ouryears
Bench
- Messages
- 3,195
News just in.
https://www.smh.com.au/sport/nrl/dragons-on-brink-of-sale-to-gordon-family-20180508-p4zdzt.html
The Sydney Morning Herald
St George Illawarra just days away from being officially sold after the Gordon family tabled an offer that will finally take the famous club off the market.
While the WIN Corporation walked away from the negotiating table last month, company supremo Bruce Gordon and his son Andrew have put a deal on the table on behalf of the family rather than the firm.
The bid, subject to NRL approval, will result in Illawarra’s 50 per cent stake of the joint venture being sold off.
A figure of $10 million has long been bandied about as the number required to make the sale a reality, although it’s understood the value of the deal is structured in a way that takes into account the almost $6 million the club owes to the NRL. It's believed there were also talks about the prospect of another party being involved as a range of ownership structures were discussed.
The game’s governing body has been in high-level talks with the Gordons, as has the club, and a final sign-off is imminent. A deal will bring an end to negotiations between the parties that have gone on for almost two years and will end constant speculation about the club’s ownership structure.
The ownership transition will be the final act of long-serving chief executive Peter Doust, who will finish his tenure at the end of the season. The final negotiations are at a delicate stage, but there appears NO major impediment to the deal being finalised.
The Dragons were preparing to officially put up the 'for sale’ sign after WIN walked away from the negotiating table last month. Several other suitors had shown an interest in purchasing the club, including a Qatari consortium that was fronted by Australian businessman Michael Ibrahim.
However, plans to publicly court buyers were put on hold when Andrew and Bruce Gordon finally put forward an offer that the Dragons hierarchy felt reflected the club’s market value.
https://www.smh.com.au/sport/nrl/dragons-on-brink-of-sale-to-gordon-family-20180508-p4zdzt.html
The Sydney Morning Herald
- EXCLUSIVE
- DRAGONS
St George Illawarra just days away from being officially sold after the Gordon family tabled an offer that will finally take the famous club off the market.
While the WIN Corporation walked away from the negotiating table last month, company supremo Bruce Gordon and his son Andrew have put a deal on the table on behalf of the family rather than the firm.
The bid, subject to NRL approval, will result in Illawarra’s 50 per cent stake of the joint venture being sold off.
A figure of $10 million has long been bandied about as the number required to make the sale a reality, although it’s understood the value of the deal is structured in a way that takes into account the almost $6 million the club owes to the NRL. It's believed there were also talks about the prospect of another party being involved as a range of ownership structures were discussed.
The game’s governing body has been in high-level talks with the Gordons, as has the club, and a final sign-off is imminent. A deal will bring an end to negotiations between the parties that have gone on for almost two years and will end constant speculation about the club’s ownership structure.
The ownership transition will be the final act of long-serving chief executive Peter Doust, who will finish his tenure at the end of the season. The final negotiations are at a delicate stage, but there appears NO major impediment to the deal being finalised.
The Dragons were preparing to officially put up the 'for sale’ sign after WIN walked away from the negotiating table last month. Several other suitors had shown an interest in purchasing the club, including a Qatari consortium that was fronted by Australian businessman Michael Ibrahim.
However, plans to publicly court buyers were put on hold when Andrew and Bruce Gordon finally put forward an offer that the Dragons hierarchy felt reflected the club’s market value.
