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Thread: Strapped Rebels in danger of folding

  1. #106
    Immortal Contributor The InnFORCEr's Avatar
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    When does the 48 - 72 hours start?

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  2. #107
    Immortal GIGS20's Avatar
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    Quote Originally Posted by The InnFORCEr View Post
    When does the 48 - 72 hours start?
    Same timeframe as 2017

    48-72 hours starting when the initial news story broke and finishing 9 months later

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    Last edited by GIGS20; 09-02-24 at 11:05.
    C'mon the

  3. #108
    Immortal jargan83's Avatar
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    Administrators said a decision should be made by the end of the month?

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  4. #109
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    Name:  IMG_5262.jpg
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  5. #110
    Immortal Contributor The InnFORCEr's Avatar
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    If anyone has access behind paywalls there are two new stories today

    1. RA owe Rebels $8m
    2. ATO going after the homes of seven Rebels board members

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  6. #111
    Immortal GIGS20's Avatar
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    Quote Originally Posted by The InnFORCEr View Post
    If anyone has access behind paywalls there are two new stories today

    1. RA owe Rebels $8m
    2. ATO going after the homes of seven Rebels board members
    I can't read the stories, but my take on the first one is

    2020 - 1.7 Million
    2021 - 1.7 Million
    2022 - 1.7 Million
    2023 - 1.7 Million
    2024 - 1.7 Million

    total 8.5 Million

    This bullshit whingeing about the money that they were "owed" when everybody else was receiving exactly the same deal and aren't $20 Million in debt is really starting to piss me off.

    It's not like they weren't informed of the shortfall in advance (OK 2020 they weren't but that only accounts for 1.7 Mill that they can claim was a surprise) the entire rest of it is because they were wantonly living beyond their means and expecting somebody else to pick up the tab.

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    C'mon the

  7. #112
    Immortal jargan83's Avatar
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    Quote Originally Posted by The InnFORCEr View Post
    If anyone has access behind paywalls there are two new stories today

    1. RA owe Rebels $8m
    2. ATO going after the homes of seven Rebels board members
    Stole this small part from another website of what I assume is the article your referring to, unfortunately it is not the full article:

    “An amount in excess of $2m the board believes represents the PAYG for Melbourne Rebels players while they were on Wallabies duties; and … an amount in excess of $6m being the alleged underfunding of the Company by RA over a number of years,” the ASIC document states.
    ...
    A number of creditors are listed, including Rebels board member Lindsay Cattermole who is owed nearly $350,000, Tim North is owed $120,000 while NewSTAR sports agency — which manages Wallabies and Rebels stars Taniela Tupou and Carter Gordon — are owed around $20,000.

    The larger creditor claims include:

    *$11.6m owed to the Australian Taxation Office (ATO)
    *$5.7m owed in relation to loans provided primarily by related parties
    *$2.8m owed to suppliers, including amounts advanced by sponsors
    *$1.1m owed to Melbourne Olympic Park Trust relating to unpaid stadium usage, plus an additional amount in relation to future lease liabilities under the existing agreement
    *$712k owed to the State Revenue Office in relation to unpaid payroll tax

    The documents detail unpaid superannuation owed to employees is $250k. The document also revealed Rugby Australia needed to give additional funding to the club to fund wages in order to ensure it would survive this season.

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  8. #113
    Champion Tazzmania's Avatar
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    With just $17,000 in the bank, Rebels’ fate to be decided within weeks

    Full Article below:

    The future of the Melbourne Rebels beyond the 2024 season will be known by early March after documents filed to the corporate regulator revealed the embattled Super Rugby franchise had only $17,300 in the bank.

    The grim financial state of the Super Rugby franchise was laid bare in a creditors meeting held on Thursday, the minutes of which were filed to the Australian Securities and Investment Commission on Monday.

    The Melbourne Rebels’ fate will be decided within the next few weeks.

    The administrators agreed to meet again by March 4, when they will hand down a report determining whether the Rebels should be wound up.

    Auditors from PwC appointed to investigate the club’s financials revealed the Rebels owe $11.6 million to the Australian Taxation Office, $5.7 million to board members, and $2.8 million to suppliers – which include sponsors that paid their fees upfront.

    Adding to the list of debts is the $1.1 million in unpaid stadium fees, $720,000 owed to the State Revenue Office and $250,000 in superannuation owed to employees.

    The seven-person Rebels board is demanding Rugby Australia cough up $8 million they say is owed to the club. They allege the governing body owes $6 million for underfunding the club over a number of years, and an additional $2 million to cover the cost of Rebels’ player wages while they were on Wallabies duties.

    PwC’s Martin Ford, the administrator appointed as chair, said he would need to investigate these claims before – or if – any action could be taken.

    But even if Rugby Australia fork out that money, the Rebels will need a big helping hand to pay off their remaining debt. Administrators said the club has just $17,300 left in the bank, and assets consisting of office furniture, gym equipment and two cars. The value of those assets are not known.

    Rugby Australia has been contacted for comment.

    ‘It’s become about arguing’: Rebels fans in despair
    The grim financial state has been a blow to the fans of the beloved Rebels, who are holding on to hope that the team can find a way through.

    One of those fans, Rebels fanatic Lucas Hainsworth, said his identity was so strongly tied to the club that he “wouldn’t know how to express himself in another way” if the club were to collapse.

    What the Melbourne Rebels owe
    $11.6m owed to the Australian Taxation Office
    $5.7m owed in loans
    $2.8m owed to suppliers, including amounts advanced by sponsors
    $1.1m owed to MOPT relating to unpaid stadium usage, plus an additional amount in relation to future lease liabilities under the existing agreement
    $712k owed to the State Revenue Office in relation to unpaid payroll tax

    “We’ve forgotten what the spectacle of rugby is. Fifteen [players] that love to compete for 80 hard minutes, and then after it give each other a hug and be a family together,” he said.

    Adding to the frustration is the inability for spectators to purchase home ground tickets or Rebels memberships this season – with the first round just a week away.

    The delay comes as Rugby Australia and the state government-operated Melbourne and Olympic Parks Trust continue to finalise an agreement on the cost for the use of AAMI Park.

    Asked about this issue on Friday, and Rugby Australia boss Phil Waugh said:

    “We can’t go on sale until we confirm the delivery of the ’24 season, and how we’re going to deliver it. [We’re having] very constructive conversations with the Victorian government and the [trust].”

    He indicated they hoped to finalise the issue early this week.

    The trust declined to comment, directing questions to Rugby Australia.

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    Simon Cron: “People talk about winning and losing all the time and they are critical, but there’s a process to get into and it’s the ability to stay present, do your job and execute skills under pressure.”

  9. #114
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    I find $5.7 million to delinquent board members a bit hard to stomach...
    Might be legal, but hopefully last to be considered for repayment.

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  10. #115
    Legend Contributor blueandblack's Avatar
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    Quote Originally Posted by Burgs View Post
    I find $5.7 million to delinquent board members a bit hard to stomach...
    Might be legal, but hopefully last to be considered for repayment.
    I seriously doubt that.

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  11. #116
    Immortal jargan83's Avatar
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    Weeks? I want the axe to fall now

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  12. #117
    Veteran valzc's Avatar
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    And where are all the devout Rebels supporters rising up to defend the club in their large numbers………….raising funds, protest marches, public outcry?……..crickets?

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  13. #118
    (Previously WFDS) WFDom's Avatar
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    There are no winners in the current state of Australian Rugby Union.

    Only a trail of organisations and people who have been done wrong at some point. A sad indictment of a truly wonderful sport.

    I’d prefer 5 successful franchises rather thank the shit show we currently have.

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  14. #119
    Immortal GIGS20's Avatar
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    Quote Originally Posted by valzc View Post
    And where are all the devout Rebels supporters rising up to defend the club in their large numbers………….raising funds, protest marches, public outcry?……..crickets?
    He was quoted in the story

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    C'mon the

  15. #120
    Champion Tazzmania's Avatar
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    Behind a paywall but Iain Payton reporting:

    The Melbourne Rebels’ hopes of surviving beyond this season are swiftly fading after 10 administrative staff, including chief executive Baden Stephenson, were made redundant, with the remaining staff and coaches put on four-month contracts to see out the Super Rugby campaign

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    Simon Cron: “People talk about winning and losing all the time and they are critical, but there’s a process to get into and it’s the ability to stay present, do your job and execute skills under pressure.”

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