@Ryde Oval said:
Geo, help me! Who is/are the Board Nominations Committee?? They are not aligned to the NRL in anyway?? Confused…More help required...Did the NRL loan Balmain 3 million??? Thanks mate
Here you go mate.
http://www.weststigers.com.au/news/2015/09/05/wests_tigers_ownersh.html
Wests Tigers would like to clear up some inaccuracies that have been reported on a regular basis regarding the Club’s structure and ownership.
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Wests Tigers was formed in 1999 as a joint venture between the Balmain Tigers and the Western Suburbs Magpies with both parties owning a 50% share.
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On September 17, 2014, a new Shareholders Agreement, NRL Deed and Wests Tigers Constitution was executed, with the Club implementing a seven person Board structure. This featured three Independents, two Balmain nominees and two Wests nominees.
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**The Club would like to clarify that the three Independent Directors were appointed by a Nominations Committee consisting of the two shareholders, not by the NRL.**
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**The three Independent Directors report to the Club’s shareholders, being Balmain and Wests, with the Chair being selected by the Board.**
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**The NRL does not have any shareholdings or ownership of Wests Tigers, and they are not party to the Club’s shareholders agreement.**
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On September 25, 2014, Balmain moved into funding default with an NRL loan provided to Balmain to cover this funding shortfall. As a result of this the two Balmain nominees were removed from the Wests Tigers Board, with it becoming a five person Board, consisting of three Independents and two Wests nominees.
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The Wests Tigers Board consists of:
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- Marina Go – Chair – Independent
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- Lucio Di Bartololeo - Independent
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- Rosemary Sinclair – Independent
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- Simon Cook - Wests
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- Tony Andreacchio - Wests
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The next round of shareholder funding is due on March 31, 2016, if Balmain remain an Unfinancial Shareholder beyond this date, their shares are defaulted and placed up for sale.
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If Balmain’s share are placed up for sale, first and last rights are offered to the remaining financial shareholder.
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The Wests Tigers brand is protected under the Heritage Deed and remains as it currently is, regardless of the ownership structure.