Leagues Club AGM thread.

[Sangreal 86]

Just the chatter at the AGM that the Two Blues premises was sold to Saad Associates and the obvious links with the new Board member Joe Saad (aka Smith ;-)).

Conjecture would have been averted if they reported the actual purchaser - Australian Kfarsghab Association Limited.

Point taken mate.

 

[Stagger eel]

No Mark, John was helping with the family of his employee and family member, George Khattar's funeral, which was held yesterday at Our Lady of Lebanon Church at Harris Park, attended by thousands of people. George was a great man and financially supported our club for years, John was very close to him and really cut by his sudden death at 44 years old.

George is also the uncle of one our forum members, Benoir91..

 

[Kornstar]

Just the chatter at the AGM that the Two Blues premises was sold to Saad Associates and the obvious links with the new Board member Joe Saad (aka Smith ;-)).

Conjecture would have been averted if they reported the actual purchaser - Australian Kfarsghab Association Limited.

Is this a gee up? Mr Fenwick, is that you?

 

[MarkInTheStands]

No Mark, John was helping with the family of his employee and family member, George Khattar's funeral, which was held yesterday at Our Lady of Lebanon Church at Harris Park, attended by thousands of people. George was a great man and financially supported our club for years, John was very close to him and really cut by his sudden death at 44 years old.

Indeed sad circumstances, but indeed thanks for the confirmation, I was trying to put my finger on who was missing.

 

[Gronk]

Is this a gee up? Mr Fenwick, is that you?

Oops that's right. Ask no questions of the new regime. Even though it this actually happened under the old regime. Confused ? :lol:

 

[Kornstar]

Oops that's right. Ask no questions of the new regime. Even though it this actually happened under the old regime. Confused ? :lol:

I just don't understand why a big fuss is being made of it? Who gives a sh*t who bought it? Whether they paid over etc?

I am pretty sure that you have every right to accept any amount for a property, is there a conflict here? Is there a law being broken? Is the sale of a property bound by a law that you must not sell to someone associated with the existing property?

These are serious questions, not trying to be funny, i know i can sell my house to anyone even if someone offers higher, i don't have to sell it to them, is selling an asset different? What gain would the Leagues Club get out of selling it to someone associated with the club????

I would love to know why Gronk seems to have an issue if it was sold to an associate of the club, how would it be deemed sneaky or underhanded?

 

[MarkInTheStands]

2009 PLC Annual Report

So my notes.

We know that up until April, while Fitzgerald was still at the club that the Two Blues licensed venue was sold for approx $3 Million

This has also allowed for the movement of the $20,000,000 Loan from Current Liabilities to Non-Current Liabilities. Because the club is now borrowing less than is total Investment properties assess.

Our investment property assets has dropped by about 2.5 Million dollars, which is in relation to the book values of the sold properties, both the Two Blues and the vacant land at Villers St.

Current financial liabilities is down from $25,035,625 to $9,596,736. This is mostly due to a bank loan coming due and, as was said that the AGM that loan is in the process of being re-negotiated. (This could be another part of the "Foundation" orginisation for first mortgages).

I wonder if the finance wizard who wound up the Kings will be in the paper again sometime soon noting that we still do not have enough current assets to cover our current liabilities and hence as per his analysis are still "Technically Insolvent", by about 11 Million dollars.

However total liabilities are down just a shandy under $5million. (Page 21)

The other thing to note is football operations revenue. Now if we consider that sponsorships signed last year (remember these deals and cash had to be in place 31 December 2009), football operations income went up almost $3 million vs. 2008, total results for Rugby League was a $300,000 better result but still $4 million in losses and has a $26 million in liabilities, which are up $4 million from last year, I guess some contract signings are being felt.

But on the discussion and analysis on page 23, the interesting notes are, a decrease in Poker Machine Duty by $360,000 a decrease in repairs and maintaince of $435,000.
Revenues from the sale of goods increased by $63,000. Thanks mainly to an increase in merchandise sales of $283,000 and bar sales of $77,000. This offset the loss of $297,000 from catering sales.

The increased gate sales (for last year’s run) and early season tickets netted us an extra $127,000 which is up by 6.59% over the 2008 season (Which we all admit was a bad year). Still for a good run that is not a great deal from the gate and all season ticket renewals, plus those that got in before xmas/new year. Next years results may garner better numbers with the membership continuing to increase after the cut off date for the financial report.

We received more money from the NRL, $363,500 (11,74%)

However there was a decrease in the costs of entertainment advertising and marketing (are we still with the BSB can anyone tell me) of $554,000.

Of course there is also a decrease in grants paid, the club didn't pay $659,000 in grants it paid last year (I think it was $500,000 to the Two Blues union side in the Shute Sheild)

Those two cut backs alone count for the value of our profit, so the question comes, where did all the above increases go to.

Indeed it is good to see that the Cash in the bank has gone up $1.39 million
However there is still a the following note in the annual report which is signed off on by Roy Spagnolo.

Government legislation regarding poker machine duty rates continues to significantly affect the Club’s future profitability.

Productivity Commission’s proposed changes that will result in the reduction of the Club’s turnover by at least 40%.

But as was said I didn't report it in my notes of then AGM, Roy Spagnolo said the club would be around in 5 years.

So can anyone tell me what the Productivity commission proposed changes are and how they will hurt?

 

[fish eel]

www.pc.gov.au

the govt haven't responded to the report and are not obligated to act on the recommendations

 

[Gronk]

I just don't understand why a big fuss is being made of it? Who gives a sh*t who bought it? Whether they paid over etc?

I am pretty sure that you have every right to accept any amount for a property, is there a conflict here? Is there a law being broken? Is the sale of a property bound by a law that you must not sell to someone associated with the existing property?

These are serious questions, not trying to be funny, i know i can sell my house to anyone even if someone offers higher, i don't have to sell it to them, is selling an asset different? What gain would the Leagues Club get out of selling it to someone associated with the club????

I would love to know why Gronk seems to have an issue if it was sold to an associate of the club, how would it be deemed sneaky or underhanded?

Arms length transactions are very important when it comes to clubs and directors as you are accountable to your members. You selling your house is entirely different.

It's all good mate, chill.

 

[MarkInTheStands]

www.pc.gov.au

the govt haven't responded to the report and are not obligated to act on the recommendations

Which Report? What recomendations?

 

[MarkInTheStands]

Got it now.

http://www.pc.gov.au/projects/inquiry/gambling-2009/draft/key-points

Most recreational gamblers play at low intensity, but the machines allow losses of up to $1200 an hour.

• The bet limit should be lowered to one dollar per button push (equating to losses of around $120 an hour), with much lower limits on how much cash can be fed into machines at any one time. Recreational players would be minimally affected.

So there goes my favorite machines, the "Gaming like" Roulette and Black Jack.

There should be a progressive move over the next six years to a universal pre-commitment system for gaming machines, using technologies that allow all consumers in all venues to set binding limits on their future play.

• Safe default settings would apply, but players could opt out, with periodic checking of their preference to do so.

I can just imagine that, the first pop up screen would be "Who much are you prepared to lose today?"

 

[parra-matters]

lol! How are you willing to lose today? put in $10 and you will lose it even quicker than now so then you are more likely to put more in. Sure that'll work.
Why don't they ask how much do you want to win today then laugh when you put in your answer.
The only person who wins on the pokies is the state government.

 

[fish eel]

Got it now.

http://www.pc.gov.au/projects/inquiry/gambling-2009/draft/key-points



So there goes my favorite machines, the "Gaming like" Roulette and Black Jack.



I can just imagine that, the first pop up screen would be "Who much are you prepared to lose today?"

yeah, sorry MITS, was on a train and couldn't be stuffed navigating through their website to get the link for you.

 

[Delboy]

The state govt, that is the same party that told the club industry that revenue/profits would not be impacted if turnover was increased 3pc.

They can't lie straight in bed, that could be another photo opportunity for the Premier.

The arguments come about gaming revenue from the left even on this forum, but it appears strange it can go into consolidated revenue for the Labour Govt but not to clubs to recycle for sport and community programmes

 

[fish eel]

The state govt, that is the same party that told the club industry that revenue/profits would not be impacted if turnover was increased 3pc.

They can't lie straight in bed, that could be another photo opportunity for the Premier.

The arguments come about gaming revenue from the left even on this forum, but it appears strange it can go into consolidated revenue for the Labour Govt but not to clubs to recycle for sport and community programmes

LOL

Right on cue.......

 

[Gronk]

Don't know where else to post this. So here is as good as any ...

STEWART SAYS NO

BRETT STEWART is likely to knock back a lucrative offer by News Ltd to settle a defamation case. The Manly star is believed to be between $300,000 and $400,000 out of pocket after covering legal expenses. He was found not guilty of sexual assault allegations in September. It is understood the Manly fullback is holding out for a bigger payout. News recently settled another defamation matter filed by former Parramatta Eels chief executive Denis Fitzgerald.

http://www.smh.com.au/sport/panthers-take-break-as-lewis-gets-hitched-20110122-1a0i6.html