Wests Tigers ownership structure confirmed

R

ricksen

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http://www.weststigers.com.au/news/2016/05/27/wests_tigers_ownersh.html

Wests and Balmain have agreed an $8.5 million deal that will ensure the financial future of Wests Tigers.
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The deal which determines Wests Tigers ownership and future contributions ensures Wests Tigers' long term viability.
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The 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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Wests and Balmain wish to express their thanks to Lucio Di Bartolomeo who has now stood down from the Wests Tigers Board.
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Lucio’s contributions over the past 20 months have been exceptional.
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Wests acknowledges 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 acknowledges Wests Ashfield Leagues' role in securing the operational and financial viability of Wests Tigers over the past four years and for its generous offer to Balmain to secure its place as part of Wests Tigers in the NRL into the future.
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The new arrangement brings the NRL’s involvement over the last two years in assisting Wests and Balmain to restructure Wests Tigers to a conclusion.
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Both Clubs thank the NRL for its role in reaching this agreement.
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The nine members of the new Wests Tigers Board are:
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Marina Go (Chair), James Myatt, Simon Cook, Michael Liubinskas, Rick Wayde, Tony Andreacchio, Mike Bailey, Rosemary Sinclair and Danny Stapleton.
 
Who gets the $8.5 Million. Does that mean Wests bought 25% of Balmain for $8.5 million ? If so how does that secure Wests Tigers financial future ?

I guess that measn they pay off Balmains debt and then Balmain get another few mill in the bank
 
Mike is back…

Good to see 2 independents and an Independent Chair...Moving forward as one Wests Tigers...
 
At least some clear direction has now been achieved. Now let's move forward please…
 
@Boonboon2 said:
Who gets the $8.5 Million. Does that mean Wests bought 25% of Balmain for $8.5 million ? If so how does that secure Wests Tigers financial future ?

I guess that measn they pay off Balmains debt and then Balmain get another few mill in the bank
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It seems that way - it also values the club at $34 mill - which is a total load of rubbish.
 
Good to have it sorted but i don't like the make-up of that board at all.

9 Board members??! Seems way too many chefs in the kitchen. While Wests have guaranteed they will maintain a majority if they all vote as a block, 9 seems like it will be counter-productive and lead to arguments with potentially one side always coming out on top in any case.

The lack of details about the numbers is also odd. What does that 8.5 mil involve exactly? Is Balmain making payments at a certain point in the future?
 
Also, Balmain appointing a guy who runs a painting company 'which employs more than 12 people'. Great stuff. Hope he remembers to bring the coffees because i don't think he'll bring much else to the table.

It is exactly these types of amateurs that seem to hold our club back. Even if he's been involved in the Balmain juniors for a bit we need astute businesspeople making the big decisions and using their networks for the club not the local butcher, real estate agent or painter.

Mark O'Neil feeds the board their footy related know how in any case so that's no pre-requisite either.
 
@Balmain Boy said:
Good to have it sorted but i don't like the make-up of that board at all.
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Fair point IMO - a lot of these guys were on the board over the last few years, so effectively they've got us into this mess*.

* the WT on-field mess, not the Balmain financial mess.
 
Frustrating article lacking detail. If Wests paid out all of Balmains debt yet Balmain retains 25%, is Balmain now in debt to Wests Ashfield for that 25%.
Why is it an $8.5m deal anyway? Balmain only owed the NRL $5.4m! Will Balmain be paying 25% of the yearly running costs shortfall?
 
Frustrating article lacking detail. If Wests paid out all of Balmains debt yet Balmain retains 25%, is Balmain now in debt to Wests Ashfield for that 25%.
Why is it an $8.5m deal anyway? Balmain only owed the NRL $5.4m! Will Balmain be paying 25% of the yearly running costs shortfall?
 
@innsaneink said:
I cant see Mick Liubinskas being comfortable in black white & orange
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Maybe we can start calling it gold again and returning towards that more traditional colour.

I think that Wests did well in keeping Go as the chair for at least the short term.
 
@Balmain Boy said:
Also, Balmain appointing a guy who runs a painting company 'which employs more than 12 people'. Great stuff. Hope he remembers to bring the coffees because i don't think he'll bring much else to the table.

It is exactly these types of amateurs that seem to hold our club back. Even if he's been involved in the Balmain juniors for a bit we need astute businesspeople making the big decisions and using their networks for the club not the local butcher, real estate agent or painter.

Mark O'Neil feeds the board their footy related know how in any case so that's no pre-requisite either.
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At last some finality no more at the guise of the NRL ,well I am sure the Painter ,butcher and real estate agent are devastated that you think they are MORONS ,maybe you could attend the general meetings with your pearls of wisdom honestly words fail me .
Obviously the generosity and good will that the Wests group have shown Balmain are not shared by a lot of older Balmain supporters …time to finally get this show on the road to success.
 
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