Originally Posted by
fulvio sammut
I'm trying to get my head around this, and an appreciation of what is being intended to be achieved.
The current position, as I understand it, is that Minderoo, Forrest's company, owns all rights to the Force and to World Series Rugby (WSR).
Mindaroo acquired the Force from RugbyWA after it was released back to RugbyWA by Rugby Australia (RA), having been removed from the Super Rugby competition.
Mindaroo took over what was left of the Force entity from RugbyWA's Administrators (or from RugbyWA, I could not understand this bit), RugbyWA having a substantial debt owing to RA over legal costs which it could not repay.
In any event, Mindaroo or the Administrators fixed the debt situation with RA, Mindaroo paid RugbyWA some working capital, and took over the lease of RugbyWA headquarters, sub letting part of the premises back to RugbyWA.
At this point therefore, Mindaroo owned the Force, RugbyWA had no significant debts, and was responsible only for running the local club competitions, and Mindaroo went on with its own business of getting the Force up and running again, and developing the WSR concept.
Now Mindaroo (or somebody) is flying the concept that its wholly owned Force be sold or transfered to another yet to be defined entity as a "Club", to be (presumably) entirely independent of Mindaroo but playing in the WSR competition.
To that end it is proposed (I think) that there be a public float of the new entity and that some "serious" heavyweights of rugby in WA (who were involved in the initial Force concept in 2004) be involved as part of a community group to run with the public listing, presumably injecting some capital of their own, and/or their extensive experience. RugbyWA as a body will not be involved unless if by Council resolution they seek to invest in the float.
Have I got it right so far?