Carch.... this is worth just putting up for all to read.
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St George Illawarra Dragons go to NRL for urgent financial assistance
Josh Massoud
The Daily Telegraph
September 26, 2013 12:00AM
THE once mighty St George Illawarra Dragons have appealed to the NRL for urgent financial assistance to maintain their extensive junior development programs as the joint venture reels from two poor seasons and enormous cuts to its Leagues Club grant.
The Daily Telegraph understands Dragons officials are seeking an advance in the vicinity of $1 million to meet debts and expenses, including $250,000 in outstanding rent for the use of Kogarah?s WIN Jubilee Stadium.
St George Illawarra boss Peter Doust on Wednesday declined to specify figures, but did confirm the club had requested advances of its monthly grant.
The Dragons are also sweating on help from the NRL?s discretionary fund, believing they have a right to additional resources because they support four junior representative teams across southern Sydney and the Illawarra.
But the traditional revenue streams are drying up. The St George Leagues Club grant has been slashed by about 75 per cent from two years ago, when $2.5 million was handed over.
This season the Dragons received a letter guaranteeing just $550,000 in Leagues Club funding, which has posted a total loss of more than $2 million over the past two years and is looking to renovate its Princes Hwy premises.
The huge drop, coupled with falling merchandise and ticket sales from back-to-back failures on the field, has created a tough climate for the Dragons to contend as the barren off-season approaches.
The Dragons are desperate to learn whether the NRL will lift its annual grant from $7.1 to $7.6 million in 2014, a rise the clubs claim was promised to compensate salary cap increases.
A committee of club chairmen on Wednesday met ARLC chairman John Grant and NRL CEO Dave Smith to discuss their need for additional funding.
For Doust, frustration is building as the uncertainty continues.
Dragons
The Dragons had a disappointing 2013 season. Picture: Mark Evans
?The Leagues Club grants have been diminishing over the past couple of years from a multi-million dollar level to this year being under one million,? Doust said.
?Notwithstanding the Dragons have been encouraged by the NRL to continue delivering the full range of services within our business, including junior development and community programs across our region.
?The whole sustainable funding structure of NRL clubs was to be reviewed by the NRL at the end of the calendar year.
?Like all NRL clubs we are keenly awaiting the outcome on the NRL grant for 2014 and also the discretionary funding model for 2014 and beyond.?
Should the NRL advance St George Illawarra a loan, it first needs to be satisfied the club has the capacity to pay it back.
Wests Tigers are set to be given $1 million to cure their financial headache from the Balmain side of the joint venture, but only in exchange for a complete overhaul of the factionalised board.
Source
http://www.news.com.au/sport/nrl/st...ncial-assistance/story-fndv36r0-1226727196060
