Sydney Kings owner lashes Dragons

[muzby]

However, the JV is not publicly listed and is covered by the Partnership Act of 1963.

This is partly correct. The reality is the JV agreement governs all key issues and may specifically negative any sections of the Partnership Act.

The Partnership Act only applies if a key issue has not been dealt with, within the JV agreement.

You do realise the partnership act is legislation, not a safety net?

It’s designed to stop shonky operators from bailing on a venture to avoid a loss.

Legally one owner of a JV cannot change without the approval of the other(s).

Given that a joint press release was issued announcing the change, either St George approved the change, or they were not smart enough to know the law nor what the press release meant.

Your call as to which one it was.

 

[denis preston]

We have to be careful here in judgement of the St George leagues club. I know roy masters article points out that keeping the club viable and profitable is in the best interests of the JV and compared the tigers rabble as a comparison. I dont think Danny may be great for the football club but keeping the leagues club profitable gives the JV financial options rather than just selling off the farm for land only.

 

[Old Timer]

This is a rehash of an article that was published previously by Andrew Webster. Before people bag the management of the club or suggest they somehow ignored his bid, you need to understand who owned the NRL licence. It was owned 50% by St George Leagues Club and 50% by Illawarra.

The portion of the licence that was on the market was owned by Illawarra Leagues Club, the decision about who they sold it do was a decision made by the Illawarra Leagues Club not by the joint venture and the St George Leagues didn't have a dog in the fight. No different to if you own shares in BHP and sell them to someone else BHP doesn't have a say in the sale provided it complies with corporations law and any restrictions that may exist on the shareholding.

When the Illawarra Leagues Club got into debt the St George Leagues Club offered to buy the the Illawarra half of the licence, this offer was made on numerous occasions and declined. The stated reason for declining the offer was they didn't want Illawarra to be ignored. The Illawarra Leagues Club made the decision to sell to the WIN Corproation because they felt it was the best option for the Illawarra district.

The WIN Corporation did not make a payment to the JV or to the St George Leagues they made a payment to the Illawarra Leagues Club. The Illawarra Leagues club made a payment to the JV to repay their debt. This was not a capital injection it was repayment of the running costs for the club that Illawarra had been unable to pay.

There is a widespread unhappiness with the JV, however in this instance it is misplaced. The decision as to who it was sold to rested with the licence holder Illawarra. If you are unhappy with who it was sold to then at least blame the party that made the decision.

The St George Illawarra Club did not reject his offer, his offer was never made to the St George Illawarra JV, his offer was made to the Illawarra Leagues Club. As it is not a publicly listed company there may be some restrictions on how the transfer of shares are made but that is normally about the structure of the deal rather than the buyer themselves. Ie the St George Leagues club would have had some rights to negotiate with a prospective buyer but they would not have had any say in who the buyer was. This is why when the deal was announced the St George Leagues club got an extra seat on the board, that would have been the St George Leagues club exercising its rights.

The only reason the club has WIN as a shareholder is a decision of the Illawarra Club and the only reason the JV is not completely owned by the St George Leagues Club is because of a decision by the Illawarra Leagues Club.

The sale of the licence was not about getting a partner who could help develop the club; it was about getting the Illawarra Leagues Club out of debt and was about them trying to save the Illawarra presence in the club by selling it to a Corporation with a strong Wollongong presence rather than to someone who's focus is Sydney centric.

Excellent summation clearly outing the process but unfortunately some will have trouble swallowing the reality of it.

 

[muzby]

Excellent summation clearly outing the process but unfortunately some will have trouble swallowing the reality of it.

Unfortunately the summation is full of inaccuracies.

 

[Saints Forever]

You do realise the partnership act is legislation, not a safety net?

It’s designed to stop shonky operators from bailing on a venture to avoid a loss.

Legally one owner of a JV cannot change without the approval of the other(s).

Given that a joint press release was issued announcing the change, either St George approved the change, or they were not smart enough to know the law nor what the press release meant.

Your call as to which one it was.

I am well versed in the preparation of partnership agreements and the partnership act.

Every partnership agreement prepared by a skilled practitioner effectively recites the rights and obligations set out in the Partnership Act.

The difference is that the Partnership Act is not comprehensive and most “partnership agreements” involve specific details customised for the specific situation of the parties.

in essence neither you or anyone else on this forum knows the details of our JV agreement hence we are all assuming what the actual terms are.

 

[TonyT6]

However, the JV is not publicly listed and is covered by the Partnership Act of 1963.

This is partly correct. The reality is the JV agreement governs all key issues and may specifically negative any sections of the Partnership Act.

The Partnership Act only applies if a key issue has not been dealt with, within the JV agreement.

Wonder what would happen if a private equity group offered $20m for 51%, wonder if they would consider it then?

 

[muzby]

I am well versed in the preparation of partnership agreements and the partnership act.

Every partnership agreement prepared by a skilled practitioner effectively recites the rights and obligations set out in the Partnership Act.

The difference is that the Partnership Act is not comprehensive and most “partnership agreements” involve specific details customised for the specific situation of the parties.

in essence neither you or anyone else on this forum knows the details of our JV agreement hence we are all assuming what the actual terms are.

So you’re saying St George structured a Joint Venture that allowed them no control over who their partner would be?

That’s even more foolish of them in that case..

I think it’s time to turn the shovel around and start digging up..

 

[Old Timer]

Unfortunately the summation is full of inaccuracies.

Only in your opinion which is neither proven or disproven.
All well and good to quote all the things you have but having been in many board rooms I can assure you that what actually happens compared to what the BOD say happened can be entirely different.
I have no doubt the Illawarra people looked after the Illawarra interests and ensured their preservation.
St George may or may not have gone along with it but no one outside the board room knows if "a stark reality" tied their hands.
The trouble now is both entities are crippled and would not last if the JV ended tomorrow unless of course a very rich, successful and entrepreneurial suitor was found and that isn't the Gordon family

 

[muzby]

Only in your opinion which is neither proven or disproven.
All well and good to quote all the things you have but having been in many board rooms I can assure you that what actually happens compared to what the BOD say happened can be entirely different.
I have no doubt the Illawarra people looked after the Illawarra interests and ensured their preservation.
St George may or may not have gone along with it but no one outside the board room knows if "a stark reality" tied their hands.
The trouble now is both entities are crippled and would not last if the JV ended tomorrow unless of course a very rich, successful and entrepreneurial suitor was found and that isn't the Gordon family

The fact of the matter remains that the change of ownership cannot have occurred without St George approval.

But I’m not sure how the Illawarra folk looked after their own interests when:
a) “apparently” they took the lower price
b) they lost control of the board
c) it doesn’t wipe their debt to WIN

 

[Old Timer]

The fact of the matter remains that the change of ownership cannot have occurred without St George approval.

But I’m not sure how the Illawarra folk looked after their own interests when:
a) “apparently” they took the lower price
b) they lost control of the board
c) it doesn’t wipe their debt to WIN

Maybe St George had a gun held to their head?
Maybe St George had no other "option" but to approve it?
As I said what happens in the board room and what they say happened can be 2 very different matters.
The Illawarra interests are well served in respect of the one issue that causes the most consternation in this place.
There is no doubt that your defence of Illawarra by quoting St George's apathy sits well in your scenario but it still doesn't condone the actions of those from the Illawarra side.

 

[muzby]

Maybe St George had a gun held to their head?
Maybe St George had no other "option" but to approve it?
As I said what happens in the board room and what they say happened can be 2 very different matters.
The Illawarra interests are well served in respect of the one issue that causes the most consternation in this place.
There is no doubt that your defence of Illawarra by quoting St George's apathy sits well in your scenario but it still doesn't condone the actions of those from the Illawarra side.

I do love the conspiracy theories that pop up here..

How could a broke leagues club “hold a gun to the head” of St George to allow them to accept less cash than they could have otherwise received?

 

[Saints Forever]

So you’re saying St George structured a Joint Venture that allowed them no control over who their partner would be?

That’s even more foolish of them in that case..

I think it’s time to turn the shovel around and start digging up..

Another assumption Muz

 

[Old Timer]

The fact of the matter remains that the change of ownership cannot have occurred without St George approval.

But I’m not sure how the Illawarra folk looked after their own interests when:
a) “apparently” they took the lower price
b) they lost control of the board
c) it doesn’t wipe their debt to WIN

Maybe St George had a gun held to their head?
Maybe St George had no other "option" but to approve it?
As I said what happens in the board room and what they say happened can be 2 very different matters.
The Illawarra interests are well served in respect of the one issue that causes the most consternation in this place.
There is no doubt that your defence of Illawarra by quoting St George's apathy sits well in your scenario but it still doesn't condone the actions of those from the Illawarra side.

I do love the conspiracy theories that pop up here..

How could a broke leagues club “hold a gun to the head” of St George to allow them to accept less cash than they could have otherwise received?

You keep limiting your view
It is not beyond comprehension that the NRL or Ch 9 or maybe Fox sports or combination of them might have exerted pressure on St George.
The power of other organisations should not be underestimated in such circumstances.

 

[muzby]

Another assumption Muz

What assumption?

I’m summarising your statement.

 

[muzby]

Maybe St George had a gun held to their head?
Maybe St George had no other "option" but to approve it?
As I said what happens in the board room and what they say happened can be 2 very different matters.
The Illawarra interests are well served in respect of the one issue that causes the most consternation in this place.
There is no doubt that your defence of Illawarra by quoting St George's apathy sits well in your scenario but it still doesn't condone the actions of those from the Illawarra side.

You keep limiting your view
It is not beyond comprehension that the NRL or Ch 9 or maybe Fox sports or combination of them might have exerted pressure on St George.
The power of other organisations should not be underestimated in such circumstances.

Yeah, the first bit you’re just repeating yourself so I’m not going to waste my time..

And as for the second bit, suddenly the conspiracy theory grows..

It’s no longer Illawarra looking after their own interests, it’s the big bad TV stations and the NRL looking after the broke Steelers club..

I’m sure next it will be the Australian Signals Directorate had something to do with forcing St George’s hand..

Or perhaps it was the Russians?

 

[Saints Forever]

What assumption?

I’m summarising your statement.

Poor attempt

 

[muzby]

Poor attempt

Okay, so spell out what you mean...

 

[Old Timer]

Yeah, the first bit you’re just repeating yourself so I’m not going to waste my time..

And as for the second bit, suddenly the conspiracy theory grows..

It’s no longer Illawarra looking after their own interests, it’s the big bad TV stations and the NRL looking after the broke Steelers club..

I’m sure next it will be the Australian Signals Directorate had something to do with forcing St George’s hand..

Or perhaps it was the Russians?

Anything outside your view of the world is a conspiracy lol.
If you don't think Ch 9, Fox and the NRL exert pressure to create favourable circumstances for themselves within the game then you are a bigger fool than your posts suggest.
Even as inept as the St George entity has been there had to be some extraordinary reason for them to capitulate to have your lot tagged onto them as no one would have voluntarily wished that upon themselves.
St George has copped it up the arse for > 50 years from RL administration and the media and the JV with Illawarra was the icing on the cake.

 

[muzby]

Anything outside your view of the world is a conspiracy lol.
If you don't think Ch 9, Fox and the NRL exert pressure to create favourable circumstances for themselves within the game then you are a bigger fool than your posts suggest.
Even as inept as the St George entity has been there had to be some extraordinary reason for them to capitulate to have your lot tagged onto them as no one would have voluntarily wished that upon themselves.
St George has copped it up the arse for > 50 years from RL administration and the media and the JV with Illawarra was the icing on the cake.

So now you’re claiming the conspiracy against St George goes back 50 years?

Does this coincide with any alien landings in Roswell, perhaps?

Or was the moon landing filmed in the Taj auditorium? That’s about the right timeframe..

Either way, you’re now talking about the issue far surpassing even the birth of the Steelers.. So you can’t still be claiming it’s their self serving interests now? Or did these self serving interests manifest before their existence?

 

[Old Timer]

So now you’re claiming the conspiracy against St George goes back 50 years?

Does this coincide with any alien landings in Roswell, perhaps?

Or was the moon landing filmed in the Taj auditorium? That’s about the right timeframe..

Either way, you’re now talking about the issue far surpassing even the birth of the Steelers.. So you can’t still be claiming it’s their self serving interests now? Or did these self serving interests manifest before their existence?

As always your comprehension skills are piss poor.
You and coach have much in common particularly your overwhelming consistency at underperforming.