Eels Salary Cap Mk V

[84 Baby]

The Leagues Club giving money to the Football Club that built it and are synonymous with, and have a large membership that are only members due to Football Club? That's outrageous. And you say the Leagues Club has been giving the Football Club similar amounts in previous years? Heads must roll for that!

Jerkakoff, Muckraker-At-Large

 

[Gronk]

Greyhound Industry types don't blame their own for the downfall of the dishlickers. They blame 4Corners for dobbing them in.

Yes I know, Amigos. I can see the resemblance....

 

[Bandwagon]

The 2015 PLC annual report lists the following items under "Notes to the Consolidated financial statements".

Heading 3 Revenue (page 28)

Merchandise sales $1,386,278

Nrl Distribution $7,902,762

In the "Consolidated Statement of Comprehensive Income" it lists.....

Match, Sponsorship and other Football Expenses ( $9,023,770 )

http://pdf.parraleagues.com.au/2015annualreport/

Now I aint no accounting wizard, but either I can read an annual report a hell of a lot better than this Jerkakoff fella, or he's a lying' sack of shit.

 

[T.S Quint]

I'd go with the latter, mate.

 

[hineyrulz]

I'd go with the latter, mate.

Yep, he writes for the Telecrap. It's what they do.

 

[Bandwagon]

That's where my bet lies.

 

[Oscarman]

The 2015 PLC annual report lists the following items under "Notes to the Consolidated financial statements".

Heading 3 Revenue (page 28)

Merchandise sales $1,386,278

Nrl Distribution $7,902,762

In the "Consolidated Statement of Comprehensive Income" it lists.....

Match, Sponsorship and other Football Expenses ( $9,023,770 )

http://pdf.parraleagues.com.au/2015annualreport/

Now I aint no accounting wizard, but either I can read an annual report a hell of a lot better than this Jerkakoff fella, or he's a lying' sack of shit.

The truth doesn't fit the narrative that the NRL need to take over, and portraying that we are in financial difficulty makes it easier for the average person to think that needs to happen. Too many journos are starting to sprout the same shit.

 

[phantom eel]

Well agenda driven journalism didn't really work for them in the recent election, so...

 

[Gronk]

Eels bosses face grilling over secret slush fund allegedly set up to thwart salary cap

Nick Tabakoff, The Daily Telegraph
July 8, 2016 12:00am
Subscriber only

THE Parramatta Eels are being investigated over whether they used members’ money as part of a loss-making company that the NRL alleges was set up to thwart its salary cap.

News of club industry regulator NSW Liquor and Gaming’s interest has come as the losses clock up at the Eels, with The Daily Telegraph yesterday revealing the club will lose at least $10 million in 2016.

The loss-making company, The Premiership Club, will add to these losses given it is believed to be haemorrhaging $300,000 a year.

The NRL alleges the intention of The Premiership Club was to secure a secret “slush fund” third-party agreement (TPA) payments for players.

Head of football operations, Daniel Anderson was mentioned as a key organiser of The Premiership Club.
It is understood several Eels officials have been grilled by Liquor and Gaming officials about the losses of The Premiership Club, which was actually meant to be a money-making machine by establishing a high-end business network for the Eels’ benefit.

A Liquor and Gaming spokesman yesterday confirmed it was investigating “relevant corporate governance issues” at the club.

Transcripts of club board meetings from 2014 show a prominent member of the club’s so-called Gang of Five, suspended CEO John Boulous, was “the central point of contact in the development and execution” of The Premiership Club.

Boulouswas “the central point of contact in the development and execution” of The Premiership Club. Picture: Jenny Evans
Another Gang of Five member, football boss Daniel Anderson, was also mentioned as a key organiser.

Since late-2014, The Premiership Club has been run by former Parramatta lord mayor John Chedid, who is its CEO. Mr Boulous, Mr Anderson and Mr Chedid were all unavailable for comment last night.

According to the NRL’s provisional salary cap breach notice on the Eels, by mid-2015 — months after it was set up — The Premiership Club had already lost $300,000.

The breach notice also alleged the Parramatta board actually discussed at length ways of getting around the code’s salary cap through The Premiership Club.

In transcripts of board meetings from 2014 and 2015, key Eels officials made it clear The Premiership Club would be a channel for paying undisclosed TPAs in breach of the salary cap.

Officials urged secrecy about this purpose.

http://www.dailytelegraph.com.au/ne...p/news-story/4f4e7cda3bc35f03ea896cbe96a24ea7

 

[Oscarman]

Those merkins Kent and Ikin were at it again last night. Take all the points David Gallop got it right blah blah blah. Wankers.

 

[ash411]

Why are they reporting this stuff like it's new information?

We already know all of this?

Also, How come it's totally cool for the Broncos to literally do the same exact thing, and no one bats an eyelid? What are they doing differently that we aren't doing?

 

[strider]

Why are they reporting this stuff like it's new information?

We already know all of this?

Also, How come it's totally cool for the Broncos to literally do the same exact thing, and no one bats an eyelid? What are they doing differently that we aren't doing?

I think Andrew Gee could explain

 

[84 Baby]

The 2015 PLC annual report lists the following items under "Notes to the Consolidated financial statements".

Heading 3 Revenue (page 28)

Merchandise sales $1,386,278

Nrl Distribution $7,902,762

In the "Consolidated Statement of Comprehensive Income" it lists.....

Match, Sponsorship and other Football Expenses ( $9,023,770 )

http://pdf.parraleagues.com.au/2015annualreport/

Now I aint no accounting wizard, but either I can read an annual report a hell of a lot better than this Jerkakoff fella, or he's a lying' sack of shit.

So what you're saying is the income generated by the football side more than covers the expense side? But don't we need to burn the club like the experts are saying?

Except I do wonder how much NRL expenditure are classified under other lines. Particularly employee benefits expense of $28m (which even if you include $7m salary cap, who the f**k are we paying $20m to and where can I get one of these jobs?) but definitely more concerning is the remuneration commitments on page 40. f**k I hope that $9m owed to players is staggered over 2 salary cap years otherwise that just highlights cheating

 

[emjaycee]

As I read it from the PLC's Annual Report(s) over the last few years, the PLC 'receives' all of the income from the NRL Grant, gate takings, sponsorships, memberships (STH's) and merchandise, etc. and shows this as revenue in it's P&L. It then provides the PNRL with whatever it needs to cover its total operating costs, including player payments, junior football, staff wages, ground hire, game day, etc. and shows this as a single line item of expenses.

From when I looked at this a month or so ago, there is an average difference between football related income and football related expenses of $1-2M each year. And yes, the expenses are greater than the income meaning that the Leagues Club subsidises the Footy Club by about $1-2M per annum.

Given that one of the key purposes of the PLC is to support Rugby League in the area this is not a problem for me as a member of the PLC.

 

[ash411]

As I read it from the PLC's Annual Report(s) over the last few years, the PLC 'receives' all of the income from the NRL Grant, gate takings, sponsorships, memberships (STH's) and merchandise, etc. and shows this as revenue in it's P&L. It then provides the PNRL with whatever it needs to cover its total operating costs, including player payments, junior football, staff wages, ground hire, game day, etc. and shows this as a single line item of expenses.

From when I looked at this a month or so ago, there is an average difference between football related income and football related expenses of $1-2M each year. And yes, the expenses are greater than the income meaning that the Leagues Club subsidises the Footy Club by about $1-2M per annum.

Given that one of the key purposes of the PLC is to support Rugby League in the area this is not a problem for me as a member of the PLC.

Yep, that makes total sense to me.

Are there any NRL teams that make a profit? I can't imagine there are. Most would have the backing of a large club, or rich dude pouring money in to offset the operating costs, right?

 

[84 Baby]

As I read it from the PLC's Annual Report(s) over the last few years, the PLC 'receives' all of the income from the NRL Grant, gate takings, sponsorships, memberships (STH's) and merchandise, etc. and shows this as revenue in it's P&L. It then provides the PNRL with whatever it needs to cover its total operating costs, including player payments, junior football, staff wages, ground hire, game day, etc. and shows this as a single line item of expenses.

From when I looked at this a month or so ago, there is an average difference between football related income and football related expenses of $1-2M each year. And yes, the expenses are greater than the income meaning that the Leagues Club subsidises the Footy Club by about $1-2M per annum.

Given that one of the key purposes of the PLC is to support Rugby League in the area this is not a problem for me as a member of the PLC.

That doesn't compute. If the PLC show it as a single line item, then surely that's the $9m figure. Adding together the NRL distribution and gate takings is in excess of $10m. Therefore the on-field side is profitable.
Either that or expenses for football are 'hidden' elsewhere

 

[emjaycee]

That doesn't compute. If the PLC show it as a single line item, then surely that's the $9m figure. Adding together the NRL distribution and gate takings is in excess of $10m. Therefore the on-field side is profitable.
Either that or expenses for football are 'hidden' elsewhere

I am not the PLC's accountant so this is just my best guess from reading the Annual Reports, but surely there are other costs associated with the PNRL business that for accounting reasons are shown elsewhere.

For example:
- Junior Football Grant
- A portion of total wages
- Some of the Repairs and Maintenance
- Some of the Cost of Goods Sold (off-set for merchandising for example)
- Some of the Other Expenses

Easy to exceed the revenue totals and run it in the red.

 

[Bandwagon]

So what you're saying is the income generated by the football side more than covers the expense side? But don't we need to burn the club like the experts are saying?

Except I do wonder how much NRL expenditure are classified under other lines. Particularly employee benefits expense of $28m (which even if you include $7m salary cap, who the f**k are we paying $20m to and where can I get one of these jobs?) but definitely more concerning is the remuneration commitments on page 40. f**k I hope that $9m owed to players is staggered over 2 salary cap years otherwise that just highlights cheating

What I'm saying is that the only public information available shows that the PLC spent 9 mill on the NRL club, and in return received around the same.

The NRL club would without doubt cost more than that 9 million to run every year, and it may well be that other line items include NRL club expenses, but Jerkakoff cannot know what's what unless he is in possession of documentation from the club that would likely be protected by law.

As for the remunerations owed, that would be all employment contracts entered into and due payable within the period listed.

 

[84 Baby]

As for the remunerations owed, that would be all employment contracts entered into and due payable within the period listed.

Na it specifically says contracts entered into with players, but yeah it probably includes non-salary cap items, all 4 salary caps and probably straddles salary cap years, still to an auditor that stands out like dog's balls

 

[El Diablo]

Even if he quits John Grant will still include his TPA's in the cap for a few years just as he has done with Watmong's.