club( Balmain) share would have to be sold , and the league would get their money from that. And the club would be liquidated ,
It would then be up to the other partner to buy it , or another buyer could be sort .
Either way WTs would continue .
That's the way Ive understood it , and while I may be wrong on some of the details , I am sure that the loan is the sole responsibility of the Balmain footy club.
goldcoast_tiger
New member
@goldcoast tiger said:
Tiger_Watto
New member
That's how I understood it as well when it happened… So my original point is Balmain can set a price to sell to either WA (first option) or a 3rd party.
The only legal path the NRL have to force Balmain to repay is through the courts. Balmain are also a club owned by its members, meaning the NRL would need to take a lawsuit out on them also (assuming no board appointee was stupid enough to sign a personal guarantee).
Outside of the license, the NRL have no other cards.
The only legal path the NRL have to force Balmain to repay is through the courts. Balmain are also a club owned by its members, meaning the NRL would need to take a lawsuit out on them also (assuming no board appointee was stupid enough to sign a personal guarantee).
Outside of the license, the NRL have no other cards.
littletiger
New member
@Geo. said:
Interesting article. The wests fraction express a real commitment to the wests tigers and seem to operate good revenues too. Also ties in with the Liverpool connection. Seems like Harrys just thrown a real spanner in the works.
@Tiger Watto said:
Hummph…I'm just about to give up...so I'll ask you a question...How will holding back the NRL licence for the WESTS Tigers a totally separate entity to the Balmain Football Club force Balmain to repay it's debt.?????????????
Pawsandclaws
New member
@goldcoast tiger said:
Have you finished circling the wagons yet? Really some of your comments in this post are just utter crap. Harry has been involved with the club for years and you want to question whether he is good (or not) for the club!
And how many who have expressed opposition to Harry's idea would be all over TPAs from Harry if he were inclined to do this?
Tiger_Watto
New member
@Geo. said:
It won't… But they can't force a legal identity to withdraw from a partnership either unless they declare bankruptcy.
Pulling the license won't be about the debt, it will be about sustainable franchises.
goldcoast_tiger
New member
@Pawsandclaws said:
He hasn't been involved as a owner, …....big difference,
If he's happy to be a hands off person as far as the football side, yes he could be good. But he's used to giving orders and doing things his way. Which may not always be the way it should be in professional sport. As for crap Paws, you're well well qualified to know it when you see it
Anyway the chance of Wests Ashfield selling out to Harry are very slim. So he may have to work with others, or give the idea a miss. It might show if he's still really a fan , or just wants to control the club
Also Paws, any TPAs may come from Harrys mates, but not him as an owner. Or from the club. Have a nice day
Tiger_Watto
New member
GCT, I think thats how this will play out.
I still cant fathom HT actually buying the franchise. And I highly doubt he will have any interest in only 50%.
Simon Cook is just settling the punters. Marina Go will be the one I'd be waiting to here from.
Eitherway, It will be business as usual today as we get our 3rd win in 3 weeks!
Fire Up Tigers!!!
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I still cant fathom HT actually buying the franchise. And I highly doubt he will have any interest in only 50%.
Simon Cook is just settling the punters. Marina Go will be the one I'd be waiting to here from.
Eitherway, It will be business as usual today as we get our 3rd win in 3 weeks!
Fire Up Tigers!!!
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@Tiger Watto said:
The NRL can force Balmain to sell as it was agreed to by the Balmain Football Club as part of the bail out and restructure…
http://www.smh.com.au/rugby-league/league-news/restructured-wests-tigers-likely-to-ask-marina-go-to-lead-board-20140906-10dazh.html#ixzz3ilfyXfJN
http://www.smh.com.au/rugby-league/wests-tigers/balmain-tigers-claim-nrl-has-run-them-over-with-a-steamroller-20140905-10d4k7.html
glebe_tiger
New member
I tried searching online but I'm not privy to the financials of the Wests group. We all know they run a mini casino in Ashfield frequented by many of the asian community from the surrounding area. My concerns are, is our main source of current funding purely gaming revenue or is there something else they draw from? What other clubs, assets do they own?
Some clubs have gone backwards when the poker machine tax hikes went through some years ago. With the disturbing and ever increasing presence of gambling (machines, sports betting) and the problems it causes is anybody worried that one stroke of the government pen could diminish this even further? I use the dragons often as our reference point due to them being jv also. They have suffered huge losses from a once very successful leagues club and have gone hat in hand to the nrl for loans.
Is anyone concerned that this model may not be sustainable long term? Or am i worrying about nothing and the rivers of gold from poker machines will be here forever?
Some clubs have gone backwards when the poker machine tax hikes went through some years ago. With the disturbing and ever increasing presence of gambling (machines, sports betting) and the problems it causes is anybody worried that one stroke of the government pen could diminish this even further? I use the dragons often as our reference point due to them being jv also. They have suffered huge losses from a once very successful leagues club and have gone hat in hand to the nrl for loans.
Is anyone concerned that this model may not be sustainable long term? Or am i worrying about nothing and the rivers of gold from poker machines will be here forever?
@glebe_tiger said:
I will spell it out again the Wests Group have major land holdings in Ashfield,they have been trying for over a decade to develop these sites but as usual the greenie monster raises its head .IMO it will only be a matter of time before these areas are developed ….this group coupled with the club itself would be worth mega bucks . I am getting the feeling one side feels if they have nothing nobody has anything ,hence the agitation starting to happen.
GNR4LIFE
Well-known member
Is it true Wests Ashfield are worth 60 mil?
Ugh, 19 pages of crap.
glebe_tiger
New member
@Snake said:
Definitely no agitation on my part but i understand the sentiment. We all know Harry won't be on board at 50% that would be ideal with current financial standing of the Wests group, won't happen though.
radiowave82
New member
http://www.smh.com.au/rugby-league/league-news/balmain-welcomes-harry-triguboffs-bid-to-buy-wests-tigers-20150813-giykws.html
Balmain has welcomed the prospect of Meriton magnate Harry Triguboff privatising Wests Tigers, believing it could provide a lifeline for the foundation club to remain in the partnership.
Fairfax Media revealed Triguboff, a long-term club sponsor considered one of the world's wealthiest businessmen, is considering buying the Tigers. Triguboff has a strong connection to Balmain but has made it clear he will only buy in if he is capable of owning the entire NRL franchise.
"Their problem is the Balmain part is broke. But Balmain part is me," Triguboff said.
"That's the way it is. I'm very close to them, to the old part. I hope if I can stay I will keep the old supporters still involved. That's my plan."
The timing couldn't be any better for Balmain, which is on the cusp of forfeiting its place in Wests Tigers. The NRL has loaned Balmain the outstanding monies owing to the joint-venture club, with March 31 looming as the deadline for its next funding contribution. If the foundation club remains an unfinancial shareholder beyond then, its stake is up for sale.
Balmain chairman Dr Leslie Glenn said he was "heartened" by Triguboff's interest.
"We are very open to any discussion with Meriton," Glenn said.
"We have a flexible attitude to whoever can assist us in being a partner in the joint-venture outfit. We would consider any number of proposals that would allow us to keep faith with our supporters and history.
"We would be prepared to consider any reasonable offer that gave us long-term security. There's no uncertainty about it, if we don't repay the debt to the NRL they will see us off and put that 50 per cent share up for sale."
Friday also looms as a key day in Balmain's future, with Balmain Leagues Club scheduled to submit to Leichhardt Council a new development application for the dilapidated Victoria Road site at Rozelle. The proposal will include a new 3600 square metre clubs space to return the Tigers home with a bar, lounge, dining and entertainment areas.
"The developer has gone back to the master plan of 2008 and assured us the proposal will be within the boundaries agreed between the Balmain club and council," Dr Glenn said.
Meriton will remain plastered on the Wests Tigers jerseys until the end of the year before a new sponsor is unveiled for season 2016\. But rather than scaling back his interest in Wests Tigers, Triguboff is keen to become more involved. It's understood Balmain had previously offered Triguboff one of their two board seats should he bail them out of financial strife, but the self-made billionaire won't be content with a bit part in Wests Tigers.
"I've never been a partner with anyone and I won't be a partner with this. This I guarantee you," Triguboff said.
While Balmain is on the verge of extinction, Wests Ashfield have had no issues in meeting their funding obligations.
Dr Glenn is hopeful that the Tigers' association with Triguboff will continue well into the future.
"We've got a very long relationship with Harry that started well before the joint venture came around," Dr Glenn said.
"We were very happy Harry continued into the Wests Tigers days and shared the pleasure of the 2005 premiership."
Tigers chairwoman Marina Go and Wests Ashfield declined to comment.
The Tigers have a chance to move further away from the wooden spoon when they host Newcastle on Saturday.
Balmain has welcomed the prospect of Meriton magnate Harry Triguboff privatising Wests Tigers, believing it could provide a lifeline for the foundation club to remain in the partnership.
Fairfax Media revealed Triguboff, a long-term club sponsor considered one of the world's wealthiest businessmen, is considering buying the Tigers. Triguboff has a strong connection to Balmain but has made it clear he will only buy in if he is capable of owning the entire NRL franchise.
"Their problem is the Balmain part is broke. But Balmain part is me," Triguboff said.
"That's the way it is. I'm very close to them, to the old part. I hope if I can stay I will keep the old supporters still involved. That's my plan."
The timing couldn't be any better for Balmain, which is on the cusp of forfeiting its place in Wests Tigers. The NRL has loaned Balmain the outstanding monies owing to the joint-venture club, with March 31 looming as the deadline for its next funding contribution. If the foundation club remains an unfinancial shareholder beyond then, its stake is up for sale.
Balmain chairman Dr Leslie Glenn said he was "heartened" by Triguboff's interest.
"We are very open to any discussion with Meriton," Glenn said.
"We have a flexible attitude to whoever can assist us in being a partner in the joint-venture outfit. We would consider any number of proposals that would allow us to keep faith with our supporters and history.
"We would be prepared to consider any reasonable offer that gave us long-term security. There's no uncertainty about it, if we don't repay the debt to the NRL they will see us off and put that 50 per cent share up for sale."
Friday also looms as a key day in Balmain's future, with Balmain Leagues Club scheduled to submit to Leichhardt Council a new development application for the dilapidated Victoria Road site at Rozelle. The proposal will include a new 3600 square metre clubs space to return the Tigers home with a bar, lounge, dining and entertainment areas.
"The developer has gone back to the master plan of 2008 and assured us the proposal will be within the boundaries agreed between the Balmain club and council," Dr Glenn said.
Meriton will remain plastered on the Wests Tigers jerseys until the end of the year before a new sponsor is unveiled for season 2016\. But rather than scaling back his interest in Wests Tigers, Triguboff is keen to become more involved. It's understood Balmain had previously offered Triguboff one of their two board seats should he bail them out of financial strife, but the self-made billionaire won't be content with a bit part in Wests Tigers.
"I've never been a partner with anyone and I won't be a partner with this. This I guarantee you," Triguboff said.
While Balmain is on the verge of extinction, Wests Ashfield have had no issues in meeting their funding obligations.
Dr Glenn is hopeful that the Tigers' association with Triguboff will continue well into the future.
"We've got a very long relationship with Harry that started well before the joint venture came around," Dr Glenn said.
"We were very happy Harry continued into the Wests Tigers days and shared the pleasure of the 2005 premiership."
Tigers chairwoman Marina Go and Wests Ashfield declined to comment.
The Tigers have a chance to move further away from the wooden spoon when they host Newcastle on Saturday.
@glebe_tiger said:
Their financials are available online.
During 2014 they had total revenue of $41m, of which $36m came from poker machine takings.
So yes, gaming revenue is what keeps them alive.
However its also what keeps clubs like the Bulldogs and Parramatta alive. Just a fact of life these days.
\
@Snake said:
Have you driven through Ashfield lately? There are high rises going up everywhere. Why wouldn't the leagues club be able to develop their land when everybody else seems to be doing so?
Also, take the tin foil hat off re. Balmain. 99% of people here just want what's in the best long term interests of the Wests Tigers. There is no agitation, simply a newspaper article.
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