Is St George Illawarra Still A Joint Venture Club

[Frank Facer]

I’m not a staff member of this particular forum.

The views expressed are my own... if I see something stupid written of course I’m going to jump on it..

Sorry about being wrong, thinking you were a staff member. It is just that under your username where it says Village Idiot, then under that, it then says staff member. Please excuse my mistake.

You look to be copping a bit of flack lately. lol

 

[muzby]

And you don’t seem to understand how registered clubs are legally required to operate.

I noticed you didn’t quote me on Illawarra getting ripped to the tune of $5 million dollars?

I understand how clubs operate.. And if they can’t generate cashflow, they go under. There’s no magic money tree, unfortunately.

And as for quoting you on the whole $5m thing, not really relevant given you don’t understand basic economics..

 

[possm]

I understand how clubs operate.. And if they can’t generate cashflow, they go under. There’s no magic money tree, unfortunately.

And as for quoting you on the whole $5m thing, not really relevant given you don’t understand basic economics..

'understand how clubs operate.. And if they can’t generate cashflow, they go under. There’s no magic money tree, unfortunately.'

Well now you're on the right track. Now I can agree with you on this statement however, you took a lot of flack and quite some time to come around.

 

[ouryears]

Sorry about being wrong, thinking you were a staff member. It is just that under your username where it says Village Idiot, then under that, it then says staff member. Please excuse my mistake.

You look to be copping a bit of flack lately. lol

Muzby can remove the word staff member to avoid the error, seems strange to me

 

[JDHD]

So true, amongst the biggest junior area in OZ, but we don’t have the nouse nor the drive and ambition to pick the prize lambs from the farm.
My god we are a useless organisation these days.

The fact that Cronulla’s juniors would even be comparable to ours is unforgivable. I’d argue their juniors are actually better. How the hell has that happened???

 

[muzby]

Muzby can remove the word staff member to avoid the error, seems strange to me

What, and miss out on the bribes, kickbacks and secret warehouse parties with supermodels?

No chance..

 

[muzby]

Well now you're on the right track. Now I can agree with you on this statement however, you took a lot of flack and quite some time to come to come around.

Come around to what? I was pointing out that a larger co-contribution to the JV could actually send St George under..

Does that mean you agree?

 

[muzby]

You look to be copping a bit of flack lately. lol

As someone who accepts we are a JV and who doesn’t agree with booing or verbally abusing my own team, I’m well aware that places me in a minority on here..

But I also don’t subscribe to groupthink..

 

[possm]

Come around to what? I was pointing out that a larger co-contribution to the JV could actually send St George under..

Does that mean you agree?

No, I don't agree. It was Illawarra that were verging on insolvency and needed to sell their shares to stay a float. St George are fine and welcome the new partnership - one that can actually contribute.

St George still own half of the partnership and Illawarra own none of it. If WIN and St George wanted it to continue to be a joint venture, WIN could have 'given' the 10m to Illawarra with no share transfer but they did not for good reason. In fact but for the 'old boys' St George could have bought the Illawarra shares and then sold 50% to Smith for 15m and net approx. 5m for a new coach and upgrades to the Taj or an upgrade to training facilities.

 

[muzby]

No, I don't agree. It was Illawarra that were verging on insolvency and needed to sell their shares to stay a float. St George are fine and welcome the new partnership - one that can actually contribute.

St George still own half of the joint venture and Illawarra own none of it.

Ok, so we’re back to post one of this thread again...?

The point being discussed is that after contributing to the JV, the Leagues club doesn’t actually clear anywhere near the cash it used to (mainly due to a decline in gaming revenue, which is actually a good thing for society as those machines are poison).

Should the JV salary caps go up, operating expenses increase or sponsorships hit a hole, the cash has to come from somewhere.. either an increased contribution from the owners, or things like RGRV again..

So with the current profitability of the STGRLFC, any increase over $500k would see them going backwards from a financial point of view..

 

[possm]

Ok, so we’re back to post one of this thread again...?

The point being discussed is that after contributing to the JV, the Leagues club doesn’t actually clear anywhere near the cash it used to (mainly due to a decline in gaming revenue, which is actually a good thing for society as those machines are poison).

Should the JV salary caps go up, operating expenses increase or sponsorships hit a hole, the cash has to come from somewhere.. either an increased contribution from the owners, or things like RGRV again..

So with the current profitability of the STGRLFC, any increase over $500k would see them going backwards from a financial point of view..

In owning 50% of the joint venture, Illawarra is to pay half of the ongoing running cost of SGI. St George has no problems paying these costs it was Illawarra who were borrowing funds from WIN because they could not meet their responsibility. All has not yet been revealed but when it is, I'm sure that Illawarra most probably also owed funds to St George as well. Our new partner WIN will be in a positon to meet their responsibilities.

 

[muzby]

I’m guessing you were one of the reasons McDonald’s now serves breakfast after 10.30am..

 

[st penguin]

No, I don't agree. It was Illawarra that were verging on insolvency and needed to sell their shares to stay a float. St George are fine and welcome the new partnership - one that can actually contribute.

St George still own half of the partnership and Illawarra own none of it. If WIN and St George wanted it to continue to be a joint venture, WIN could have 'given' the 10m to Illawarra with no share transfer but they did not for good reason. In fact but for the 'old boys' St George could have bought the Illawarra shares and then sold 50% to Smith for 15m and net approx. 5m for a new coach and upgrades to the Taj or an upgrade to training facilities.

This forum proves how effective it is to leak info to the press.

Go back and read the article again.

TSE say they offered exactly 10m plus a loan to the Steelers.

WIN reportedly paid 10m - but TSE is claiming it was a lot less...5m less.

Not sure how that works because it doesn’t even clear the debt.

TSE never offer 15m.

 

[possm]

I’m guessing you were one of the reasons McDonald’s now serves breakfast after 10.30am..

I'm retired and had a good sleep last night. Got up early to make breakfast for my beautiful wife who works as a nurse. She still has 20 years before she retires and so I have to be at my best to keep her happy. By the way, she is always telling me to forget about St George and football, she believes it is a big waste of time.

 

[blacksafake]

I don't understand why Doust has not asked him to provide TPA funds. Same goes ro WIN before they become an owner. All along we have at least two big companies who follow the Dragons but no one approaches them to help us keep up with the Broncos, Rorters and Storm in the player recruitment market.

Does anyone believe Johnstone will have the courage to ask player manages to negotiate like the do for the above clubs.

The reason Doust hasn’t asked him for TPA”s is because the clubs are not allowed to. It is up to the managers to organise these. However I’m sure some clubs are “ pointing” managers in the direction of prospective suitors.

 

[st penguin]

By the way, she is always telling me to forget about St George and football, she believes it is a big waste of time.

She has a point

 

[SaintPauli]

The fact that Cronulla’s juniors would even be comparable to ours is unforgivable. I’d argue their juniors are actually better. How the hell has that happened???

Possibly as they are taking St George DISTRICT Juniors who are not prepared to travel to the gong! Why would you if the shire is on your back door.

 

[Bests Golden Boots]

I understand how clubs operate.. And if they can’t generate cashflow, they go under. There’s no magic money tree, unfortunately.

And as for quoting you on the whole $5m thing, not really relevant given you don’t understand basic economics..

You truely live up to your title as the biggest idiot here.
You are incapable of accepting any argument that is beyond your very limited understanding.
You seem to have a set against certain members, usually the ones who don't regularly tell you how pretty you are.

Your 5th grade humor is just annoying, but it's not surprising as I assume 5th grade was sometime in the last 5 years for you.

You really do add nothing insightful or constructive to this forum.

But please feel free to continue to troll me through thread after thread adding nothing in the way of rebuttal to any post other than your limited ability to selectively quote them.

 

[muzby]

You truely live up to your title as the biggest idiot here.
You are incapable of accepting any argument that is beyond your very limited understanding.
You seem to have a set against certain members, usually the ones who don't regularly tell you how pretty you are.

Your 5th grade humor is just annoying, but it's not surprising as I assume 5th grade was sometime in the last 5 years for you.

You really do add nothing insightful or constructive to this forum.

But please feel free to continue to troll me through thread after thread adding nothing in the way of rebuttal to any post other than your limited ability to selectively quote them.

That’s an awfully convoluted way to admit you were wrong..

 

[Fat Tony Kandos]

Given that Illawarra Football Club have sold their shares to WIN Corp, is the St George football Club still a joint venture club. In my opinion it is not. Not the only football club with an ownership claim is St George.

So any dispute about our Club's history and how many premierships our Club has won should be set aside. I doubt it was ever agreed that the Illawarra deal would extinguish our history.

After 22 years the parties' may no longer be joint venturers and the association is possibly a partnership?