Balmain put out a statement last night as well. Similar to the one from WT but a few more details:
_We are pleased to announce that Wests and Balmain have agreed on an $8.5 million deal that will ensure the financial future of Wests Tigers and ensure Balmain’s future participation in the joint venture continuing Balmain’s involvement in the highest level of Ruby League since 1908.\
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The deal, which determines Wests Tigers ownership and future contributions, ensures Wests Tigers’ long term viability.\
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As many members and supporters of our club would know, we have been through some significant financial distress in the past few years. This has included us having to return the lease for Leichhardt Oval to Leichhardt Council and negotiate a loan with the NRL to remain a part of the Wests Tigers joint venture.\
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Balmain Tigers are very happy and grateful to the Wests Magpies and Wests Ashfield Leagues Club for their generosity in acting as guarantors for our remaining share in Wests Tigers. We would also like to thank them for their role in securing the operational and financial viability of Wests Tigers over the past four years.\
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Balmain Tigers would also like to thank the NRL for their assistance through this lengthy process and their generosity in extending the loan terms.\
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This outcome is an extremely positive one for Balmain Tigers and for Wests Tigers, particularly given the alternative would have seen Balmain exit from the joint venture and cease a 108-year involvement with top level professional rugby league in Australia.\
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The new ownership structure sees Wests move to 75% ownership with Balmain retaining 25% and the Board expanded to nine directors. Balmain has two Board positions, Wests has five Board positions with the remaining two positions being filled by Independent Directors.\
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Balmain wish to express their thanks to Lucio Di Bartolomeo who has now stood down from the Wests Tigers Board. Lucio’s contributions over the past 20 months have been exceptional.\
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Balmain Tigers would like to stress to members that the new ownership structure is not a takeover of the joint venture by Western Suburbs. In addition to two board positions, Balmain Tigers will also have an equal say in making recommendations to the full Board in all key decision making processes through the joint venture’s three board sub committees – Football (One Balmain representative and one Wests representative), Audit and Risk (One Balmain representative, one Wests representative and one independent) and Nominations (One Balmain representative, one Wests representative and one independent).\
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Wests has acknowledged Balmain’s contribution to the joint venture since 2000 including their integrity in preserving their long history. Both Wests and Balmain are founding 1908 Clubs which, together, will continue to build a proud future for Wests Tigers.\
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Balmain Tigers look forward to working with Wests and the independent directors to make Wests Tigers a force on and off the field in the NRL for many years to come.\
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The nine members of the new Wests Tigers Board are:\
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Marina Go (Chair & Independent Director), James Myatt (Balmain), Simon Cook, Michael Liubinskas, Rick Wayde, Tony Andreacchio, Mike Bailey, Rosemary Sinclair (Independent Director) and Danny Stapleton (Balmain)._
