Knights in financial trouble...

[Jatz Crackers]

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.

Yes it would.

The board of directors have a fiduciary responsibility to ensure the business is solvent by always being able to satisfy its debts when they fall due.

 

[Karmawave]

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

Its funny you say that mate.

Its ironic Raiders fans are laughing. A quick look at the Raiders Annual Report for 2007 shows the Raiders club losing $96,552 the financial year ending Oct 31st 2007.

http://www.raidersclub.com.au/site/files/ul/data_text12/437527.pdf

 

[Game_Breaker]

Isnt Harrigan on their board?

 

[Jatz Crackers]

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.

No body here has panicked. They just expressed concern.

Generic accountant speak or not, there is potential for serious financial issues and those Knights supporters & RL in general has a right to be concerned.

 

[Karmawave]

No body here has panicked. They just expressed concern.

Generic accountant speak or not, there is potential for serious financial issues and those Knights supporters & RL in general has a right to be concerned.

No denying that at all. The talk of relocating a team thats already a one city team is ridiculous though! :lol:

We are talking about a team that made a profit of $800,000 the year before last, and battled some extreme weather conditions last year that haven't been seen for years. It was pointed out in the Knights Annual Report that 75% of the games last year were affected by weather compared to 25% the year before.

While I don't like using weather as an excuse, because the club can be doing so much better in other areas - for a team that relies on gate takings, it does have a big impact on the bottom line.

 

[beave]

North Coast Knights, playing out of Newy and Gosford????................... TIC

 

[Game_Breaker]

North Coast Knights, playing out of Newy and Gosford????................... TIC

Why would that be North Coast?

 

[Jatz Crackers]

Why would that be North Coast?

Maybe they are thinking of locating any new leagues club on the Coffs Harbour bowls site

 

[Big-Steve]

But they weren't actually on the CC at the time ...

Yes they were.

The football office had been relocated there the stadium was built (still says "GO BEARS' on the seats up there). A merchandise shop was open. the players were having kids development days up there.

The only thing that did not happen is an actual game.

Heck the NRL had even produced "Central Coast Bears" merchandise! I know because I have seen a pair of official NRL Central Coast Bears labelled socks!

:crazy: :crazy: :crazy:

 

[Big-Steve]

Why would that be North Coast?

I think he means it would represent the whole North Coast area. Much like the titans are trying to claim part of the NSW coast as their area.

 

[Raider_69]

Its funny you say that mate.

Its ironic Raiders fans are laughing. A quick look at the Raiders Annual Report for 2007 shows the Raiders club losing $96,552 the financial year ending Oct 31st 2007.

http://www.raidersclub.com.au/site/files/ul/data_text12/437527.pdf

However, unlike the knights, we are owned and have a very good relationship with QLC, which made massive profits this finacial year and under cut our loses with great pleasure

the QLC annual report basically states if it came to it, they would give every cent they have to the football club to ensure the ongoing viability and survival of the Canberra Raiders.

Thus making canberra one of the most finacially sucure clubs in the NRL. As QLC and the string of clubs will continue to make millions of dollars profits each year in the forseeable future... 100k loss for the year? Thats pocket money for QLC

 

[beave]

I think he means it would represent the whole North Coast area. Much like the titans are trying to claim part of the NSW coast as their area.

God I am glad someone can use a bit of imagination.........

 

[Karmawave]

Glad to hear Raider.

Try and get the club to spend some of that dough you have on decent players to go with Todd Carney.

 

[brooksy19]

relocate Canberra to Newcastle.

Newcastle Raiders.. I would keep the existing Knights colours though as that green jersey is ugly and has been a blight on the game since 1989.

 

[beave]

Someone still holds a gruuuuuuuuuuuuuuuuudge. hehehehe.

 

[Raider_69]

Glad to hear Raider.

Try and get the club to spend some of that dough you have on decent players to go with Todd Carney.

In time
FTR, as much as i do hate the knights, it would be diasterus for league to see them go by the way side, i sincerly hope they work something out with Wests

 

[brooksy19]

Someone still holds a gruuuuuuuuuuuuuuuuudge. hehehehe.

I will despise Canberra untill I die.

 

[Jobdog]

In time
FTR, as much as i do hate the knights, it would be diasterus for league to see them go by the way side, i sincerly hope they work something out with Wests

See, I knew deep down there was actually a half decent bloke ;-)

 

[skeepe]

In time
FTR, as much as i do hate the knights, it would be diasterus for league to see them go by the way side, i sincerly hope they work something out with Wests

Disagree. Die scum.

 

[Karmawave]

Bad news for Knights death riders.

The team is on track to make a conservative projected profit of $200,000 this year. To go along with the $800,000 profit of 2 years ago, its clear that the last years loss was a one off - and that the club is not in anywhere near the dire financial state that the media reported.

Its funny how the same people who defend footballers when the media over-react to nights out on the p*ss, don't recognise that the media over-react with financial reports too. :lol: