Knights in financial trouble...

[The Observer]

The Bears were one of ten teams in Sydney, the Knights are the only team in Newcastle.

The Bears were also based in one of the two most affluent regions in Sydney. North Sydney Oval is also a better ground than grounds like Campbelltown, Kogarah Oval or Leichhardt Oval.

Constantine wanted to buy into the Knights, that could happen now.

 

[Karmawave]

There's too much ignorance and arrogance involved with the Knights currently for anything to be achieved.

There are board elections in April, and the future of the club is in the hands of its many members.

 

[Patorick]

Why can't the knights sell 49% ownership of the club to someone like Constantine? Or someone like Andrew Johns?

Hate on Manly/Souths as much as you want but they have shown that the privatisation model helps turn money troubled clubs around (yes, souths lost money last year, but you know what i mean).

 

[Patorick]

Double post.

 

[Karmawave]

80,000 people marched for Souths a few years ago.

Where did the other 73,563 people go when it come to joining up Souths memberships?

 

[Jobdog]

They weren't all Souths fans ...

 

[Dogaholic]

80,000 people marched for Souths a few years ago.

Where did the other 73,563 people go when it come to joining up Souths memberships?

Rent-a-crowd/serial protesters

 

[The Informer]

Why can't the knights sell 49% ownership of the club to someone like Constantine? Or someone like Andrew Johns?

Hate on Manly/Souths as much as you want but they have shown that the privatisation model helps turn money troubled clubs around (yes, souths lost money last year, but you know what i mean).

Why would you put millions in as a private investor for only 49%. And let other unprofessional clowns play with your money? You wouldn't. If you are to put up then you take control and run it your way, as the owners at Manly and Souths have done.

Singleton's problem is he gets disintrested quickly. Has done with numerous business interests, footy clubs and his women. He aint the Knights future.

 

[Karmawave]

They weren't all Souths fans ...

Yeah, its seems 73,000 weren't.

 

[beave]

For the life of me I don't understand why they didn't get off their a$$ in the first few years and build a proper leagues club. I know the new taxes being brought in will take away what a leagues club can grant the football club, but surely if they had one from day dot, they would have had some $$$ in the bank come now to give them some breathing space and then maybe venture out into some other means of income for the club. It would be a massive shame to lose the knights, but the club have got to do something. I know people are against New$ taking over their club, but in regards to my team, it was the best thing that ever happened. To be honest, since they have handed back the reigns to the local NQ businessmen, they have been f$%king up the good work that was done by News Limited. When News took over, we were massively in debt, underperforming and had dropping crowds. They (Frank Stanton and Co.) got the club on the straight and narrow and in off-field terms we have never been better (12500 season ticket/corporate tickets sold to every game) and a waiting list for corporate sponsors, a pretty successful leagues club, and a team that has been highly competitive for 4 years straight (let's ignore the last 2 weeks, they have been $hithouse, no denyinbg here)

News would not want to lose the Knights from the comp as it woud affect an area of what say 600k (including all the surrounding towns) imagine how that would affect their pay tv/newspapers sales if the area lost their Rugby League team??? IMO they would want the team to be hugely successful, if people are against News taking over purely based on the SL $hit, then you need to get over it because it seems it's News or no team, and what would you prefer????

 

[Karmawave]

It's a long way from the Knights being on the chopping block mate.

Its just the financial report for 2007. Last year the club made $800,000 profit.

They tried the Leagues club thing and they put it in the wrong location and the whole thing tanked. It was poor management and almost was the death of the club a few years ago.

It would have worked with a better club location ( they chose some outta the way residential area with nothing near it to call the Leagues Club ) - and it flunked.

Lets not get carried away. It's hardly what you'd call a crisis.

The Knights apparently have the highest sponsorship $'s than any other team. I thought it was second to the Broncos, but they have taken over from the Broncos.

I believe yet another sponsor is due to be announced this week for the Knights, and I believe it may have been timed so that it takes the softens the blow from their annual report.

 

[beave]

Yeah, i remember reading that a leaguesy was built earlier on in the 'burbs and failed, you have to be smart about it, place it in an area that will be populated by the locals before and after the game and will attract people even when there are no games/offseason. It just seems every second year there is some sort of financial woe at the Knights, they were one of the more popular clubs in the late 90's early 2k's, it's hard to see how they havent set themselves up for the future years.................

 

[Karmawave]

Agree totally. Alot of us are baffled as to why its not one of the most financially successful clubs in the NRL.

 

[Raider_69]

To think that clubs like this are going around and its the canberra raiders, who are one of few clubs wlell funded and owned by corperations MAKING money, that get death ridden

i hate the knights, i really do, i must admit i chuckled at this new when i read it but them going belly up or relocating is not going to be good for the game

 

[Jobdog]

Knew you wouldn't disappoint me Raiduh ...

 

[Raider_69]

Knew you wouldn't disappoint me Raiduh ...

I rarely do disappoint JD

manonthehill is correct, that place is in a 60's time warp, it stands to reason their management would be caught up in the same phenomena

 

[Karmawave]

:lol: Listen to the people who think the club is going belly up or have to relocate.

Has there ever been a bigger over-reaction to the news that a club lost money in one financial year after making money the year before? :lol:

Fair dinkum. Some people see a headline and jump the gun a bit.

People might want to go check how their local bowling club, RSL, Leagues club etc are going, and see how many clubs run at losses every year :lol:

 

[Jatz Crackers]

:lol: Listen to the people who think the club is going belly up or have to relocate.

Has there ever been a bigger over-reaction to the news that a club lost money in one financial year after making money the year before? :lol:

Fair dinkum. Some people see a headline and jump the gun a bit.

People might want to go check how their local bowling club, RSL, Leagues club etc are going, and see how many clubs run at losses every year :lol:

Listen to you with all your in depth knowledge and judgement of others. It hasnt got to do with wether the club made money one year & lost the next.

It has do with this statement "The financially unnerving outcome moved reporting auditor Crosbie Warren Sinclair to raise the prospect of insolvency in the report"

People should react to the prospect of insolvency.

 

[beave]

I don't know why anyone would hate Newcastle, I would rather live there than Canberra (personal choice) nor can I understand how anyone could hate their football side. Some of the fans I have met at EAS/Marathon over the last 10 years have been..........mmmmmmm, lets just say BHP must have done something to the water in their heighday, whilst I have also met some champion fans there. Seeing the town lose their team isn't really anything to laugh at either, I am sure other codes would love to see Newy loose their team and open up opportunites that would other wise be non-existant with the Knights survival. I know that it would take a lot more than one year of losses to kill off a team, but the knights making a profit last year and now making a loss, if it continues, how long before they won't be able to operate??????? I am sure if they can't pay the bills year in, year out, $hit would hit the fan.

 

[Karmawave]

It has do with this statement "The financially unnerving outcome moved reporting auditor Crosbie Warren Sinclair to raise the prospect of insolvency in the report"

People should react to the prospect of insolvency.

Mate, thats typical auditor speak to cover the auditors own ass. As someone mentioned earlier in the Knights forum, that is standard Auditor talk, generic coverage to ensure that the auditors cannot be held accountable for any future catastrophes of the Knights doing.

I think the term used was " broad accountants language to cover all bases "... - and that came from someone with accountancy knowledge.

I think logic says any business that continues to lose $1.3M a year every year risks insolvency , don't you? :lol:

Considering they had a $800,000 profit last year, and budget for a major improvement this year, I don't think its panic stages yet at all.

I'm certainly not denying the club is incompetent, they bloody are, and I am as critical of them as anyone - but let's not get ahead of ourselves here.