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Thread: The RA announce a $3.8 million dollar loss

  1. #91
    Player UAUdiver1959's Avatar
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    Let’s talk timing
    10th April Clyne announces it’s either the Force or Rebels to get the chop. 4 days later Cox n co write to the ARU bitching and stating they have suffered a loss and will seek compensation because of that statement. No court case no protracted legal stouch and actually no loss, the ARU ‘settle’ with Cox n co on the proviso it all goes towards the MRRU debt. We all know they could not sell it if it was in debt. All this in less than 12 weeks. Wow!!

    How can Cox n co be 3/4 million in bebt after two years and the huge payments made to them by the ARU? No one has asked that. Maybe ASIC would be interested?

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  2. #92
    Champion Bakkies's Avatar
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    Quote Originally Posted by UAUdiver1959 View Post
    Let’s talk timing
    10th April Clyne announces it’s either the Force or Rebels to get the chop. 4 days later Cox n co write to the ARU bitching and stating they have suffered a loss and will seek compensation because of that statement. No court case no protracted legal stouch and actually no loss, the ARU ‘settle’ with Cox n co on the proviso it all goes towards the MRRU debt. We all know they could not sell it if it was in debt. All this in less than 12 weeks. Wow!!

    How can Cox n co be 3/4 million in bebt after two years and the huge payments made to them by the ARU? No one has asked that. Maybe ASIC would be interested?
    I know the emails surrounding the sale secured by Nick Taylor were forwarded on to ASIC by Senator Reynolds.

    Phil Waugh about to be on Bill & Boz if you want to give him an earful.

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  3. #93
    Rookie jackster's Avatar
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    and this all got me thinking, and then I remembered this gem:
    https://www.perthnow.com.au/sport/ru...-ng-b88678742z
    Rugby Australia emails show Western Force didn’t stand a chance
    Nick Taylor, Exclusive | PerthNow
    December 3, 2017 3:02PM
    Topics
    Western Force

    FURTHER evidence has emerged that Rugby Australia helped orchestrate the sale of the Melbourne Rebels to the Victorian Rugby Union, effectively signing the Western Force’s Super Rugby death warrant.

    Details have surfaced in an email, obtained by The Sunday Times, that was sent from RA’s former legal counsel Richard Hawkins to VRU chairman Tim North.

    It was sent on July 11, less than a month before RA closed the Force.

    It was also addressed to RA chief executive Bill Pulver and head of professional rugby Anthony French.

    Hawkins said a Deed of Amendment was needed for the put option for transferring ownership of the Rebels to the VRU because it “doesn’t quite work for what we are all contemplating here”.

    The initial clause stated the date of completion must be no less than six months and no more than seven months after the date of the Exercise Notice.

    But a letter to the VRU from Rebels owner, New Zealand businessman Andrew Cox’s Imperium Sports Management says: “We irrevocably exercise the put option granted to us under the Put Option Deed and require you to purchase the option shares from us on the terms and conditions set out in the Put Option Deed. In accordance with clause 2.3(a) of the Deed we specify (insert date) as the Completion Date.”

    Cox used the put option and sold 11,625,000 Rebels shares to the VRU on August 4 for $1 – less than a month after the email was sent.

    It says: “In terms of other documents, our view is that we will need a Deed of Amendment for the put option as the mechanism it currently contains for transferring ownership of the Rebels to the VRU doesn’t work for what we are all contemplating here — see clause 2.3(a) of the put option for example.

    “We can instruct (legal firm) Clayon Utz to draft the Deed of Amendment if you are happy with this?

    “Otherwise, there is the Deed of Release between the Rebels, AC (Cox), PS (Peter Sidwell a member of Cox’s consortium) and the other unitholders which it looks like you have in hand.”

    Pulver, Hawkins and North did not reply when asked for a comment.

    The latest revelation comes after The Sunday Times revealed last week that RA was brokering a deal to save the Rebels two months before the decision to axe the Force was announced.

    Another email shows Pulver was discussing the deal to transfer the Rebels licence from Cox to the VRU in June this year. Pulver denied any involvement in the subsequent transfer of the Rebels licence.

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  4. #94
    Champion Bakkies's Avatar
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    Jackster, there was a tweet from Senator Reynolds copying that article from Nick at the time, she said she has past that on to ASIC.

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  5. #95
    Rookie jackster's Avatar
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    thanks, I couldn't find it on the forum posts, so thought I'd repost it . Glad to hear Senator Reynolds is all over it though

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  6. #96
    Champion Bakkies's Avatar
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    Don't know if she has tweeted the latest article. Haven't checked her page out.

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  7. #97
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    $3 million of that $3.8 million was spent on the rebranding that was not necessary.

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  8. #98
    Champion Bakkies's Avatar
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    Where's the item on that I have the full report need to cover it again.

    Need Ian Ritchie to come out of retirement. He turned around the LTA and RFU both organisations make the RA's politics look like child's play.

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    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  9. #99
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    Quote Originally Posted by Bakkies View Post
    Don't know if she has tweeted the latest article. Haven't checked her page out.
    If you are so inclined, it probably wouldn't hurt to make her aware of the new article and the apparent inconsistency between that and the senate inquiry testimony.

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  10. #100
    Senior Player SPaRTAN's Avatar
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    In all honesty I wouldn't want to be the one to forecast next years report. It looks like it will be a blood bath, Is the RA on the cusp of financial ruin? Will a world cup year save them? Won't they be getting more WorldRugby compensation next year too. Reduced home matches though and the Rebels still bleeding huge sums does not look good moving forward

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  11. #101
    Champion Bakkies's Avatar
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    The IRB compensation in a RWC generally doesn't cover the shortfall. To reduce it the RA need to sell more tickets to the matches they do host.

    The issue of Ballymore is still a millstone over the QRU's neck. With less season and match ticket revenue they are going to have problems next year.

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    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  12. #102
    Senior Player SPaRTAN's Avatar
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    Quote Originally Posted by Bakkies View Post
    The IRB compensation in a RWC generally doesn't cover the shortfall. To reduce it the RA need to sell more tickets to the matches they do host.

    The issue of Ballymore is still a millstone over the QRU's neck. With less season and match ticket revenue they are going to have problems next year.
    But I thought it had been increased this time round. Would it be enough to save the Wallabies though? Doubt it. Clynes henchmen couldnt balance a book if their lives depended on it. Those thieving mongrels are just sucking the game dry. Rugby is the loser here in this country, some corrupt individuals have latched on to the RA's lack of accountability and have used the business for their own short term financial gain! The corrupt MRRU dealings, the pay offs to Cox, the pay outs to Bumchin Bill, and even thieving O'Neil stealing almost 2mill from the ARU coffers and taking off with it. I'm sure Junior Rugby could have done alot with O'Neil and Pulvers payouts. These people at the top just dont get it do they? It really is the puppet show.

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  13. #103
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    May have increased however it is still not enough. The RA has to follow through on increasing grassroots contributions.

    There is talk of less June soon to be July tests in the calendar agreement commencing in 2020 including Six Nations unions have agreed to play Georgia, Romania, Japan in that window.

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    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

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