1
The BIDCO consortium estimated the Rebels losses to be $3m per annum, as the losses were I would assume when Alan Winney ran the show.
"The ARU counter offer to the Consortium was an outcome that was over $4.5 million worse in 2015 and a further $1million p.a. worse in the 2016-20 period compared to the deal that had been put on the table by the Consortium. It would have meant that the Rebels would burn the full $6 million in new equity well before the end of 2015. Given the ARU position, and its unwillingness to negotiate on key terms, the Consortium withdrew from these negotiations on 25 July 2014."
In 2014/15 with Rob Clarke as the ARU appointed Melbourne Rebels CEO and the ARU effectively running the Rebels after Alan Winney gave back the keys, those annual losses 'EXPLODED' by another $4.5m to $7.5m in 2015 and were forecast to increase into the future.
Something is really wrong here. A respected businessman runs the Rebels the best he can and it runs at a $3m a year loss so he walks away. The ARU take over and it immediately starts to increase its losses by as much as $7.5m in 2015.
I really hope that other people can see this, incompetent or corrupt or both. This is why Alan Winney wanted the world to see his offer and for others to see that the ARU rejected this....much the way that they rejected Twiggy.