Meriton could drop major sponsorship

[system]

Dave Smith is a good man. This will be the best outcome of all if they can agree to it.

Exactly my thoughts on the matter Bob

 

[Gary_Bakerloo]

Fairfax Media understands Smith has offered four repayable instalments of $2 million in exchange for a restructure of the club board. Smith is believed to be pushing the club to install a seven-member board, which would include two Balmain directors, two Wests directors and three NRL-appointed directors.

This is the important information in the article.

Just do it.

Be careful what you wish for. This will mean that Wests Tigers strategic direction will align to the NRL's strategic direction unless Wests and Balmain align together.

Whilst I agree the strategic plans should be aligned to some extent, there could be nasty decisions made that some fans may not necessarily like.

 

[system]

Fairfax Media understands Smith has offered four repayable instalments of $2 million in exchange for a restructure of the club board. Smith is believed to be pushing the club to install a seven-member board, which would include two Balmain directors, two Wests directors and three NRL-appointed directors.

This is the important information in the article.

Just do it.

Be careful what you wish for. This will mean that Wests Tigers strategic direction will align to the NRL's strategic direction unless Wests and Balmain align together.

Whilst I agree the strategic plans should be aligned to some extent, there could be nasty decisions made that some fans may not necessarily like.

It may actually show the halfwits that the only way to ensure both their legacy's being represented and honored relies on them working together. Something that nigh on 15 years of a 50/50 board has failed to provide.

As for things fans may not like it is simply a matter of stipulating as a condition of the agreement that no decision to relocate or abandon LO & CSS can be on the agenda.

 

[Abraham]

Essentially he is peeved Balmain didn't come to him in regard to the development.

Why the hell didn't they approach him about the redevelopment?

It seemed like the natural thing to do.

And he has a public track record for successfully dealing with council and government, something which the 'Rozelle Village' developer seems to sorely lack.

 

[Tiger_Watto]

The idea of the NRL offering the loan could be a good thing…

Smart operators like Bruno or even Katie Page would be a brilliant balance for whichever period they deem suitable!

 

[Yossarian]

Fairfax Media understands Smith has offered four repayable instalments of $2 million in exchange for a restructure of the club board. Smith is believed to be pushing the club to install a seven-member board, which would include two Balmain directors, two Wests directors and three NRL-appointed directors.

This is the important information in the article.

Just do it.

Be careful what you wish for. This will mean that Wests Tigers strategic direction will align to the NRL's strategic direction unless Wests and Balmain align together.

Whilst I agree the strategic plans should be aligned to some extent, there could be nasty decisions made that some fans may not necessarily like.

Wests and Balmain should be align together on most things anyway. With the structure proposed the NRL could not over-ride a combined Balmain-Wests bloc but the NRL directors would be the deciding vote if the vote was split.

Seems an elegant and commonsense solution to me.

 

[simonthetiger]

Wow…is there light at the end of the tunnell????

If Balmain and Wests unite they could overrule the nrl blokes.

WOW!!!!

And what about all the BS telegraph articles about Potter being gone.....chip wrapper is what its only ever been an will be.

 

[Yossarian]

The Balmain Leagues club looked at one option and went with it. They did not open up to other bidders for the site, instead they chose to go with the Benny Elias led proposal. Last year there there was an article in the paper on the development process, Benny's involvement and the fact that the club did not seek other options such as a Meriton partnership.

Do you have a source for all this? As I recall Elias wasn't involved in the very first proposal but I could be wrong. The scenario you've presented doesn't ring true from my memory. As I recall they had a deal signed with a pretty reputable company and then the GFC broke the same day. Some time after that there was a different deal signed that Elias had some involvement with. Saying he led the proposal is possibly over-stating things.

Harry is right to be annoyed. We are all annoyed. The process was another example of an inept board. Considering Eddie Obied's (Corrupt politician) son (and prob senior) is mates with Di Girolamo (Balmain board) it is just not surprising that this is a massive dodgy mess. Remember these articles
http://www.smh.com.au/nsw/how-benny-elias-put-the-bite-on-the-tigers-20120629-21822.html
http://www.smh.com.au/nsw/obeid-helped-to-lobby-for-balmain-redevelopment-20130726-2qpuq.html

It is a credit to Harry that he has stuck with the club this long as a major sponsor with all the smelly mess that is the Obieds involvement with Di Girolamo and Benny Elias.

I think you'd want to be careful here. Eddie Obeid has spread his tentacles in a number of areas and met a lot of people. As I understand it, Nick Di Girolamo has known the Obeids for decades. That of itself doesn't make him corrupt and to suggest it does is pretty unfair. To suggest Elias is some close confidant on any of these people is also not fair. Elias is a networker - he'd meet with anyone if he thought it was beneficial to him. The stories you quote in the SMH (the link didn't work for me) were refuted by the Balmain Football Club in some detail. I believe that document is available online.

 

[fibrodreaming]

I'm not sure why the NRL proposal is being discussed on this thread - but I have a few thoughts.

I don't believe that offering an $8m loan to an insolvent organisation will solve any problems. Some organisation will have to repay the loan, presumably Wests Ashfield, and why would they agree when they have only two members on the board?

This is probably a bad analogy, but it is a little like being asked to go guarantor for a loan. I was asked once to go guarantor, and my solicitor said "I only have one word of advice - don't do it". The point is, why should an entity make itself responsible for a loan, when they have no effective say in the financial affairs of the organisation that is borrowing the money.

With regard to independent directors, there is no guarantee that they will serve the interests of the WT. As Gary Bakerloo says above "be careful what you wish for".

 

[Knuckles]

Wow…is there light at the end of the tunnell????

If Balmain and Wests unite they could overrule the nrl blokes.

WOW!!!!

And what about all the BS telegraph articles about Potter being gone.....chip wrapper is what its only ever been an will be.

The Telegraph used to be a good read many years ago. But now you're right Simon … Just for wrapping up the fish and chips nowadays.

 

[Mccarry]

Yep, fair call. Association is not proof of corruption.

Association is proof of poor judgement. The role of a board member essentially ties back to judgement. The board is the ultimate decision making entity, without good judgement they are just a group of ego's sitting around a table.

 

[Yossarian]

Yep, fair call. Association is not proof of corruption.

Association is proof of poor judgement. The role of a board member essentially ties back to judgement. The board is the ultimate decision making entity, without good judgement they are just a group of ego's sitting around a table.

I'd certainly agree with that! I think the board structure (I'm talking generally in a rugby league-wide sense) was fine in its day but there is just too much involved now. It'd be nice if we had members whose sole interest was the advancement of the club and not trying to one-up the other group.

 

[Coastie_Tiger]

I think that board structure is the only way to stop the lunacy and force them to work together if they can't work it out the 3 independants out vote them pretty simple really hope this comes off.

 

[simonthetiger]

Honestly this is awesome news if true,

This year is starting to have a nicer ending,

 

[Abraham]

I'm not sure why the NRL proposal is being discussed on this thread - but I have a few thoughts.

I don't believe that offering an $8m loan to an insolvent organisation will solve any problems. Some organisation will have to repay the loan, presumably Wests Ashfield, and why would they agree when they have only two members on the board?

This is probably a bad analogy, but it is a little like being asked to go guarantor for a loan. I was asked once to go guarantor, and my solicitor said "I only have one word of advice - don't do it". The point is, why should an entity make itself responsible for a loan, when they have no effective say in the financial affairs of the organisation that is borrowing the money.

With regard to independent directors, there is no guarantee that they will serve the interests of the WT. As Gary Bakerloo says above "be careful what you wish for".

I don't think that's how it works.

The NRL would most likely withhold parts of the annual grant to the WT over a number of years until the Loan was repaid, rather than ask Balmain and Western Suburbs to enter into some sort of repayment plan.

 

[system]

Dave Smith has been fervent and open in his desire for NRL clubs to become profitable.

With the right players on the board assisting the process and bringing ideas to the table we might start to be one of those clubs to turn it around

 

[LaT]

Fairfax Media understands Smith has offered four repayable instalments of $2 million in exchange for a restructure of the club board. Smith is believed to be pushing the club to install a seven-member board, which would include two Balmain directors, two Wests directors and three NRL-appointed directors.

This is the important information in the article.

Just do it.

Absolutely!

 

[mike]

Time to set up a structure to ensure future viability. 2 Members from Wests, 2 from Balmain and 3 from the NRL seems the right mix to me. Time to stop squabbling and do what needs to be done for the benefit of Wests Tigers. Do it now !!!!

_Posted using RoarFEED 2013_

 

[gallagher]

Two things. Firstly I dont like the idea if the NRL having a big say jn the running of any club. Secondly, how are we gonna pay the money back? Even the richest sydney club would struggle with that debt.

 

[system]

They wont have a big say if the JV partners do their damn job for once.

That is the entire point