Willow
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Peter Holmes a Court reckons its a loan.
But I guess you have first ask why he is coming out and saying that.
According the article below it is in response to former Souths Juniors boss Henry Morris saying Souths are worth $20 million:
Souths worth at least $20m: Morris
March 16, 2006 - 7:29PM
St George Illawarra's privatisation deal with a regional television network is proof South Sydney is worth at least $20 million, according to former Souths Juniors boss Henry Morris.
But the assertions were strenuously denied by Peter Holmes a Court, who along with Russell Crowe needs a 75 per cent share of the vote at an extraordinary general meeting on Sunday to secure their $3 million bid for the Rabbitohs.
WIN Corporation has announced it had purchased a quarter share in the Steelers Club for $6.5 million, which is struggling to pay back a loan of $8 million to its joint venture partner, the St George Leagues Club.
The financial boost, for which WIN will acquire 24 per cent of the joint venture, will see Wollongong maintain its quota of hosting half of the Dragons NRL matches at WIN Stadium each year and enable the Steelers Club to work towards financial viability.
Morris, who heads the anti-privatisation campaign, said the Dragons deal was further proof the Crowe-Holmes a Court bid for the Rabbitohs was too low.
"That $6.5 million shows we have been vindicated, I just can't believe it can be suggested 75 per cent of Souths could be sold for $3 million," Morris said.
"For the whole club, if St George is valued at about $20 million, or a little bit over, we'd certainly value it more than St George, or at the very least equal.
"Illawarra is a great club, but it doesn't have anywhere near the provisions and values our club has got.
"I know they meant well, but I have said from day one, and I have been belted from pillar to post for this, that $3 million is just not enough."
Holmes a Court, whose last fan information session is ironically at Wollongong, said Morris' comparisons of the deals were "misleading".
"Henry, come clean, admit you are attempting to mislead the members," Holmes a Court said.
"Today's 6.5 million investment is all debt that has to be repaid.
"It's all secured on Leagues Club assets, it is no fresh cash.
"Every cent of the $6.5 million is repayable, none of ours is. Ours goes to new facilities to players, theirs goes to repay debt to the St George Leagues Club.
"It simply shows Henry's brazen attempts to mislead members.
"It simply shows the `no' camp will stop at nothing, including misleading the people they should be leading."
After talks with Illawarra Steelers director Bob Millward, Rabbitohs chairman Nick Pappas also said comparisons between the deals were inappropriate.
"The deal is hardly comparable to ours and any comparisons are totally misconceived," he said.
© 2006 AAP
http://www.theage.com.au/news/Sport/Souths-worth-at-least-20m-Morris/2006/03/16/1142098592981.html
But I guess you have first ask why he is coming out and saying that.
According the article below it is in response to former Souths Juniors boss Henry Morris saying Souths are worth $20 million:
Souths worth at least $20m: Morris
March 16, 2006 - 7:29PM
St George Illawarra's privatisation deal with a regional television network is proof South Sydney is worth at least $20 million, according to former Souths Juniors boss Henry Morris.
But the assertions were strenuously denied by Peter Holmes a Court, who along with Russell Crowe needs a 75 per cent share of the vote at an extraordinary general meeting on Sunday to secure their $3 million bid for the Rabbitohs.
WIN Corporation has announced it had purchased a quarter share in the Steelers Club for $6.5 million, which is struggling to pay back a loan of $8 million to its joint venture partner, the St George Leagues Club.
The financial boost, for which WIN will acquire 24 per cent of the joint venture, will see Wollongong maintain its quota of hosting half of the Dragons NRL matches at WIN Stadium each year and enable the Steelers Club to work towards financial viability.
Morris, who heads the anti-privatisation campaign, said the Dragons deal was further proof the Crowe-Holmes a Court bid for the Rabbitohs was too low.
"That $6.5 million shows we have been vindicated, I just can't believe it can be suggested 75 per cent of Souths could be sold for $3 million," Morris said.
"For the whole club, if St George is valued at about $20 million, or a little bit over, we'd certainly value it more than St George, or at the very least equal.
"Illawarra is a great club, but it doesn't have anywhere near the provisions and values our club has got.
"I know they meant well, but I have said from day one, and I have been belted from pillar to post for this, that $3 million is just not enough."
Holmes a Court, whose last fan information session is ironically at Wollongong, said Morris' comparisons of the deals were "misleading".
"Henry, come clean, admit you are attempting to mislead the members," Holmes a Court said.
"Today's 6.5 million investment is all debt that has to be repaid.
"It's all secured on Leagues Club assets, it is no fresh cash.
"Every cent of the $6.5 million is repayable, none of ours is. Ours goes to new facilities to players, theirs goes to repay debt to the St George Leagues Club.
"It simply shows Henry's brazen attempts to mislead members.
"It simply shows the `no' camp will stop at nothing, including misleading the people they should be leading."
After talks with Illawarra Steelers director Bob Millward, Rabbitohs chairman Nick Pappas also said comparisons between the deals were inappropriate.
"The deal is hardly comparable to ours and any comparisons are totally misconceived," he said.
© 2006 AAP
http://www.theage.com.au/news/Sport/Souths-worth-at-least-20m-Morris/2006/03/16/1142098592981.html
