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Interesting

Discussion in 'Rugby League Forum' started by Kiwi Eagle, Jul 25, 2010.

  1. Kiwi Eagle

    Kiwi Eagle Moderator Staff Member 2016 Tipping Competitor

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    How can the Titans be allowed to offer Inglis 1mill in light of this story ?

    NRL's $1.6m bailout for Titans, Sharks and Knights to pay wages
    Staff Writer From: The Sunday Telegraph July 25, 2010 12:01AM

    THE precarious state of finances in rugby league has never been more evident, with the revelation three clubs have required emergency assistance from the NRL to pay their players this season. We can reveal the Titans, Sharks and Knights have all asked for - and been granted - a total of $1.6 million in advances from their monthly grants because of serious cash flow issues.

    The Titans had to get $1 million paid up front and the Sharks and the Knights $300,000 each to pay football club staff, coaches and players their monthly salaries.

    The three clubs are also servicing interest on huge bank overdrafts just to stay afloat.

    While there is no immediate danger of any of the clubs collapsing, officials at NRL headquarters are quietly concerned - particularly in a climate when the salary cap is going up and players are demanding more money.

    NRL chief executive David Gallop says he will continue to monitor all three clubs.

    "They didn't ask for the money in advance just to put in the bank," Gallop said. "It's all to do with cash flow problems.

    "It's a reminder in this current climate about the importance of a salary cap to protect all the clubs and ensure their long-term survival."

    Of all the clubs, the Sharks are probably in the most delicate situation, but the new board has slashed spending and is pressing ahead and looking for equity partners to redevelop land they own around the leagues club.

    Asked yesterday to rate the club's financial position out of 10, Sharks chairman Damian Irvine answered: "We'd be a six - but 12 months ago, when the new board came in, we were a three."

    Knights boss Steve Burraston has revealed the club has lost $1 million in ticket sales this season from demolishing the main grandstand.

    "We had some cash flow problems, but we are still aiming to make a small profit this year," Burraston said.
     
  2. Guest

    Guest Guest

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    i know mate i read it on daily tele too.  its ridiculous  gallop  is so stupid , the 1st thing i would say is(if i was gallop) why you  have media stories out there  about  trying to snare inglis then you come to me saying your broke & you need a hand, maybe we should investigate your club  like we did the storm.. thats all gallop has to say to them & they will pull their heads in..
     
  3. Rusty

    Rusty Well-Known Member

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    They are looking for short term money, surely they wouldn't be paying Inglis anything until next year, so I don't see the issue.
     
  4. SeaEagleRock8

    SeaEagleRock8 Sea Eagle Lach Staff Member Premium Member 2016 Tipping Competitor

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    1.6 mil between 3 clubs is nothing. Average about 530,000 . . . Haven't you heard how much News want the game to keep pumping into Melbourne? Apparently the game will be forced to subsidise Melbourne even more now ... to make up for the fact their cheating means they lost their sponsor and have to repay prize money. Big bikkies.  
     
  5. Rusty

    Rusty Well-Known Member

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    14 million this year, and thats the first number, with News Ltd the numbers get bigger every month or so....
     
  6. Matabele

    Matabele Well-Known Member

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    If the Titans need bailing out now it won't get any better.  They have a massive interest bill on their sports academy and that's not going away.  Nor is it likely to generate the cashflow required to service the debt.  Funny that Searle is seen as a golden boy administrator in some circles, yet he's strangled the golden goose before it could lay an egg.
     

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