Discussion in 'St George Illawarra Dragons' started by Objective View, Aug 19, 2018.
Brian Johnston. Officially.
Can you copy and paste DT article here please OV
As far as I know it hasn't been reported as yet. But my source is impeccable. Should come out in the next couple of days.
The Daily Telegraph you mean?
LOL, I didn't see/read that.
Oh, and old boy, colour me surprised.
WIN strikes St George Illawarra Dragons’ NRL ownership deal
New model: St George Illawarra have finalised their ownership structure. Picture: NRL Photos
WIN Corporation and its multi-millionaire owner Bruce Gordon have finally struck a deal that will partially privatise the Dragons, just months after the television network walked away from negotiations to buy a stake in the club.
Fairfax Media understands more than two years of on-again, off-again talks between St George Illawarra and the media company have finally reached an agreement, with the Dragons expected to confirm their new ownership structure on the eve of the finals series.
It's believed an announcement could come as early as this week.
Under the deal, it is believed the Dragons' multimillion-dollar loan sourced from the NRL will be repaid and their home-game allocation, with matches at Kogarah and Wollongong, will remain largely intact.
And the sale will conclude one of the last points of business for retiring chief executive Peter Doust, the longest-serving NRL club boss, who has been in charge of the Dragons for 18 years. He will step down at the end of the season.
The WIN sale will also cap one of the most tumultuous periods in the joint-venture's history after the Dragons first floated the idea of privatising the Illawarra Steelers' equity in the club in late 2014.
WIN Corporation was always the preferred option, given its Wollongong headquarters and long-standing ties with both the Dragons and Steelers.
But the company told St George Illawarra officials it was no longer interested in assuming a 50 per cent stake in the club back in April, casting doubt over the Dragons' ability to find a suitable buyer before the end of 2018.
The Dragons were unbeaten ladder leaders at the time and had just been installed as premiership favourites with bookmakers.
WIN had insisted it would maintain a commercial relationship with St George Illawarra and remain a sponsor of the club, but its reluctance to progress with ownership talks was thought to be a big blow to the Dragons.
Gordon and his son Andrew, a St George Illawarra director, briefly considered launching a fresh bid independently of WIN Corporation to assume the Steelers' share in St George Illawarra as other interested purchasers circled. But later, under the guise of WIN Corporation, they quietly returned to the negotiating table in the hope of snapping up an interest in one of the NRL's most recognisable franchises.
Private investment in NRL clubs has become a much more attractive option under a funding agreement that sees clubs paid $3 million above the salary cap for the length of the existing broadcast cycle.
Football department spending has also been capped, putting an end to the arm's race in which clubs felt compelled to spend freely to remain competitive with their cashed-up rivals.
The issue of private ownership has been a hot one for the NRL in the past year after deals were struck to take Newcastle and Gold Coast off the market while a raft of buyers were earlier this year being mobilised to take the Sea Eagles off the hands of the Penn family.
The Dragons are guaranteed to be featuring in just their second finals series in the past seven years after a morale-boosting win over the Tigers at Leichhardt Oval on Saturday night, which powered them back into fourth spot.
Straight Shooter's source has access to a news site.
WIN elect 3 members to the board
STG elect 3 members to the board
ILL no longer have representation only one "b" membership without voting rights.
Chairman A.Gordon has no voting rights.
This may turn out to be very advantageous to STG as I feel the 3 WIN board members will naturally look to recoup the investment as fast as possible. So underperformance which would have an impact on memberships, merchandise and gate takings may force some action to enact change.
I think BJ is a safe choice and his hands were tied as chairman. Hopefully now he can make changes without the shackles of chairmanship.
Also, with the debt paid to the NRL, we hopefully will never have to venture to that toilet for a home game ever again. Games, like this year, split between Kogarah and Wollongong is fine by me. We are 9/2 for home wins this year, that is evidence enough for me.
Jobs for the boys but not the worst result, remember McDonald was once the favoured candidate and that would have been a disaster.
Time will tell though, but as long as our heritage, name, colours and logo are protected, that is the paramount importance to me.
I expect McGregor will see out his contract, unless something drastic happens, but playing finals football this year, has saved his bacon, if only for a short time. The financial gain for the club is enormous for playing finals, and finishing 4th gives 2 bites at the gate receipts. However, next year is a totally different prospect and I'm very confident, the "Sack McGregor" thread will see its final year.
Old Boys culture continues...
It's like in breeding.
Club desperately needs external smarts.
Is WIN/Gordon buying Illawarra's share of "the joint venture" going to improve our financial situation and our ability to compete with the big name clubs for the best players and is it going to make any difference to our ability to provide 3rd party payments?
If I was buying our club, the first thing I would want to make sure of is that we can provide the most 3rd party deals in the comp.
Yeah it's an old boy, but of all the old boys is could have been, Brian is probably the best option
I like the idea of Brian Johnston taking over as CEO. He is an old Saints boy. He also has experience in the position. Lets hope that he can improve things and get our 3rd party payments up there with the likes of Easts and Brisbane.
WIN having an ownership stake will do wonders for our TPA clout
Love Brian Johnston! I hope its true , last time under him we were GUNS and GODS! hell cut the crap and soon well be BACK for real not just July premiers!
When exactly was BJ our CEO?
WIN Corporation agrees deal to buy stake in St George Illawarra Dragons
Faithful: St George-based Dragons fans can expect games to continue to be played at Jubilee Oval, Kogarah despite the deal with WIN Corporation. Picture: Chris Lane
The name St George, the famous red V and games at Kogarah are expected to be protected after WIN Corporation finally struck a deal to partially privatise the St George Illawarra Dragons.
It is believed an official announcement could come as early as this week to confirm the deal just months after the television network walked away from negotiations to buy a stake in the club.
Fairfax Media have reported the Dragons’ multimillion-dollar loan sourced from the NRL will be repaid and their home game allocation, with matches at Kogarah and Wollongong, will remain largely intact.
The move will end years of speculation about the future of the Dragons, who will now be able to compete financially with rival NRL clubs.
WIN have taken the Steelers’ 50 per cent share in the Dragons, according to a News Corp report, with former chief executive Brian Johnston to return to the role as Peter Doust’s replacement.
Doust, the NRL’s longest-serving CEO, has been in charge of the Dragons for 18 years but will retire at the end of the season.
Andrew Gordon, son of WIN’s multi-millionaire owner Bruce Gordon, has been appointed chairman according to the report while coach Paul McGregor is understood to enjoy support from the new Dragons’ ownership group.
On the field, the Dragons will play in just their second NRL finals series in the last seven years next month.
With two winnable regular season matches remaining, St George Illawarra are expected to hang on to a top four finish.
The Dragons are fourth on for and against, just in front of Penrith and local rivals Cronulla.
After a blockbuster clash with local rivals Canterbury at Jubilee Oval, Kogarah on Sunday, the Dragons head to Newcastle to take on the Knights in the final round of the season on September 1.
St George Illawarra snapped a three-game losing streak on Saturday night, with the undermanned Dragons scoring a vital 20-10 victory over the Wests Tigers at Leichhardt Oval to see them take advantage of the Panthers’ slip up against the Knights.
Before Doust took over 18 years ago.
Separate names with a comma.