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Thread: NRL Happenings

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    Immortal jargan83's Avatar
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    NRL Happenings

    Quote Originally Posted by shasta View Post
    Off topic I know, but I'm finding it hard to see where the current goss about Cronulla re-locating to Adelaide is coming from. I mean how much more expensive is it to fly to/from Perth than Adelaide. The difference in ground attendances would easily make up any difference and most likely leave a tidy surplus by comparison.
    on the flights, a quick look at Qantas:

    Syd -> Ade $165

    Syd -> Per $288

    on the actual question, probably media hacks in Sydney working for the Daily Telegraph. I didn't see what the crowd figure the Sharks game in Adelaide was on the weekend. I guess the fact that Cronulla hve played a "home game" in Adelaide since at least 2005 is eveidence enough

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    Legend Contributor blueandblack's Avatar
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    Going on a previous post of yours in that thread, MES isn't exactly seeing eye-to-eye with the WA Reds, hence why only a small number of games at MES this season for them. They will have to work this all out sometime in the future (and maybe get some discussion going with the NRL to help this out too).

    ---------- Post added at 14:04 ---------- Previous post was at 12:14 ----------

    Hmm,. interesting. Found this on a Aussie Rules website:

    Penniless Parra face financial oblivion

    "PARRAMATTA Leagues Club is staring into a $28 million black hole that has led one bankruptcy expert to declare it on the verge of "woeful insolvency".

    Already reeling from a record $9.12 million loss last year and a bitter boardroom challenge this weekend, the club is also in immediate debt to the tune of $24,137,651. Believed to be an unpaid bank loan or mortgage, the monster debt constitutes a major chunk of the $31,603,787 worth of current liabilities declared in the 2008 Annual Report.

    Is it time for Denis Fitzgerald to go? Vote in our poll.

    Current assets are valued at only $3,611,364 - leaving a $27,992,463 shortfall that led to auditors admitting the club's future can no longer be guaranteed in the report that was last week sent to all 43,000 members.

    The Daily Telegraph yesterday obtained a copy of the report, in which PKF auditor Paul Cheeseman wrote: "These conditions indicate the existence of material uncertainty, which may cast significant doubt about the Group's (Parramatta Leagues Club and affiliates) ability to continue as a going concern."

    The huge liquidity imbalance has placed the club's future under threat because directors don't have enough money at their disposal should creditors call in the $24,137,651 owing.

    The club does boast $53,387,383 in non-current assets, but these could not be activated if the loans were called due immediately.

    Cheeseman made directors define the debt as a current liability because the club had breached the terms of the loan by allowing its current liabilities to outstrip its current assets by about $3 million.

    Veteran CEO Denis Fitzgerald is relying on patience from creditors to keep the club going.

    He has already sold properties worth $5.6 million and last night reported a profit over the first quarter of 2009. Asked if the club was close to insolvency, Fitzgerald replied: "We are definitely not. We have had the worst possible year given it was the first full year of the highest poker machine tax rate together with a full 12 months of the smoking ban in place.

    "Our first-quarter trading for 2009 is showing a profit and we expect that to continue through the year, despite the economic and club-industry conditions.

    "The board and myself are very confident that we will trade our way out of this difficult situation through the strength and experience of our directors and senior management."

    Bankruptcy expert Nicholas Crouch - the man who wound up the Sydney Kings - said the club would be declared "woefully insolvent" should the creditors come calling. Crouch said Parramatta had only 10c worth of current assets for every dollar of current liability.

    The Kings had 40c for every dollar when they were declared insolvent nearly two years ago. He said: "Most companies would have $2 or $3 worth of current assets for every dollar worth of liability. So 10c is really bad.

    "On the surface of this balance sheet, the club looks to be woefully insolvent. The key to the situation is the attitude of the creditors.

    "If the directors can continue to defer payment, they can continue to trade."

    The finances will be a major talking point in the final lead-up to this weekend's Leagues Club election, with voting to run over three consecutive days from Friday morning.

    Rebel ticket 3P is seeking complete control of the Eels after winning a majority of four seats on the seven-man football club board last December.

    The rebels, however, accept they must steal the Leagues Club to affect real change for fans because it oversees the Parramatta NRL team."

    ---------- Post added at 14:05 ---------- Previous post was at 14:04 ----------

    edit: tried using the "this thread is a link" thing but doesnt work here. oh well. the link proper is in the title.

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    Immortal jargan83's Avatar
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    Quote Originally Posted by blueandblack View Post
    Going on a previous post of yours in that thread, MES isn't exactly seeing eye-to-eye with the WA Reds, hence why only a small number of games at MES this season for them. They will have to work this all out sometime in the future (and maybe get some discussion going with the NRL to help this out too).[COLOR="Silver"]
    I'm not actually sure why the Reds stopped using MES. I thought it could be the Glory getting their way as they only played their last 2 home games away from MES (Rockingham and South Perth RLFC) over turf issues, As the Glory are the priority tennant at MES at the moment. But they haven't played there yet so obviously something is a bit suss.

    I read the thing about Parramatta, they are staring down the barrel thats for sure

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    Immortal Contributor shasta's Avatar
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    I'd like to see a team here for sure. But I think the woes of Parra and Cronulla are unlikely to be solved in Perth or Adelaide in the current economy. Might be the beginning of the end for some clubs as far as NRL participation goes. The State Cup and JB Cup could see some strengthening.

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    Legend Contributor blueandblack's Avatar
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    Quote Originally Posted by shasta View Post
    I'd like to see a team here for sure. But I think the woes of Parra and Cronulla are unlikely to be solved in Perth or Adelaide in the current economy. Might be the beginning of the end for some clubs as far as NRL participation goes. The State Cup and JB Cup could see some strengthening.
    JB Cup is now Bundaberg Red Cup.
    I have read, once, speculation that South Sydney might move over here (which might/would involve some form of merger with the WA Reds).

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    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by blueandblack View Post
    .
    I have read, once, speculation that South Sydney might move over here (which might/would involve some form of merger with the WA Reds).
    I wouldn't put too much credence in that one but that would work better than either of the other two. Most RL fans have a soft spot for the Bunnies. Excluding Chooks supporters, who hold their meetings in a phone box.

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    Immortal jargan83's Avatar
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    last I heard South Sydney entered into a deal with Armadale Rugby League club, but I can't seem to find them on the WARL website

    Even if the WA Reds get back into the NRL i will imagine that they wil pick up alot of their players from the east as well. Possibly be another club in disguise eg Parramatta or Cronulla (both being in the shit financially)

    NRL is still keen to move somone to the Central Coast, they are still dangling the $8 million carrot, North Syndey have been saying they will move the the coast for years

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    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by jargan83 View Post
    Even if the WA Reds get back into the NRL i will imagine that they wil pick up alot of their players from the east as well.
    True. But with a bit of foresight the NRL could try to avoid that by giving them financial assistance to recruit & retain WA juniors if the players are willing. There quite a few playing at NRL clubs presently. I'd lay odds that the number of Croweaters in the NRL would be somewhere between none and zero.

    David Gallop has stated that relocation of existing clubs is the only way Adelaide or Perth will get an NRL team in the foreseeable future.

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    Immortal jargan83's Avatar
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    David Gallop doesnt know his arsehole from his elbow

    Apparently some at NRL headquarters seem to think to get more money out of TV rights they need a more national game, which is probably accurate statement.

    How they achieve this is undetirmined though, I would take a relocated club. Will they be a relocated Club 100% or relocate and take on the Reds colours?

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    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by jargan83 View Post
    David Gallop doesnt know his arsehole from his elbow

    Maybe. But he's the boss so I suppose his opinions matter.

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    Immortal jargan83's Avatar
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    Quote Originally Posted by shasta View Post
    Maybe. But he's the boss so I suppose his opinions matter.
    Like his opinion on the whole Strathfield sponsoring the Bulldogs debarcle

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    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by jargan83 View Post
    Like his opinion on the whole Strathfield sponsoring the Bulldogs debarcle
    Exactly.

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