Danny Robinson Gets His Wish - Saints Are Dead

[zombiebloodlust]

Golden Rule means nothing when you've been paid all the gold.

Daily Telegraph 8 May, 2016

WIN Corporation will seize control of a reinvigorated St George Illawarra board by having the casting vote, ending St George’s dominance in the joint venture.

WIN Corporation, St George Dragons and the Illawarra Steelers have an in principal agreement for St George and WIN to take a 50 per cent stake each in the Dragons.The Sunday Telegraph has seen the four page draft proposal sent by St George Illawarra of the ownership change to the NRL’s head of club and state services Tony Crawford last month. In another revelation, the Dragons also owe $700,000 to unknown benefactor — Bob St Clair — on top of the $6.6 million the club owes the NRL.But the new ownership structure threatens the once powerful St George faction of the board headed by the club’s chief executive Peter Doust and long-term chairman Warren Lockwood, both with deep ties to the St George side of the joint-venture. Currently, the Dragons board consists of four representatives from St George including Doust and Lockwood, three from Illawarra and WIN owner Bruce Gordon’s son Andrew.How the board will work and look;
-WIN to nominate three board member.

-WIN to appoint chairman with casting vote for other than “reserved matters”

-St George Dragons to nominate three board members

-Illawarra to nominate one board member

Illawarra would remain as a “class b” shareholder, but will not have full voting rights.

“Reserved matters” need 75 per cent or more of the WIN and St George board members to agree to reduce the amount of games played at WIN Stadium or Jubilee Oval and change the club’s constitution. While a unanimous vote is required — including from Illawarra’s representative — to change the club’s name, logo or colours or relocate the club from NSW.

St George Dragons and WIN will need to contribute $500,000 each to St George Illawarra’s budget for 2017 and 2018. Illawarra will need to tip in $50,000 each year. The Dragons are expected to lose $1.399 million this year.

The key financial components of the draft proposal include;

– WIN agrees to $10 million purchase for 50 per cent of St George Illawarra Dragons

— $700,000 “unsecured loan” to Bob St Clair repaid in full from settlement proceeds on completion

— On completion of the deal WIN to pay $1.5 million of the $6.6 million owed to the NRL.

— WIN to pay $2.55 million to the NRL on or before October 21, 2017

— On or before 31 October, 2018 WIN pays to the NRL $2.55 million at interest of five per cent on all amounts outstanding from November 1, 2017 to October 31, 2018.

— OR WIN agrees, in good faith, to repay all amounts unpaid to the NRL by January 15, 2017 where WIN does not by December 31, 2016 enter into a material business acquisition or transaction.

Less than $3 million will be left over from WIN’s buyout once the Dragons debts are cleared.

WIN will also reduce the Illawarra Steelers debt by $3 million. It is expected the deal will be finalised before the end of the NRL season.

LINK: http://www.dailytelegraph.com.au/sp...s/news-story/c4bb4cd6afb635cbb67d214ba9251efc

 

[blacksafake]

Looks like the Doust empire is collapsing.

 

[Coffs dragon]

My God the people in charge of these 2 debt ridden football clubs should hang their heads in shame. They should never be allowed to further contribute on any new board structure under the new proposal. What a sad sad situation from the lofty heights to the gutter. They really need to sell off assets and re-boot under totally new managment & structure.

 

[Get2dachopper!]

Well what do you expect, someone is just gonna plonk 10 million down for a business and not wanna have a say in how it's run?
I have to admit, I do feel somewhat uncomfortable now that the Illawarra/win side will now have the deciding vote. But importantly the logo/name and game allocation can only be voted unanimously.
Anyway the St.George side of the merger can now concentrate on getting the leagues club up to scratch and profitable again, just in case this marriage with win doesn't work out. Financially St.george need to get their house in order, there's no more excuses, they don't need to worry about the Illawarra side of the JV anymore!

 

[Steve timpson]

Hopefully, good riddance Doust and co.

 

[SBD82]

Well what do you expect, someone is just gonna plonk 10 million down for a business and not wanna have a say in how it's run?
I have to admit, I do feel somewhat uncomfortable now that the Illawarra/win side will now have the deciding vote. But importantly the logo/name and game allocation can only be voted unanimously.
Anyway the St.George side of the merger can now concentrate on getting the leagues club up to scratch and profitable again, just in case this marriage with win doesn't work out. Financially St.george need to get their house in order, there's no more excuses, they don't need to worry about the Illawarra side of the JV anymore!

Because the St George dominated board has been such a roaring success?

 

[Saints Forever]

Golden Rule means nothing when you've been paid all the gold.

Daily Telegraph 8 May, 2016

WIN Corporation will seize control of a reinvigorated St George Illawarra board by having the casting vote, ending St George?s dominance in the joint venture.

WIN Corporation, St George Dragons and the Illawarra Steelers have an in principal agreement for St George and WIN to take a 50 per cent stake each in the Dragons.The Sunday Telegraph has seen the four page draft proposal sent by St George Illawarra of the ownership change to the NRL?s head of club and state services Tony Crawford last month. In another revelation, the Dragons also owe $700,000 to unknown benefactor ? Bob St Clair ? on top of the $6.6 million the club owes the NRL.But the new ownership structure threatens the once powerful St George faction of the board headed by the club?s chief executive Peter Doust and long-term chairman Warren Lockwood, both with deep ties to the St George side of the joint-venture. Currently, the Dragons board consists of four representatives from St George including Doust and Lockwood, three from Illawarra and WIN owner Bruce Gordon?s son Andrew.How the board will work and look;
-WIN to nominate three board member.

-WIN to appoint chairman with casting vote for other than ?reserved matters?

-St George Dragons to nominate three board members

-Illawarra to nominate one board member

Illawarra would remain as a ?class b? shareholder, but will not have full voting rights.

?Reserved matters? need 75 per cent or more of the WIN and St George board members to agree to reduce the amount of games played at WIN Stadium or Jubilee Oval and change the club?s constitution. While a unanimous vote is required ? including from Illawarra?s representative ? to change the club?s name, logo or colours or relocate the club from NSW.

St George Dragons and WIN will need to contribute $500,000 each to St George Illawarra?s budget for 2017 and 2018. Illawarra will need to tip in $50,000 each year. The Dragons are expected to lose $1.399 million this year.

The key financial components of the draft proposal include;

? WIN agrees to $10 million purchase for 50 per cent of St George Illawarra Dragons

? $700,000 ?unsecured loan? to Bob St Clair repaid in full from settlement proceeds on completion

? On completion of the deal WIN to pay $1.5 million of the $6.6 million owed to the NRL.

? WIN to pay $2.55 million to the NRL on or before October 21, 2017

? On or before 31 October, 2018 WIN pays to the NRL $2.55 million at interest of five per cent on all amounts outstanding from November 1, 2017 to October 31, 2018.

? OR WIN agrees, in good faith, to repay all amounts unpaid to the NRL by January 15, 2017 where WIN does not by December 31, 2016 enter into a material business acquisition or transaction.

Less than $3 million will be left over from WIN?s buyout once the Dragons debts are cleared.

WIN will also reduce the Illawarra Steelers debt by $3 million. It is expected the deal will be finalised before the end of the NRL season.

On the face of it,this is a reasonable deal, and typical of any JV scenario where one of the parties brings in substantial funds in exchange for equity.

The most important elements of the JV are secured from WIN's casting vote by being reserved matters.

I presume the agreement will state that if WIN doesn't make all the payments that their percentage in the JV is reduced on a pro rata basis.

Its actually a day to rejoice because WIN can now provide professional management to the JV which in turn can only benefit the JV.

 

[duck]

All good from where I sit. We will always be St George. We will always be the Dragons. The current dysfunctional board is on the way out.

 

[goggles]

Thanks for posting Zombie...a good read indeed!

 

[_Johnsy]

So how long until the sky falls in?

Many have been asking for Doust's power to be reduced, and/or be sacked. This does go some way to meet that end.

Yet we now have some who think that the saints are dead, and this is the start of the apocalypse.

Fkn hilarious, the dust hasn't even settled.

 

[Mr Red]

I think a fair deal to be honest. Stgeorge don't deserve to majority at board level, Doust and co have contributed nothing in leadership and strategy, and now contributing the minority financially as well with the input from Gordon.
You reap what you sow.

 

[Fingerbang]

Gordon, being the business man he is, would never put up with a CEO performance like Dousts.

 

[St Georgio]

Well the JV is now rock solid!

 

[Fingerbang]

So how long until the sky falls in?

Many have been asking for Doust's power to be reduced, and/or be sacked. This does go some way to meet that end.

Yet we now have some who think that the saints are dead, and this is the start of the apocalypse.

Fkn hilarious, the dust hasn't even settled.

:lol:...especially in JA. FMD, that place is in mourning already.

 

[Maximus]

Don't worry, I'm sure one of the Illawarra haters will be in soon to tell you how right you are.

Sounds like a good deal for St George. Under their leadership, we got ourselves into a combined $7.3 million debt with 2 of our creditors. Now they get a rich benefactor come along to pay all of the debts off, and you want to complain that they don't get to keep the deciding vote?

So how long until the sky falls in?

Many have been asking for Doust's power to be reduced, and/or be sacked. This does go some way to meet that end.

Yet we now have some who think that the saints are dead, and this is the start of the apocalypse.

Fkn hilarious, the dust hasn't even settled.

It's sad that some people want us to be the St George Dragons again so badly that they would rather a debt riddled club that is losing, than one where the Illawarra side gets a say.

 

[Objective View]

It's sad that some people want us to be the St George Dragons again so badly that they would rather a debt riddled club that is losing, than one where the Illawarra side gets a say.

I'd rather WIN invest in a de-merged, stand alone, St George Dragons entity.

Straight Shooter

 

[St Georgio]

I'd rather WIN invest in a de-merged, stand alone, St George Dragons entity.

Straight Shooter

That sounds nice!

 

[Maximus]

I'd rather WIN invest in a de-merged, stand alone, St George Dragons entity.

Straight Shooter

And that will never happen as WIN aren't interested. If they were de-merged, WIN would invest in the Steelers, as they rightfully should being a Wollongong based business.

 

[SBD82]

It's sad that some people want us to be the St George Dragons again so badly that they would rather a debt riddled club that is losing, than one where the Illawarra side gets a say.

This.

As stand alone clubs Illawarra and St George are unviable.

I was a staunch Illawarra supporter. There was a deep sense of loss when we lost our stand alone team, but in no way would I want the partnership to dissolve now. I've been a supporter of the dragons for 18 seasons now - longer than the steelers existed- and I'm rusted on.

Many of my friends and family are in the same boat, and I've not heard one person advocate the overthrow of the joint venture to stand alone. The Illawarra only want this JV to work and be successful. This may be the opportunity to make that happen. Our management certainly cannot get any worse.

 

[Saints Forever]

Don't worry, I'm sure one of the Illawarra haters will be in soon to tell you how right you are.

Sounds like a good deal for St George. Under their leadership, we got ourselves into a combined $7.3 million debt with 2 of our creditors. Now they get a rich benefactor come along to pay all of the debts off, and you want to complain that they don't get to keep the deciding vote?



It's sad that some people want us to be the St George Dragons again so badly that they would rather a debt riddled club that is losing, than one where the Illawarra side gets a say.

Lol ! Correction Maximus, Illawarra have no say. Big business has a say.