Win Buys stake in St George Illawarra

[Saint_JimmyG]

Will never happen.

Even if the JV separates, those titles get shared between the clubs as part of a separation deal.

Adding in the title the Steelers helped the Dragons win in 2010, that means each club would be awarded 8 titles each.

So any future stand alone St George would start with 8 premierships to their name.

The whole JV from the Steelers was actually just a strategic long term play to acquire a long list of historical premierships.

Well played, Stanley.

Well played.

We have a winner for the 2018 “post that doesn’t make any sense” award.

 

[True_Believer]

Possm

My understanding of the transaction is that Illawarra sold its half share of the JV for $10M.

The NRL loan was taken out because Illawarra was unable to meet its share of funding support for the JV.

Consequently, from the $10M sale price, Illawarra was obliged to pay the NRL loan back as its funding arrears to the JV.

Illawarra kept the difference being $4M, however I believe it owes the Gordon family a significant amount of money which was secured against their leagues club.

Hence WIN really only paid $6M in cash and effectively wrote off $4M in debt outstanding to it from Illawarra.

That is my take on the transaction.

This is how I'm interpreting it as well.

 

[SaintPauli]

The debt paid off was approx 6m.
As a member What I'd like to hear is an official statement from Dragons on how the 4m in the kitty will be spent to benefit The Club I.e 'St George Illawarra' club?

 

[Saints Forever]

The debt paid off was approx 6m.
As a member What I'd like to hear is an official statement from Dragons on how the 4m in the kitty will be spent to benefit The Club I.e 'St George Illawarra' club?

Saint Pauli, the club statement on our website was carefully worded.

Illawarra reached a settlement directly with WIN for their shares for a "commercially in confidence" sum".

In essence any money received from the sale over and above Illawarra JV funding arrears was paid to Illawarra and kept by Illawarra (My theory is it was a book entry only as Illawarra owed WIN a large sum for bailing them out of insolvency concerning their Leagues Club).

 

[Frank Facer]

Just to clarify, does WIN now have to contribute an equal amount that St George Leagues club does?

 

[muzby]

Just to clarify, does WIN now have to contribute an equal amount that St George Leagues club does?

Did you read the announcement from the club?

 

[muzby]

Saint Pauli, the club statement on our website was carefully worded.

Illawarra reached a settlement directly with WIN for their shares for a "commercially in confidence" sum".

In essence any money received from the sale over and above Illawarra JV funding arrears was paid to Illawarra and kept by Illawarra (My theory is it was a book entry only as Illawarra owed WIN a large sum for bailing them out of insolvency concerning their Leagues Club).

Finally the Illawarra are the financially dominant part of the JV.. St George have been bullying the Illawarra to taking the submissive role in the JV, with naming and logo and uniform.

The time has come for change. As WIN is now keeping the club afloat, it's only fair that the Illawarra receives the same comforts that St George have for so long.

Firstly, the name needs to reflect Illawarra first, St George second. And we need the Steelers back in the logo somehow. First we fix the name & logo, we can get the redV to being the alternate jersey from 2020 onwards (maybe use it as a heritage jersey for the 2021 season to commemorate 100 years of little brother).

Vive la révolution!

3,2,1.....

 

[Forster Dragon]

Finally the Illawarra are the financially dominant part of the JV.. St George have been bullying the Illawarra to taking the submissive role in the JV, with naming and logo and uniform.

The time has come for change. As WIN is now keeping the club afloat, it's only fair that the Illawarra receives the same comforts that St George have for so long.

Firstly, the name needs to reflect Illawarra first, St George second. And we need the Steelers back in the logo somehow. First we fix the name & logo, we can get the redV to being the alternate jersey from 2020 onwards (maybe use it as a heritage jersey for the 2021 season to commemorate 100 years of little brother).

Vive la révolution!

3,2,1.....

What a silly post.Minimum supporters,silly red jumper what else? the list goes on.

 

[Saints Forever]

Finally the Illawarra are the financially dominant part of the JV.. St George have been bullying the Illawarra to taking the submissive role in the JV, with naming and logo and uniform.

The time has come for change. As WIN is now keeping the club afloat, it's only fair that the Illawarra receives the same comforts that St George have for so long.

Firstly, the name needs to reflect Illawarra first, St George second. And we need the Steelers back in the logo somehow. First we fix the name & logo, we can get the redV to being the alternate jersey from 2020 onwards (maybe use it as a heritage jersey for the 2021 season to commemorate 100 years of little brother).

Vive la révolution!

3,2,1.....

Lol !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Arguably the funniest post made this year. I will assume its your turn to take the piss out of forum members.

Alternatively I will immediately arrange a psychiatric assessment so you can be committed without delay to the nearest nut house.

More likely St.George Leagues Club will eventually buy WIN Corp's shares.

Would be interested to see their asset liabilities statement after the Channel 10 debacle.

Glad they had enough cash to extinguish the NRL debt.

Hopefully they now do more to arrange TPA's than they have over the past 10 years.

 

[Old Kogarah Boy 1]

Finally the Illawarra are the financially dominant part of the JV.. St George have been bullying the Illawarra to taking the submissive role in the JV, with naming and logo and uniform.

The time has come for change. As WIN is now keeping the club afloat, it's only fair that the Illawarra receives the same comforts that St George have for so long.

Firstly, the name needs to reflect Illawarra first, St George second. And we need the Steelers back in the logo somehow. First we fix the name & logo, we can get the redV to being the alternate jersey from 2020 onwards (maybe use it as a heritage jersey for the 2021 season to commemorate 100 years of little brother).

Vive la révolution!

3,2,1.....

I see your doing yourself no favours by making such a post to p!ss people off.

Fact is, if the Dragons hadn't come to Illawarra's aid, they would of been no more.
So lets not try and change things around now.
The ink is dry and the boundaries set ............. we just need a balance of effort across the two boards to work together for the one common goal ................ that is the Red V Dragons.

 

[Bests Golden Boots]

I see your doing yourself no favours by making such a post to p!ss people off.

Fact is, if the Dragons hadn't come to Illawarra's aid, they would of been no more.
So lets not try and change things around now.
The ink is dry and the boundaries set ............. we just need a balance of effort across the two boards to work together for the one common goal ................ that is the Red V Dragons.

Idiots will idiot.

 

[possm]

Well it would appear that I have spoken too soon as - Point No. 5 , that being McGregor has the full support of the board I did not believe would be the case . I believed, or hoped that they the board would realize the mans limited capabilities and take measures to ensure the Dragons future success by looking for a substitute. Still the Tele is only surmising , perhaps we shall know more shortly .

Unless a member of the Board brings Mary's short-comings to the attention of the Board, nothing will change. However, if a member of the Board or maybe the CEO brought these problems to the attention of the Board, I'm sure Mary would not last a moment. Once the Board is briefed on the potential costs Mary is responsible for, he will be out the door.

 

[Saint_JimmyG]

Finally the Illawarra are the financially dominant part of the JV.. St George have been bullying the Illawarra to taking the submissive role in the JV, with naming and logo and uniform.

The time has come for change. As WIN is now keeping the club afloat, it's only fair that the Illawarra receives the same comforts that St George have for so long.

Firstly, the name needs to reflect Illawarra first, St George second. And we need the Steelers back in the logo somehow. First we fix the name & logo, we can get the redV to being the alternate jersey from 2020 onwards (maybe use it as a heritage jersey for the 2021 season to commemorate 100 years of little brother).

Vive la révolution!

3,2,1.....

If there was any doubt from the other thread that you’re nothing short of a rube, this ridiculously inane gibberish simply reaffirms it.

 

[denis preston]

If there was any doubt from the other thread that you’re nothing short of a rube, this ridiculously inane gibberish simply reaffirms it.

???????

 

[Saint_JimmyG]

???????

Why the ???

My post wasn’t directed at you.

 

[Jersey No 14]

Good investment boys,
I'll by your shares for 1 cent for a thousand shares.
No hang on - I'm not that stupid.
More money for my piggy bank

 

[Saints Forever]

Don't think the Gordon family will take this last performance lightly.

They will be conscious of the embarrassment caused to the club and its fans.

The Illawarra Director may find himself outvoted 7-1 when the question of whether Mary should be dismissed is canvassed at the next board meeting.

 

[Dragonslayer]

So the new board took over as of yesterday.

The new CEO will start Nov 1. Does that nean Doust is still around 'till then or is he gone as of yesterday as well?

I doubt we will see any significant or obvious changes being made until Nov at the earliest.

My guess is that Millward will be handling the roster in conjuction with RJ in the background.

 

[redandwhite4evr]

So the new board took over as of yesterday.

The new CEO will start Nov 1. Does that nean Doust is still around 'till then or is he gone as of yesterday as well?

I doubt we will see any significant or obvious changes being made until Nov at the earliest.

My guess is that Millward will be handling the roster in conjuction with RJ in the background.

Who's RJ?

 

[getsmarty]

The $10m question: Did the Dragons choose the right buyer?
Andrew Webster31 August 2018 — 12:00am

Heavy hitters: Keogh with club skipper Paul Gallen, No.1 ticket holder and now Prime Minister Scott Morrison, and former CEO Lyall Gorman in 2016.

Photo: John Veage
The mystery bidder who missed out on part-ownership of St George Illawarra can finally be revealed amid claims he offered $5 million more than Bruce Gordon’s WIN Corporation, which was ultimately successful in taking a 50 per cent stake in the club.

South Coast entrepreneur Paul Smith’s Total Sport and Entertainment, which also owns 50 per cent of the Sydney Kings, had been in serious negotiations with the club since October. It is understood TSE offered exactly $10m to the Dragons, clearing their $5.8m of debt with the NRL while leaving plenty in cash reserves to help build the famous club into the powerhouse it should be.

Done deal: The WIN Corporation now owns a 50 per cent stake in the Dragons.

Photo: NRL Photos
Smith also offered the cash-strapped Steelers a $1.25m loan.

When the Gordon family announced in April that it was walking away from two years of negotiations with the Dragons, TSE believed it was in the box seat to buy Illawarra’s 50 per cent stake. Instead, after months of in-fighting between the St George and Illawarra factions, the Dragons enticed the Gordon family back to the table.

While WIN’s successful bid has been hailed as a “win-win” for the Dragons, questions are now being asked about the process that got it there. It has been widely assumed and reported that WIN’s bid was also worth $10m, although that figure has never been confirmed on the record by any of the parties.

There’s a suspicion from TSE the bid was far less. WIN and the Dragons refused to say how much was paid, citing “commercial confidence”.

Maybe more will be revealed when the Dragons’ annual report drops at the end of the year.

The other curious part of the WIN deal was the appointment of Dragons chairman Brian Johnston as chief executive to replace Peter Doust, who is retiring at the end of the season. It smacks of “jobs for the boys”. Johnston is a former Dragons player, was the chief executive before Doust took over in 2000 and was, as chairman, on the sub-committee to find Doust’s replacement.

Doust defended Johnston’s shock appointment when the Herald reported earlier this month that tens of thousands of dollars were paid to a recruitment firm to find a replacement CEO.

Was the WIN deal contingent on Johnston being chief executive? Or was that a condition of the St George side of the joint venture if WIN was to be successful? It is understood TSE was completely blindsided by Johnston’s appointment. It had told the Dragons there was no need to rush into appointing a chief executive. At no stage in negotiations was Johnston becoming CEO discussed.

Smith mightn’t have the public profile of the Gordon family but he is highly regarded in the world of sports business. Apart from growing up and now living on the South Coast, as well as being a life-long Dragons fan, he would’ve brought decades of expertise to the NRL. Which, to be honest, it needs more of.

His former sports consulting firm Repucom counted the NFL, NBA, FIFA and English Premier League among its clients. Smith sold the business in 2016 for $260m.

The fact that Smith’s interest in the Dragons has never been reported shows he’s not one for grandstanding. He declined to comment when contacted.

“There were a number of interested parties, all with different propositions involving more than just financials, and such propositions are governed by confidentiality agreements, so it would be inappropriate for me be discussing specifics, other than to say that there were many variables considered,” Doust said.

“The available shares belonged to the Steelers and they dealt directly with WIN with respect to certain elements of the financial transaction. Under the terms of the joint-venture agreement, St George District had to sign off on any potential partner. The Steelers believed that WIN was the best option for them and the St George District Football Club and Dragons supported this decision.”

On Johnston’s appointment, he said: “The decision to appoint Brian as CEO came after it was agreed that WIN was to be the partner of the Dragons, and it was a completely separate process. Whilst there was an independent process under way for the CEO role, both partners agreed that Brian was the best person to see through this transition given his knowledge and experience. Brian is highly capable and credentialed with a vast amount of rugby league and corporate experience to blend with his passion for the Dragons.”

“So what?” some may ask about WIN out-manoeuvring TSE to seize part-ownership.

Dragons fans who have grown tired of never having a say in how their club is run, who runs it, and who owns it, especially with their side face-planting on the eve of the finals once again, might think differently.

On the surface, WIN’s involvement appears to be a fantastic outcome for the Dragons. But, like Manly fans angry about the direction of their club under the Penn family, their faithful followers often feel like outsiders.

https://www.smh.com.au/sport/the-10...s-choose-the-right-buyer-20180830-p500uo.html