Storm complicates News getting out of league.

[Luc]

I saw this as a heading on one of the morning news tickers, but this is the only bit of detail I can find about it:

Storm looms over News league exit
Rugby league club Melbourne Storm is relocating from Olympic Park next season to the new state government-built stadium. However, the deal’s conditions include that the team’s owner, media group News Ltd, must guarantee the team’s tenure at the stadium for the next two decades. The contract, which is with the Melbourne and Olympic Parks Trust, is complicating News Ltd’s planned exit from the sport, which it would like to finalise as early as next year. Page 1. Australian Financial Review


This is from the Fin Review website. Does anyone have any more information?

 

[LESStar58]

There was talk of a consortium of Melbourne businessmen buying the Storm but it was dependent on an independent commission being formed.

So there's a bit of a stalemate there...

 

[Cerne Abbas Giant]

I saw this as a heading on one of the morning news tickers, but this is the only bit of detail I can find about it:

Storm looms over News league exit
Rugby league club Melbourne Storm is relocating from Olympic Park next season to the new state government-built stadium. However, the deal’s conditions include that the team’s owner, media group News Ltd, must guarantee the team’s tenure at the stadium for the next two decades. The contract, which is with the Melbourne and Olympic Parks Trust, is complicating News Ltd’s planned exit from the sport, which it would like to finalise as early as next year. Page 1. Australian Financial Review


This is from the Fin Review website. Does anyone have any more information?

Why can't the contract stipulate that News novate responsibility to any new owners of the Storm.

 

[Luc]

You mean that the new owners of the Storm would have to guarantee that the Storm will be around for 20 years? That's a big ask for a team that is currently losing millions per year.

And I can't imagine that the NRL would be keen to sign on to take responsibility for 20 years either.

 

[Cerne Abbas Giant]

You mean that the new owners of the Storm would have to guarantee that the Storm will be around for 20 years? That's a big ask for a team that is currently losing millions per year.

And I can't imagine that the NRL would be keen to sign on to take responsibility for 20 years either.

The bean counters need to trim a bit of fat off.
Or wait and see if crowd figures break even

20 years is bloddy joke, none of the existing sydney club would be guaranteed to last that long.