iSelect Gold Coast Titans granted new license

[BunniesMan]

http://www.goldcoast.com.au/article/2010/01/19/179925_gold-coast-news.html

Michael Searle the saviour of league

January 19th, 2010

What a difference 26 months makes...

 

[BunniesMan]

one thing i know for sure is always ignore Bunniesderp

One thing I know for sure is Michael Searle knows as much about running an NRL club as I do.

 

[applesauce]

http://www.goldcoast.com.au/article/2010/01/19/179925_gold-coast-news.html


What a difference 26 months makes...

Looks like your better at maths than him.

 

[Alex28]

The Daily Tabliod says the debt is $35 mil, the SMH says $25 mil?

"Intertwined' is a very loose term. We don't know how much of the debt belongs to the Football dept, could be very minor.

Nor do we know how much the COE is worth. $12 mil was an 'estimate' by the SMH.

The proper term is "interlinked". The entities would all guarantee eachother - the Banks would seek a guarantee from the football club (being the income generating entity which would ultimately repay the debt) to secure debts in the name of the property arm. Given that they are also reliant on grants from the NRL it would not surprise me if they sought a guarantee from them as well given it was a start-up business when the debt was written.

Ultimately the Banks are owed $20 Million and the security is worth $12 Million. The Banks will then go to the leagues club for the remaining $8 Million - if they can't meet that (and of course they can't - they haven't been able to run the football operations without prepayment of NRL grants) they will go the same way as the property arm.

Quite simple.

 

[beave]

Giants
Seagulls
Gladiators
Chargers
Titans

Whats next??

 

[M2D2]

The Gold Coast Goldbergs

 

[Joker's Wild]

Giants
Seagulls
Gladiators
Chargers
Titans

Whats next??

Insolvents

 

[AlwaysGreen]

Giants
Seagulls
Gladiators
Chargers
Titans

Whats next??

Gold Coast Ghosts.

 

[Patorick]

Gold Coast Devestators

 

[Patorick]

Or:

Gold Coast Grimlocks.

 

[Eelectrica]

Well if the gold coast are turfed out(i don't think they will be) then stadiums QLD will have no tennant at skilled park. Serves the f**kwits right. Stadium hiring costs are a joke.

That will be one consolation out of this. Ah well, if the Titans fold I know I've done all I can by being a member from day one.

 

[El Diablo]

http://www.titans.com.au/default.as...ans-statement-on-the-clubs-financial-position

Titans statement on the club's financial position
23/03/2012 3:42:24 PM

The following is a statement from Jetstar Gold Coast Titans Managing Director Michael Searle in relation to the media speculation about the financial position of the club and its related entities.

The Titans have been working with NRL Management and the newly formed Australian Rugby League Commission (ARLC) since September on a funding submission to assist the club’s related entities with cash flow pressures.

The pressure on the property arm came about because of the original Centre of Excellence building dispute which caused an escalation in costs relating to the completion of the building, additional rectification works and legal and funding costs totalling $6 million on top of the original contracted building amount.

Our initial discussions with the NRL revolved around the safeguarding of both the Property Trust and the Football Club. After consultation with the ARLC, there are now two strategies in relation to the Football Club and the Property Trust.

In relation to the property arm, we will consider all options to sell the asset in a managed and transparent process with our bankers. We have received two formal expressions of interests to date which we are considering.

Despite cash flow projections showing a current shortfall of approximately $2.5 million dollars, The Football Club is projecting a profit in season 2012.

The current shortfall is a result of poor home crowds on the back of a disappointing 2011 season, the ongoing servicing costs associated with the building dispute in 2010 and the overall economic downturn on the Gold Coast.

Going forward the Football Club on its own, is profitable and sustainable. Our current discussions with the ARLC are focussed only on the Football Club funding to ensure its longevity and sustainability.

The ARLC has been fully briefed on this situation throughout and we are confident that with the full support of the Commission we will ensure the Titans remain a viable and competitive force in the NRL for many years to come.

 

[M2D2]

Im sure this will get deleted like all my posts claiming hes a liar before has, but does anybody actually believe that for a second?

 

[El Diablo]

jesus you make up some bullshit lol

 

[SharkShocked]

They're faaaaaaaaarked

 

[Arucard]

Is the property something the ARLC could buy and invest in?

 

[Eelectrica]

The ARLC auditors will pracitcally be living in Titans HQ.
I don't know what to believe right now, but the hell with it. Everythings gonna work out fine, and if it doesn't well so be it.

 

[beave]

Is the property something the ARLC could buy and invest in?

Possibly, but with what money????

The Tv deal wont be sorted out for months.......

 

[BunniesMan]

Im sure this will get deleted like all my posts claiming hes a liar before has, but does anybody actually believe that for a second?

Searle has not said much in recent days/weeks to make himself sound trustworthy.

Take what he and a club has to say with a grain of salt until a third party says something.

Just contrast what he said before this mess got out and what we've heard since it's gotten to the court and the Leagues own auditors have looked through the place. And the league gains nothing from exaggerating the problems.

The only people I feel for are the genuine Titans fans who are being affected by this after doing nothing wrong. I have nothing but contempt for Searle, and I'm bitterly dissapointed in how the NRL went about giving him dictatorial control of a new club.

None of this mess would have happened if things were done right from day 1.

Little things like not giving a license to an accountant who insists on making himself boss and having noone to answer to.

If he had an independent board I am convinced there wouldn't have been enough delusional people to sign off on the CoE which has been a classic example of biting off more than you can chew.

I hope the situation can get resolved, the debt gets repaid and governing structure of the club is drastically changed. But I fear it may be too late and I fear the best long term option will be giving the license to someone else and rebranding.

 

[Cletus]

Is the property something the ARLC could buy and invest in?

I hope not. If they charge the Titans rent then give the Titans support they'll just be paying themselves. Hopefully somewhere in the discussions are the exit of Searle, he doesn't seem to be adding a lot to the situation.