fINANCIAL CRISIS

[PARRACHILEAN]

As a parra fan i herd alot things that doesn't sit right with me. Firstly i herd words like tighting our belts fincial problems within the parra club... The question i pose to parra fans are we a club in finnacial crisis. The other roumour is parra leagues is not making the same money have we over exposed ourselves financially what is up?? can some one advise please
I can remmember we were once one of the richest clubs in sydney what happend in the famous words of pauline hanson "please explain":? :? :?

 

[Twizzle]

its not for us to speculate either way

do you have any source for these claims ?

 

[PARRACHILEAN]

I've just herd in the paper and also the fact that we cant afford to buy a statue for one of our greatest past players. Why havent you herd the same thing????

 

[Stagger eel]

yes we're struggling, as are just about every leagues club in Sydney due to the pokie tax and the new smoking laws.

the statue is a completely different kettle of fish, the ST opted for the statue and in their wisdom have the Parramatta eels pay half without even consulting them about it..Parra obviously have a problem with this and would prefer that the ST re-name the lounge "the Ray Price lounge"

in a nutshell..I've got to get to bed as i haven't slept in 2 days.

 

[Delboy]

Parrachilean, I am not sure why you are not up to speed with the issues that all Leagues clubs have to address. The poker machine tax that the current NSW govt introduced, has increased taxes to an extent that clubs are seeing their profits diminish by millions each year.

That means to say that they have less to spend on the propagation of rugby league, if you understand Parra Leagues is losing money, make no mistake the Panthers, Bulldogs etc are in the same boat. It is that our CEO is really letting everyone understand the impact, the Dragons have cut their grant by over $2 million which will impact on their costs as from 2009, if you want to assist , visit the Club , spend some money and help that way.

Fish will no doubt be on here shortly advising that poker machines are the tools of the devil. However , they remain the funding basis for sporting groups and some welfare groups in the area, and not recompensed by the Govt after their grab

 

[PARRACHILEAN]

Delboy i'm aware of the poker tax ... but should the powers that be tell everyone that..
Do you really think that the bulldogs and pathers are in the same situation everytime i talk to people about penrith and caterbury they are always mentioning that they are extending the club or adding something to the club. Yes delboy i do go to the club alot but i would rather become a member of leagues club so as to support the team....

 

[MarkInTheStands]

Chilean,

The Leagues club is not making as much money as it used to. It is distressing. However we are expanding, not the club but our Property portfolio. Our club has not announced any funding cuts to the NRL side. We will see in the Finical statement that the club will spend over $5 million dollars on Rugby League.

 

[fish eel]

Parrachilean, I am not sure why you are not up to speed with the issues that all Leagues clubs have to address. The poker machine tax that the current NSW govt introduced, has increased taxes to an extent that clubs are seeing their profits diminish by millions each year.

That means to say that they have less to spend on the propagation of rugby league, if you understand Parra Leagues is losing money, make no mistake the Panthers, Bulldogs etc are in the same boat. It is that our CEO is really letting everyone understand the impact, the Dragons have cut their grant by over $2 million which will impact on their costs as from 2009, if you want to assist , visit the Club , spend some money and help that way.

Fish will no doubt be on here shortly advising that poker machines are the tools of the devil. However , they remain the funding basis for sporting groups and some welfare groups in the area, and not recompensed by the Govt after their grab

:lol: :lol:

Looks like you saved me the effort. Though you left out your 'socialist jibe'

 

[fish eel]

Incidently, the poker machine tax was introduced in the state budget immediate after the 2003 election.

It was not brought in in one, foul swoop - but has been phased in.

The rates of the tax were changed as a result of negotiations between the State Government and Clubs NSW. This deal was welcomed by clubs nsw, so much so, that in fact they donated a significant amount of money to State Labor's 2007 election campaign.

If the pokie tax is the dark knight that is going to destroy the club movement in NSW as out CEO would have us believe, does that not seem a bit odd?

Clubs like Parramatta have had now, over four years to get alternate revenue to make up for the increased tax they pay.

A business with all it's eggs in one basket is a poorly run business.

 

[MarkInTheStands]

A business with all it's eggs in one basket is a poorly run business.

Indeed, so thankfully we have our Property Development to fall back on.

 

[Jake the snake]

Indeed, so thankfully we have our Property Development to fall back on.

Property.... is that wise?

Property market is crapola at the moment. Not many people buying at the moment.

 

[fish eel]

Property.... is that wise?

Property market is crapola at the moment. Not many people buying at the moment.

and of course, property profits are only really paper valuations arent they, until of course the asset is sold/leased.

 

[Jake the snake]

Only we could get rich is if someone like Packer who has endless pits of money wants to buy the club...... otherwise it doesn't look good. Anyone know a rich Parra supporter?

 

[fish eel]

John English should be rolling in Pirates of Penzance and Alltogether Now cash.

 

[MarkInTheStands]

and of course, property profits are only really paper valuations aren't they, until of course the asset is sold/leased.

True unless you also receive the revenue from the rent being charged.

And while the Property Market may be a bust. Renting is going to be a grow industry again for a few years to come I think.

 

[fish eel]

And while the Property Market may be a bust. Renting is going to be a grow industry again for a few years to come I think.

In Parramatta?

Yes, definately for residential. There's a shortage of residential rental properties statewide with vacancy rates very low.

Commercial, that will be more interesting, especially in Parramatta.

With the CBD being redeveloped, we will see more commercial floor space come on line. It will be interesting to see the impact this has on rental returns.

 

[MarkInTheStands]

In Parramatta?

Yes, definately for residential. There's a shortage of residential rental properties statewide with vacancy rates very low.

Commercial, that will be more interesting, especially in Parramatta.

With the CBD being redeveloped, we will see more commercial floor space come on line. It will be interesting to see the impact this has on rental returns.

That is then interesting as the majority of the Property is Residential.

 

[fish eel]

That is then interesting as the majority of the Property is Residential.

though the flip side is residential rents are much lower than commercial rents.

then again, you've probably paid less for the land

 

[Jake the snake]

If only Parra was owned by the Commonwealth Bank.... billions..... billions!!

Maybe Parra could start their own bank chain: The Parra Bank of Australia.

 

[MarkInTheStands]

though the flip side is residential rents are much lower than commercial rents.

then again, you've probably paid less for the land

But when you are investing more in Apartments then House and Land, that changes how much you pay for the land.