0
Fixed it for yaOriginally Posted by shasta
At a charge of.....$1
The long sobs of autumn's violins wound my heart with a monotonous languor
We watched the movie 'Wolf on Wall Street' the other night, and it's got nothin on this friggin' drama! When this is all over, I hope we get film rights.
From The West.
Victorian Rugby Union buys Melbourne Rebels shares for just $1
Nick Taylor
Friday, 4 August 2017 8:24PM
The Victorian Rugby Union has taken control of Melbourne Rebels, buying 11,625,000 shares in the Super Rugby club for just $1 from owner Andrew Cox’s Imperium Sports Management company.
The move brings a new twist in the fight to axe either the Rebels or Western Force from next year’s competition.
The issue of the Rebels license is still cloudy as the Australian Rugby Union has steadfastly said it has to approve any transfer or sale of ownership.
They have not given that approval and there may have been a contravention in change of control without permission.
More here
https://thewest.com.au/sport/rugby-u...-ng-b88558915z
Oh Mr Harrrrrt....what a messs
Jeebus can it get any worse? (Course it can). Patsy Clone obviously meant $28000001 what was the silly sausage banker thinking of?
Seriously, send in the clowns....oh wait
PS Cox has not made a profit haha suck on that oz tax orifice (apart from the FUBARU handouts his mate Clunk gifted him)
The long sobs of autumn's violins wound my heart with a monotonous languor
Did he pocket the ARU money that Alison found - or did it go straight in to the Rebels?
Exile
Sydney
"Pain heels. Chicks dig scars and Glory lasts forever." Shane Falco
When he bought it for $1 the FUBARU forgave $8m debt, after retiring the original $6m debt racked up by the first owners when they reclaimed the licence. They then gave him $6m total reducing each year...on top of the usual amounts that are meant to pay for running the program. The VRU have also apparently forgiven the current debts.
So where did the $6m go?
The long sobs of autumn's violins wound my heart with a monotonous languor
Of course the Daily Telegraph has a slightly different view of it
THE Australian Rugby Union has asked for a please explain after the ownership of the Melbourne Rebels was transferred by the club’s private owners to the Victorian Rugby Union without their knowledge.
Papers lodged with the Australian Security and Investments Commission on Friday showed Andrew Cox’s Imperium Group had returned the Super Rugby licence for the Rebels to the VRU after months of negotiation.
Cox and fellow Imperium partner Peter Sidwell resigned from the Rebels’ board, along with Michelle Williams, and they were replaced by VRU appointees Tim North, Owain Stone, Lyndsey Catermole and Rob Dalziel.
The transfer could make life awfully difficult for the ARU if they lose the arbitration case against Rugby WA and can’t cut the Western Force. Any potential plan B to buy the Rebels licence back from Cox now appears off the table.
The ownership of the Melbourne Rebels has been transferred back from Andrew Cox’s Imperium Group to the Victorian Rugby Union.
But the ownership change — which has the backing of the Victorian government — was questioned by the ARU, who have to sign off on any such transfer.
The ARU said in a statement they were not informed of the ownership change.
“The Australian Rugby Union (ARU) has tonight received confirmation from a third party that ownership of the Melbourne Rebels had transferred from Imperium Group to the Victorian Rugby Union (VRU),” the statement said.
“The Melbourne Rebels have an obligation under their Participation Deed to inform ARU of any change of ownership. To date, ARU has received no such communication from the Melbourne Rebels despite recent attempts to confirm their position. ARU is urgently seeking to confirm the terms on which this transfer occurred.”
How the change of ownership changes the Super Rugby downsizing saga remains to be seen but Cox’s departure would significantly reduce the chance of the Rebels being cut.
The ARU and Rugby WA engaged in arbitration hearing this week over the governing body’s legal right to cut the Western Force from the competition next year. A decision is expected next week.
If Rugby WA win, the Rebels would no doubt come back into the reckoning as a possibility to be shut down.
But given Cox and Imperium have now transferred their shareholding to the VRU, the ARU can no longer enter any negotiation to buy back the Rebels licence with the private owners.
Whether the Imperium-VRU transfer requires ARU approval to be binding is another question, however, It is believed Victorian rugby advice is that the ARU can’t withhold their approval unreasonably.
Yeronna; in light of the fact that we have poured some $33 million into this Mexican Money Pit, which is still bleeding like the proverbial, we don't think it's unreasonable to withold approval and bail PDQ now we have an out.
Two questions,
1 How the actual f#$k does breach of contract make it HARDER to cancel the Rebel's operating license?
2 Can anybody lend me 20 bucks, I have a feeling that I'd like to buy the entire Pro 14?
C'mon the
I'll play the dashingly handsome up-and-coming star coach
I'll play with RobbieI'll play the dashingly handsome up-and-coming star coach
The long sobs of autumn's violins wound my heart with a monotonous languor
Pretty sure the ARU can't afford midgets to throw. Or Quaaludes.
The ARU say they have to approve the license transfer then negotiate a put option into the Rebels sale contract?
Welcome to months of courtroom battles from 2 sides now ARU.
RugbyWA backed by Forrest vs the ARU and
VRU and Tim North QC vs the ARU.
The ARU have negotiated themselves into the nightmare scenario now. Pulver has to front SANZAAR August 7th and tell them they are now fighting 2 lenghty legal battles and are no closer to a resolution then they were in April. If Nedlands News is to be believed when they hinted at what ARU documents were unearthed during Arbitration and that the ARU may have known prior to the alliance agreement that they had to cut a team but still negotiated deceptively and unethically with us to gain our license under false pretences, then wow, just wow. Pulver, Clyne, no need to hang on any longer, bye bye. Don't come Monday.
Very confusing times. Payten at the Telecrap reckons the VRU has the backing of the Vic Government and the change will make it difficult to chop the Rebels. Wayne Smith reckons the exit of Cox will make the Rebels safe and that the Vic Government had nothing to do with it. The Inside Sauce at Neddies reckons the removal of Cox and the unapproved transfer gives the ARU the ability to chop the Rebels (which was my initial thought) before the arbitration result is announced - so pretty much this weekend.
Two things become obvious from all this (1) The answer is a pineapple, (2) Somebody(s) at HQ will cop a pineapple, no matter what the outcome.
Correction. Wayne Smith actually said it was likely the Vic Government gave some assistance.
Last edited by shasta; 05-08-17 at 10:55.
"The main difference between playing League and Union is that now I get my hangovers on Monday instead of Sunday - Tom David
Posting Permissions
Reply With Quote