They can do what they like with it, just telling you want the whole comment on expected surplus this year was really about. He was making excuses for three years of poor financial performance. Smith had two years of big surpluses with the aim of having a nest egg for a rainy day. Typical banker really.
Since Todd took over we’ve had years of losses and spent the nest egg covering those losses. You made it sound like the predicted $40mill surplus this year would be available for expansion if they chose, that is highly doubtful based on their commentary about predicted losses down the track.
2012 $9.4mill loss
2013 $45.3mill surplus
2014 $21.8mill surplus
2015 $8.1mill loss
2016 $2.6mill loss
2017 $3.7mill loss
And those losses are non consolidated, throw in the consolidated losses and they are significantly higher.
And what did Smith do with those surpluses.It didn't go to the clubs, nor junior rugby league ,nor the bush.Yeah I can save for a rainy day, by telling my family rice is on the menu 5 days of the week.How much did he waste on lavish functions and the usual first class airfares etc
And how much surplus would there have been ,if the code had received the proper monies for the TV deals in the past?
$150m toward digital,bunker, additional D/Os and paying out overpriced Smith appointed execs who did little, they were retrenched.The integrity units costs thrown in as additionals.
Who financially underpinned the Knights/Titans until they were sold,and underpinned the Tigers and Dragons.?Not the Macquarie Bank,but the NRL.Investment opportunities lost.
Davey's payout also.
Smith wasted a hell of a lot on unnecessary staff, and held back needed funds.Hardly a financial genius.Prudent but did little for the grassroots that needed it.
The AFL also lost money from memory last year.
Whoever took over, the cast was sealed with the pathetic TV deals of the past.All of the current and former CEOs have to take a share of the blame.
From the day sold the TV deal for $500m over 6 years ,and he fumblers got $780m over 5 years, we were behind the 8 ball.
I didn't say the $40m would be used for expansion now.I they keep adding to it, then they are in a better position to do so.Highly doubtful, that's your expected negative repsons
You whinged when Smith was in power, you whinged when Gallop or guess more like it.was ditto, and now Greenberg.
You need a life mate.You not a very happy chappie.
You still complain if the code had $80 m in the future fund.it's in your DNA.