Put up or shut up, ASADA.

[Russell Crowe's Band]

So what happens from here?

 

[blacktip-reefy]

there is a misconception that finance has been rosey, but its not the case.

the club have sacrificed the licensed club to ensure the survival of the footy club - no one has issues with that.

it was always going to be an uphill battle until the next stage of finance is received from the development, which is years away. The leagues club was doomed once it had to finance its relocation and refurb - which as alluded to already, will be in the vicinity of $10m for starters, which puts their debt above what it was prior to the recent down payment.

That is not as bad as it seems now Spide because the debt equity ration now is considerably different.
Before we owed 13 mil for a property valued at less than 10. Thats why St George was nervous.
Since the development approval, the land would have to be in the vicnity of $90 mil perhaps more , Newms would know I reckon.
My maths would be 300 units at a land value each of $30k ? Sound about right?

 

[Card Shark]

Fair point BTR.

 

[newman]

That is not as bad as it seems now Spide because the debt equity ration now is considerably different.
Before we owed 13 mil for a property valued at less than 10. Thats why St George was nervous.
Since the development approval, the land would have to be in the vicnity of $90 mil perhaps more , Newms would know I reckon.
My maths would be 300 units at a land value each of $30k ? Sound about right?

Logical, but I am afraid it is not that simple. The situation is bleak. I don't have time to go into it.

 

[Russell Crowe's Band]

Surely it was bleak before unity or have they just got in and threw money away?

 

[Quigs]

ABC News24 Ticker thingy just had Penrith to sue over alleged use of peptides.

Don't know who is being sued but will keep youse posted

 

[Feej]

You'd think that we'd have a case to sue. Must be a reason why we're not...

 

[Frailty]

You'd think that we'd have a case to sue. Must be a reason why we're not...

- Because it would increase our legal costs even further.
- Because we may wait until the ASADA report is finalised before we take any action.
- The Panthers defamation case is unlikely to suceed.
- Most articles written about us are either based of leaked documents or hide behind 'sources allege'.

 

[Feej]

- Because it would increase our legal costs even further.

Bingo!

 

[Mr. Sharky]

Josh masood has been on fox sports.
Having a sook because the sharks haven't been kicked out yet.
He was whinging because the NRL have not used the cavanagh report
to bust the players.

He basically said it would be unfair for the sharks to be in the finals
or " god forbid , win the comp" .

Josh Massoud is the biggest cum stain in the print media.

I'd never thought I'd say this but as I much as intensely dislike Rebecca Wilson, it's Josh Massoud that I despise the most.

How the f**k that merkin is a journalist is an insult to professional sports journalism.

 

[runatme]

moon head massoud

 

[Card Shark]

Logical, but I am afraid it is not that simple. The situation is bleak. I don't have time to go into it.

That's just bloody great.

 

[Frenzy.]

That is not as bad as it seems now Spide because the debt equity ration now is considerably different.
Before we owed 13 mil for a property valued at less than 10. Thats why St George was nervous.
Since the development approval, the land would have to be in the vicnity of $90 mil perhaps more , Newms would know I reckon.
My maths would be 300 units at a land value each of $30k ? Sound about right?

Won't matter. The club is at long odds to get that far.

They need to find $X by October 31st. That will square them up coming into the "off peak" period (Oct-Feb) where there will be no footy income, minimal trade, the same outgoings and nothing left in the buffer set up by the old board to.

The October finance report will be interesting. Gone from a projected profit to a projected loss in 6 months and it's not all down to ASADA.

YAY UNITY!!

 

[Generalzod]

Penrith are taking legal action against News Corp Australia following a Daily Telegraph back page story on Friday regarding Sandor Earl's time with the NRL club.

Canberra winger Earl was issued with an infraction notice by the NRL on Thursday after admitting using and trafficking the banned CJC-1295 peptide when interviewed by ASADA officials earlier this week.

"Panthers are very disappointed with the inaccurate and misleading story in today's Daily Telegraph," a club statement said.

"Panthers have been cooperating; including providing receipts for what the club believes is legitimate treatment of the player.

"Panthers are taking legal action because of damage to their reputation and because of the misleading and untrue allegations.

"We will be making no further comment, as it is now a legal matter."

A News Corp Australia official declined to comment on the Panthers statement.


http://www.stuff.co.nz/sport/league/9108021/Penrith-to-sue-News-Corp-over-Earl-story

 

[spider]

The October finance report will be interesting. Gone from a projected profit to a projected loss in 6 months and it's not all down to ASADA.

YAY UNITY!!

You're not that silly captain.

The auditors report for last years annual report stated new bank covenants in the first quarter of this fiscal year would not be honoured, and iirc as a result could allow the bank to call on the debt if it wished.

Though the licensed club was always in a rapid downward spiral, the football club was heading toward greener pastures as a result, but that was before ASADA.

ASADA has and will have a devastating domino effect.

 

[carcharias]

what (if any) could any other board ( e.g mcgaw and co ) have done that would have had us in a better position?

I suspect we would be in the exact same situation.

The joint was a shambles before this mob got in . I recall Keogh on the radio one morning and Jimmy Smith?? said straight up ...are you nuts?
All this stuff was already going down.

Whoever was in charge and let this shit happen is probably more to blame .
I really don't think Beeker let the club down ..the bloke tried his guts out and was %100 for the club.
Just another depressing chapter in the life of this doomed club.

 

[Frenzy.]

You're not that silly captain.

The auditors report for last years annual report stated new bank covenants in the first quarter of this fiscal year would not be honoured, and iirc as a result could allow the bank to call on the debt if it wished.

Though the licensed club was always in a rapid downward spiral, the football club was heading toward greener pastures as a result, but that was before ASADA.

ASADA has and will have a devastating domino effect.

Yes, I believe the projected profit for the footy club was around $X. I'm now hearing a conservative projection that the loss will be about all of that and half again.

ASADA hasn't cost the sum of the projected profit and the projected loss that much yet has it? Not from what Keogh says in his rare forays into the media.

No one willing to help either.

The club is treading water again. 2009 revisited. With no survival suit.

 

[tye]

2

Yes, I believe the projected profit for the footy club was around $X. I'm now hearing a conservative projection that the loss will be about all of that and half again.

ASADA hasn't cost the sum of the projected profit and the projected loss that much yet has it? Not from what Keogh says in his rare forays into the media.

No one willing to help either.

The club is treading water again. 2009 revisited. With no survival suit.

I guess the "survival suit" is the NRL....Really Frenz, is it really that bad? 2009 bad? surely the $10 mill we payed would give us some breathing space!

When is our next pay day from the developers?

 

[Card Shark]

& the NRL offside :roll:

 

[Frenzy.]

Empathy or sympathy?

http://www.sportsnews.com.au/nrl/smith-backs-nrls-sharks-stance/86010