Hi Sharks fans,
First off let me say this is not a it would be best if you die/merge/move thread.
There is so much crap floating around this forum that I'm just trying to find out from actual Sharks fans - ie, people in the know - as to what the long term future of the Sharks really is? From what you hear in the NRL forum you'd think you're mere moments away from death...
I have a soft spot for your mob, like the team and the area. Would hate to see you go anywhere.
Cheers,
Timbo
The club has to be near to trading insolvent.
This from the 2009/10 financial report. The auditors report to be precise Red is my comments at the time. Blue are my questions now
GOING CONCERN
As detailed in note 1 (b) the ability of the company and its controlled entities to continue as a going concern including paying their debts when due, settling their liabilities and realise their assets in the normal course of business at amounts stated in the concise financial report, is dependent upon the following:
Deriving sufficient cash surpluses from operations and a return to profitability.
What are the new revenue streams? We all know that they'd be shouting from the rooftops if there were any. The club still doesn't have any investment partners for the development. Crowds are down. Merchandise, down. Club is a mausoleum.
If there are any new revenue streams since this report the club isn't telling anyone. Safe bet to assume there are none. The eggs were put in the Tradies merger basket and that fell off the perch.
The continued financial support of it's bankers, including obtaining sufficient additional finance.
Note the word continued. The previous board already had the bank support in place. It seems apparent the club couldn't borrow any "additional finance" from it's bankers because they have had to go to the NRL for money just to pay staff. They are getting by on the sniff of an oily rag. People down there are doing 2 jobs because there's no money to pay anyone. 2 CEOs have walked. A high profile coach has walked. No money to replace them. I'd be betting money from these "savings" is simply paying loan installments. Fine, has to be done but how long can the club survive like that? They need to get revenue streams in place yesterday and haven't. If they had, as I said, they'd be shouting from the rooftops. If they have and they are keeping silent, why?
As above. Has the bank come to party? I think not. I am even starting to believe the bank witheld on granting the consortium a mortgage over the assets in order for them to loan the club the 2 million it was supposed to get. No word of it having hit the club and the and no sign of the overdue financial report which may indicate if those funds have been issued.
The continued support of the creditors of the controlled entity.
I suppose this is in place as there hasn't been an administrator appointed yet. But how long till one is called in?
Wonder if the creditors are still supportive? If they were at all.
So in a nutshell, nothing seems to have changed since last years auditors report or Elmer wants to keep everything a secret until AFTER voting at the next AGM.
cunovachairman
