Magnay Fails: Parramatta officially cleared of salary cap breach

[RoMo]

John Morris was one of the players that benefited.
Gallop has to act and suspend him
Immediately
For at least 10 weeks
Cronulla fans you will be praying it's 10 years

 

[The Colonel]

Parramatta cleared of salary cap breach on players property deals


Article from:

Exclusive By Josh Massoud
July 08, 2009 12:30pm

The NRL has cleared Parramatta of any salary cap breach in relation to property deals involving two players in 2003.
NRL salary cap auditor Ian Schubert inspected real estate contracts belonging to Eels back Luke Burt and former utility John Morris this morning.
On the advice of current Parramatta chairman Roy Spagnolo, the pair purchased “off-the-plan” blocks in Raceview Estate near Ipswich six years ago. At the time, Spagnolo had no official links to the Eels.
Former Parramatta boss Fitzgerald knew about property deals

After meeting with Spagnolo for about 40 minutes in the accountant’s Burwood office, Schubert gave the all clear. He determined that neither player was induced to buy property on favourable terms as a mean to boost their salaries or sign with the Eels.

An official NRL announcement clearing the club will be made shortly.

http://www.news.com.au/dailytelegraph/story/0,22049,25750920-5001023,00.html

 

[Binga]

parramatta cleared of salary cap breach on players property deals

exclusive by josh massoud | july 08, 2009 12:30pm

the nrl has cleared parramatta of any salary cap breach in relation to property deals involving two players in 2003.
Nrl salary cap auditor ian schubert inspected real estate contracts belonging to eels back luke burt and former utility john morris this morning.
On the advice of current parramatta chairman roy spagnolo, the pair purchased “off-the-plan” blocks in raceview estate near ipswich six years ago. At the time, spagnolo had no official links to the eels.
former parramatta boss fitzgerald knew about property deals

after meeting with spagnolo for about 40 minutes in the accountant’s burwood office, schubert gave the all clear. He determined that neither player was induced to buy property on favourable terms as a mean to boost their salaries or sign with the eels.

An official nrl announcement clearing the club will be made shortly.

As I mentioned earlier this was just another example of the media trying to make a story out of nothing.

 

[Raudonikis]

John Morris was one of the players that benefited.
Gallop has to act and suspend him
Immediately
For at least 10 weeks
Cronulla fans you will be praying it's 10 years

You really are a goose,i am sure you have been told that before

 

[myanonymoususername]

As I mentioned earlier this was just another example of the media trying to make a story out of nothing.

I don't know it proves that. Its not like anything dodgy such as guaranteed returns, or tieing it to the players signing with the club is actually going to be documented in the contract, or Spagnolo is going to admit it to Schubert.

Strikes me the auditor is just going through the motions, as I'd hardly call a brief look at the contracts and a short meeting a thorough scrutiny.

Still. if its only a couple of players, no big deal. Even if its marginal re the salary cap, its hardly evidence of widespread, systematic cheating as in the Bulldogs case.

 

[Eelementary]

Still stupid, though. I mean come on - Luke Burt and John Morris? Of all our players they chose those two?

:crazy:

 

[myanonymoususername]

According to NRL on Fox, the NRL is saying the investigation is still ongoing.

Actually, thinking about it, they'd be crazy to clear the club now - would have a lot of egg on their faces if the SMH then turned up with some more inconvenient and damning evidence.

 

[Twizzle]

According to NRL on Fox, the NRL is saying the investigation is still ongoing.

Actually, thinking about it, they'd be crazy to clear the club now - would have a lot of egg on their faces if the SMH then turned up with some more inconvenient and damning evidence.

probably recorded before the news broke

 

[myanonymoususername]

No - Warren Smith made the point that they had checked with the NRL only a few minutes before going to air.

 

[Twizzle]

No - Warren Smith made the point that they had checked with the NRL only a few minutes before going to air.

so.......

how does that prove it wasn't recorded ?

 

[myanonymoususername]

My understanding is NRL on Fox is a live broadcast at 7.30 on Wed, and they did say "just before going to air".

 

[Twizzle]

My understanding is NRL on Fox is a live broadcast at 7.30 on Wed, and they did say "just before going to air".

OK, thanks

 

[myanonymoususername]

It is possible that Massoud got a tip from Schubert, but the NRL just wants to cover their arse by not announcing it officially in case the SMH has more embarassing revelations to shoot them down with. If Massoud got his information from Spagnolo, that has limited credibility in my opinion. Given journalistic standards at the Telegraph its not beyond the realms of possibility that Massoud just made it up.

 

[El Diablo]

the SMH have offered nothng new since Saturday and McClymont said there'd be more on Monday, Tuesday and Wednesday. she never mentioned anything after that

it's turned out to be a fizzer

 

[Alex28]

I'll word this a little better given my last one got deleted...

It appears that there is a precedent set where a club can get someone who is not a current sponsor or financial contributor to the club (beyond membership) to sell a player something below market value that will guarantee that player a profit in addition to their salary with the club - and this will not be counted towards the salary cap.

Interesting...go find your benefactors NRL clubs!

 

[El Diablo]

they weren't guaranteed a profit. they were only guaranteed they wouldn't lose money

 

[Rockin Ronny]

they weren't guaranteed a profit. they were only guaranteed they wouldn't lose money

But that constitutes a benefit above what a normal investor would get - a benefit which can have a value attributed.

 

[Alex28]

Indeed Ronny...any way...the clubs now know that this is one thing they can do to entice players (or keep players) to their club and not breaching the salary cap. Just gotta find the benefactors first...

 

[muznik]

Indeed Ronny...any way...the clubs now know that this is one thing they can do to entice players (or keep players) to their club and not breaching the salary cap. Just gotta find the benefactors first...

And you don't think it hasn't been happening for years ?

 

[Alex28]

Maybe...I mean the Broncos didn't even worry about the guaranteed capital gain - they just give them the cash!