Date
November 25, 2012
Danny Weidler
Departure ... Russell Crowe. Photo: Quentin Jones
Danny,
Odd that you asked me about this earlier in the year. While there was nothing afoot then, my family situation has changed and I have to address personally how busy I have made my life outside of my actual job. Do you have ESP mate?
Just letting you know that 2013 will be my last season as a shareholder of Blackcourt the company that oversee's South Sydney Football Club. 8 years of stewardship, next year will be the 7th season Blackcourt has had control.
We've come a long, long way. Nobody should forget that distance has come with a huge financial injection, some $11m+ between Peter and I, to pay off the organizations short and long term debts and bring South Sydney Football Club back to a place where it can make its' own decisions and resume it's threat on the field. Competitive, tough,and all about the 80 minute game.
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Both of us though look at what South's stands for again and what it means in the competition now and how the club has re-engaged with its' community and we know we have done something special for South Sydney,Rugby League and Australian sport .
Nick Pappas, Shane Richardson,Michael Maguire, Peter ofcourse and the Souths Board are all aware of my position.
There are many avenues open for Blackcourt, Peter and I will look always for the solution that suits the progress of the Club first.
Members and fans should be reassured that this is a change only at the Blackcourt level, it doesn't change anything at the Club level. It certainly will never change the colours of my one red and one green eyes. I will always be a South Sydney supporter and member, as I have been, man and boy, South Sydney 'til I die.
Souths will post an operating profit again this year, the fourth in a row, and as long as Members , amazing sponsors and fans continue to support the Club, principally through membership, the Club's future is rock solid.
22,000 members last year Danny, that was a pipe dream way back in 2005 when you first (ESP) brought the subject of private ownership up.
Members and fans should also be reassured that although Peter and I have certainly presided over a massive increase in the value of South Sydney, In truth, profit other than that of the Club's health has never been a motivator.
Long term contracts with the likes of Sam Burgess, Issac Luke, John Sutton, Adam Reynolds and Greg Inglis, and with the Coach Michael Maguire and the systems and culture that have been developed assure that the Club has the ability to be very competitive in the long term.
Some people will try and bend this as something other than what it is, but it is pretty straight forward ; If I have any chance of keeping my family together, I have to simplify my life where I can.
I hope you are well, happy and busy.
RC
IT STARTED with a text message at 1.31am last Sunday. Russell Crowe had either read my column online overseas or he'd been told about it. There was speculation he wanted to sell up after six seasons as a co-owner at South Sydney. It was the second time in the past couple of months it had come to my ears - the first time, Crowe said it was not true. This time I went to Souths officials who said it was not on the cards. To Crowe's enormous credit he didn't want this journalist to be red-faced when he went public with his plan to sell up. He had been having private chats for the past six weeks with the club about an exit but didn't give the club a date. Rabbitohs chief executive Shane Richardson said the first he knew about Crowe's official exit was when he started getting phone calls after my story on the Today Show last Sunday.
An idol to some
RUSSELL CROWE has acres of critics who want to bag him but Bob McCarthy summed it up best when he said Crowe's contribution to Souths was as large as any of the greatest players the club has had. And it will irk the Rabbitohs diehards but if George Piggins deserves a statue for his great job saving Souths when they were booted out of the NRL at the end of 1999, then Crowe deserves one right beside him. Shane Richardson said without Crowe's efforts, Souths would no longer be around. The club couldn't pay its bills. Now thanks to Crowe and Peter Holmes a Court's involvement they are a very well-run club with a fantastic roster, great coach and facilities as good as any in the NRL. They've gone from a park side to a professional football team. Crowe has restored the pride to a team known as the Pride of the League. It has come at a huge personal cost and Crowe's desire to reconnect with his family should be respected and given the highest praise. Just as his time at the club should be.
No Khoder violation
THEN there was this tweet from Russell Crowe on Tuesday in response to comments from David Campese. ''@Davidcampese11 I'm alright David. Hope you are happy and busy. Khoder Nasser is a mate of mine. He is a clear-minded, original thinker.'' Crowe and Nasser have been mates for some time. Crowe's respect is reciprocated.
Warren of figures
THERE'S been some unusual reporting regarding the status of funding made by Russell Crowe and Peter Holmes a Court at the Bunnies. It appears some in the media have mistakenly adopted the club's statutory accounts as the basis for analysis of the further funding Crowe and Holmes a Court have made available to the club. This is flawed - the law requires the statutory accounts adopt notional (''arm's length'') calculations that bear no real connection to actual terms negotiated between the investors and the club. In addition to their capital investment, Crowe and Holmes a Court gave Souths additional funds to help it regain its rightful place in the NRL. These funds were provided on a ''limited recourse'' basis. This is because they are only ever repayable out of profits and if the cashflow permits it. Holmes a Court tipped in $4.5 million and Crowe gave $1.65 million for a grand total of $6.15 million. These injections were made during the 2007 and 2008 financial years when the club underwent a rapid and much-needed transformation. They are repayable in 2024, but only out of any profits. If there are no profits (or available cash), nothing is payable. The interest rate is a modest 1 per cent above the 30-day bank bill swap reference rate, which is 3.36 per cent. Interest has been waived until October 31, 2014.
Read more:
http://www.smh.com.au/rugby-league/...n-from-afar-20121124-2a0q2.html#ixzz2DBIeuiXa
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