Magnay Fails: Parramatta officially cleared of salary cap breach

[Alex28]

So it would be dead easy to prove that they have sold the unit initially to players under market value - take a look at what all the units sold for. If the Parra players were sold a unit well under the value of similar units in the development, then they have been given a benefit by a sponsor of the club that should have been declared to the NRL.

 

[sass]

how did I know this story would somehow involve tony zappia?

 

[Miller was a legend]

Because he is a slimy wanker?

 

[sass]

OH RIGHT YES. THAT'S IT. bahaha how could I forget miller?

 

[Miller was a legend]

happy to have jogged your memory there Sass!

 

[Loudstrat]

http://www.leaguehq.com.au/articles/2009/07/05/1246732233842.html

Fitzy. He'll wreck the club just to get his revenge the turd.

 

[Twizzle]

Meanwhile Spagnolo has denied reports that he and former club chief executive Denis Fitzgerald had a blazing row in a function room after Parramatta's 38-34 loss to Penrith at CUA Stadium on Sunday.

It has been reported that Spagnolo threatened to "bury" Fitzgerald.

"A conversation took place between Mr Fitzgerald and myself, however no threats were made, we shook hands at the end and moved on," Spagnolo said.

http://news.brisbanetimes.com.au/br...o-salary-cap-investigation-20090706-da9e.html

 

[Perth Red]

Mr Lombardo admitted organising the property deals for the players and said it was to encourage players to stay at the club.
"The guys, the players, invested their own money to buy a block of land. It was their own money. They've got a block of land for $50,000 and when they sold it they made $50,000 profit. How is that rorting the salary cap?" he said.

Can they really be that stupid they think this isn't rorting the salary cap? What's to investigate, they are basically admitting it! Given Parras season loss of points this year probably won't bother them at all. Loss of points for next season would be much more of a punishment.

 

[Loudstrat]

2 players does not warrant loss of points.

You can't claim advice under the salary cap - and I bet there are far more clubs surrounded by more businessmen than Parra who would offer similar deals.

 

[El Diablo]

Loss of points for next season would be much more of a punishment.

if it turns out they did cheat then why would next season be more of a punishment?

 

[bartman]

Maybe because some people think we might be more of a chance of making the finals next season? :lol:

 

[Perth Red]

2 players does not warrant loss of points.

You can't claim advice under the salary cap - and I bet there are far more clubs surrounded by more businessmen than Parra who would offer similar deals.

Only if the blocks true valuation was $50k. If it is shown that they were valued much greater than that but the players were able to buy them much cheaper then it is a clear rort. Personally i don't care if it is 2 or 20, it is deliberate cheating by the club and they should get the book thrown at them.

 

[Loudstrat]

Ever heard of a concept called investment? It's where you buy something, say, real estate, and sell it later when it's value has increased.

Throw the book at yourself you tool.

 

[Perth Red]

whooosh misses the point totally!

 

[myanonymoususername]

Ever heard of a concept called investment? It's where you buy something, say, real estate, and sell it later when it's value has increased.

Throw the book at yourself you tool.

Its not called investment when you get to buy the property at a bargain price and your profit is guaranteed, or at least you've been given a guarantee that you won't lose money. Thats called a gift.

 

[Binga]

This story is such a beat up!! Basically a person not involved in the eels (not employed by or sponsor) has offered 2 players ivestment advice where they each invested money into a property development, and it has been reported that they made $50,000 on these investements. The players used their own money! Now somebody please show me where in the salary cap rules and regulations it states that players cant take investment advice????

 

[Cockadoodledoo]

Ever heard of a concept called investment? It's where you buy something, say, real estate, and sell it later when it's value has increased.

Throw the book at yourself you tool.

This is not an investment.. The players are guaranteed in advance the extra money upon sale.

 

[Perth Red]

This story is such a beat up!! Basically a person not involved in the eels (not employed by or sponsor) has offered 2 players ivestment advice where they each invested money into a property development, and it has been reported that they made $50,000 on these investements. The players used their own money! Now somebody please show me where in the salary cap rules and regulations it states that players cant take investment advice????

Time will tell. if all the blocks sold were valued at $50k then yep good investment advice. if only the blocks bought by the players were sold at that price and the rest much higher , then it is a rort of the salary cap. The bit where he says the deal was done to encourage the palyers to stay at the Eels isn't going to help their case!

 

[Binga]

PARRAMATTA'S uncivil war intensified last night after Eels chairman Roy Spagnolo claimed former CEO Denis Fitzgerald knew about players investing in deals that are now under an NRL salary cap investigation.
Fitzgerald last night vehemently denied Spagnolo's claim he made a presentation in the Eels boardroom to Fitzgerald and other officials outlining property investment deals he offered to Parramatta players.
"I've just spoken to Greg Mitchell (then Parramatta general manager) and there's no way in the world we saw any presentation. It's absolute rubbish," he said last night.
The Daily Telegraph can today reveal four players - Luke Burt, John Morris, Fuifui Moimoi and Dean Widders - all bought properties on the advice of current chairman Roy Spagnolo between 2003 and 2005.
At the time, Spagnolo had no official involvement with the club apart from being a Parramatta member. He last night said he spoke to "something like half a dozen" players about purchasing "off-the-plan" blocks in an Ipswich development known as Raceview six years ago.
The project was owned by a company called Caboulture Property Investments, which was controlled by Spagnolo's long-time friend and associate Vince Lombardo.
After speaking to the players, Spagnolo claimed he and Lombardo met with Fitzgerald in the Eels boardroom.
"Vince and I showed Denis the same presentation we showed the players," Spagnolo said. "We also showed it to Parramatta administration staff.
"It was nothing out of the ordinary. There's nothing to hide. We felt there was an opportunity for the players to invest their money wisely."
The latest developments come amid revelations police yesterday interviewed Fitzgerald after he claimed to have been threatened by Spagnolo at CUA Stadium on Sunday.
Fitzgerald confirmed to The Daily Telegraph he spent two-and-threequarter hours with police yesterday, although he would not reveal at which station.
He denied he had sought an AVO against Spagnolo, but refused to comment further about his meeting with the police.
Parramatta are expected to announce Paul Osborne as new Eels CEO this week.
The Daily Telegraph learned the former Dragons and Raiders prop won the job from caretaker CEO Andrew Hill and recently resigned Manly boss Grant Mayer.

http://www.news.com.au/couriermail/sport/nrl/story/0,26746,25744109-5003409,00.html

 

[t-ba]

All this shows is that the salary cap in its current form is dumb and the NRL can't enforce it properly.