1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Balmain facing extinction

Discussion in 'Rugby League Forum' started by HappilyManly, Mar 16, 2016.

By HappilyManly on Mar 16, 2016 at 7:04 AM
  1. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

    14,788
    5,735
    Freshwater
    Ratings:
    +11,498 / 254
    http://www.dailytelegraph.com.au/sp...e/news-story/9ad0cc4d29a3b307381acd38591e9894

    Balmain Tigers in emergency talks with NRL to save their share of the Wests Tigers joint venture
    March 15, 2016 5:44pm
    PHIL ROTHFIELDThe Daily Telegraph
    [​IMG]
    BALMAIN are in emergency talks with the NRL to save their share of the Wests Tigers joint venture and 108 years of proud rugby league history.


    The foundation club has just two weeks to find the $5.4 million they borrowed from the NRL in 2014 or risk handing over the full NRL license to Western Suburbs.

    In a last ditch bid to save their logo and identity, the Tigers have called in local legend and former Olympic champion Dawn Fraser to try to persuade billionaire developer Harry Triguboff to buy their half-share in the Wests Tigers and pay the money back to the NRL.

    The Western Suburbs side of the merger was the de facto guarantor when Balmain borrowed the money from the NRL two years ago.

    Under the lending agreement, the thriving Wests Ashfield club would take full control of the joint venture if the Tigers can’t raise the money by March 31 or sell their share within six months.

    “We’re very understanding and sympathetic to their problems,” said Wests Ashfield CEO Simon Cook, “We were once kicked out of the competition ourselves so we know what it’s like.

    [​IMG]
    “Whatever happens, the Wests Tigers brand won’t change. We’re having constructive conversations with Balmain and the NRL right now to try to find a solution.”

    There is one suggestion from the talks that Balmain will repay a small part of the loan to the NRL to maintain a minority share of the NRL club.

    Under this arrangement the three independent directors, including chairperson Marino Go, would be replaced by Western Suburbs board members.


    Other options are:

    # Balmain come up with the money (highly unlikely) and get their own directors back on the joint venture board.

    # A new shareholder (possibly Triguboff) comes in and will decide with Wests on the new board.

    # Wests take control of the joint venture and determine the composition of the board.

    Whatever happens, the days appear numbered for Go and all three independent directors who were appointed as part of former NRL CEO Dave Smith’s rescue plan.

    Both Balmain and Wests are determined solve the problems peacefully to ensure the players are not affected after kicking off the season so positively with two outstanding victories over the Warriors and Sea Eagles.

    Unless Triguboff steps in, there is little or no hope of Balmain coming up with the money. The club is already in $11 million debt from their closed Leagues Club on Victoria Road at Rozelle.
    =======================================

    Sounds like the death of the NS Bears
     
    • Informative Informative x 1

Comments

Discussion in 'Rugby League Forum' started by HappilyManly, Mar 16, 2016.

    1. Moondog

      Moondog Grey-beard loon Premium Member 2016 Tipping Competitor

      4,996
      1,990
      Hervey Bay
      Ratings:
      +3,525 / 32
      He made the offer to buy the club last year but he wants full control...
      "Triguboff has a strong connection to Balmain but has made it clear he will only buy in if he is capable of owning the entire NRL franchise.
      I've never been a partner with anyone and I won't be a partner with this. This I guarantee you," Triguboff said."
       
      • Funny Funny x 1
      • Informative Informative x 1
    2. Eagles2nv

      Eagles2nv New Team, New Beginnings 2016 Tipping Competitor

      3,272
      752
      Ratings:
      +1,399 / 35
      Looks like the West Magpies are set to make a 2017 return ;)
       
    3. Shoe1

      Shoe1 Well-Known Member

      6,217
      1,987
      Ratings:
      +4,632 / 74
      He sounds like he has the perfect personality to own an nrl club.
       
      • Agree Agree x 1
    4. BOZO

      BOZO Well-Known Member 2016 Tipping Competitor

      5,337
      1,983
      Ratings:
      +3,843 / 190
      Good riddance :)
       
      • Agree Agree x 1
    5. manlyfan76

      manlyfan76 Parra Trolls are the best. Premium Member 2016 Tipping Competitor

      8,556
      2,429
      Anywhere but Parramatta
      Ratings:
      +5,343 / 111
      West Australian magpies sound ok
      Or West Brisbane magpies.
       
    6. Chip and Chase

      Chip and Chase True Supporter Staff Member Administrator Premium Member 2016 Tipping Competitor

      12,810
      3,170
      Ratings:
      +6,282 / 44
      Fibros v Silvertails might be back on.
       
      • Like Like x 1
    7. jbb/james

      jbb/james Well-Known Member

      1,705
      491
      Ratings:
      +885 / 21
      Internally they have lost the fight. I live in leichhardt and am yet to meet a tigers fan here. My son is in year 6 on norton st and none of his friends play league. None. The school doesnt offer it as a sport. Its dead.

      I only tend to see manly fans and souffs fans walking the streets

      I love the history of the club, they were my grand fathers team. I have a soft spot for them but there is no future for league here
       
      • Agree Agree x 2
    8. Mals

      Mals Well-Known Member Premium Member 2016 Tipping Competitor

      3,142
      812
      Pennant Hills
      Ratings:
      +1,479 / 35
      Goodbye pussy cats, the magpies are back, dump Taylor & appoint Masters or Tommy as coach @:D The only downside is that Parra would no longer be the club in the NRL with the most wooden spoons.
       
    9. Baz

      Baz Beaver's Headgear

      266
      165
      Ratings:
      +263 / 2
      I hope they can work this out - I've always loved the history of the game and keeping the foundation clubs in the game is important. I'm also going to put my neck out and say I'd like to see the Bears return on the GC so I can walk over to North Sydney Oval and watch Manly smash them every year!
       
    10. Moondog

      Moondog Grey-beard loon Premium Member 2016 Tipping Competitor

      4,996
      1,990
      Hervey Bay
      Ratings:
      +3,525 / 32
      In the meantime here's John West fighting a bear....

      ....Oh look, an Eagle
       
    11. PONTIAN SEA EAGLE

      PONTIAN SEA EAGLE Well-Known Member

      2,655
      419
      Ratings:
      +947 / 80
      Yeah go & take that leichhardt oval with you.We just cannot win there.
       
    12. HoldenV8

      HoldenV8 Well-Known Member

      6,551
      1,852
      Adelaide
      Ratings:
      +6,739 / 125
      I have to admit that in a way this saddens me. Balmain were my dad's team.
       
    13. The Who

      The Who Well-Known Member

      7,288
      2,227
      Mona Vale
      Ratings:
      +4,836 / 103
      Well, they still continue to produce good players, and Balmain Juniors and Balmain Wanderers usually have strong teams . . . much stronger than those that play in the Manly Warringah comp.
       
      • Informative Informative x 1
    14. Disco

      Disco Well-Known Member

      1,906
      440
      Ratings:
      +1,233 / 37
      I live in Balmain and the vast majority of locals I know are Tigers fans
       

Share This Page