Brookvale Centre of excellence
- Thread starter Sir Pigman
- Start date
Terry Zarsoff
First Grader
Apparently the F-M will become the L-M Stand. The stand in the CoE will become the Fulton Stand.
Ryan
Journey Man
OMFG guys, I messed up ! Here is what Penn ACTUALLY pocketed :
$22,500,000 - March 2016 563 Pittwater Road, Brookvale
$7,500,000 - April 2016 2-4 Federal Parade, Brookvale
Scott Penn has pocketed a clean 30 million dollars from the sale of the Club Parking area and Leagues Club (and is crying foul). He's made a HUGE profit. He may have poured in 20 million into the club (as he himself professes. He's still in the black to the degree of 10 million (not including gate takings since 2006, merchandise etc as 90% shareholder).
Always the Business man. And he wants a stand named after him for this. He acquired the sites in May 2009 for $7,125,000 - therefore NET, he's got $22,875,000
Source:
The net result for fans though, is 0 leagues club to call our home. Penn's pockets lined. He should have accepted the buyout. Honestly, I'm of the opinion that he's afraid a potential buyer would advertise the monetary gains.
$22,500,000 - March 2016 563 Pittwater Road, Brookvale
$7,500,000 - April 2016 2-4 Federal Parade, Brookvale
Scott Penn has pocketed a clean 30 million dollars from the sale of the Club Parking area and Leagues Club (and is crying foul). He's made a HUGE profit. He may have poured in 20 million into the club (as he himself professes. He's still in the black to the degree of 10 million (not including gate takings since 2006, merchandise etc as 90% shareholder).
Always the Business man. And he wants a stand named after him for this. He acquired the sites in May 2009 for $7,125,000 - therefore NET, he's got $22,875,000
Source:
The net result for fans though, is 0 leagues club to call our home. Penn's pockets lined. He should have accepted the buyout. Honestly, I'm of the opinion that he's afraid a potential buyer would advertise the monetary gains.
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Terry Zarsoff
First Grader
Looks like it’s time for a follow-up story by Danny Dubya on the ‘selfless generosity’ of the Penn men.
Harmless27
Reserve Grader
How big would his capital gains tax be? Sale prices don't indicate ACTUAL profit. If (as you say) it by approx $30m, wouldn't his CGT be MASSIVE on that investment?
I'm no accountant - but don't believe the gross figures as being representative of profit.
I can't stand people who say 'I bought my house for 500k, and sold it for a mil, so i made 500k!'
What about CGT, the loan costs over a 10 year period, the costs associated with sale, legal costs.... FFS - most people THINK they make lots of money out of real estate, but the TRUE profit is never as big as you think
It is like a gambler telling you how much they won, not how much they spent and net results
I'm no accountant - but don't believe the gross figures as being representative of profit.
I can't stand people who say 'I bought my house for 500k, and sold it for a mil, so i made 500k!'
What about CGT, the loan costs over a 10 year period, the costs associated with sale, legal costs.... FFS - most people THINK they make lots of money out of real estate, but the TRUE profit is never as big as you think
It is like a gambler telling you how much they won, not how much they spent and net results
Ryan
Journey Man
Because there are many other offsets to take into consideration if the entity holding the property isn't an individual. I'd say this is a property holding unit trust (possibly even a discretionary family trust), but I'm thinking the family tree is much more complex.
It is SO easy to offset capital gains dude !
1. Offset with capital losses. You can actually offset using current OR prior year figures;
2. Increasing asset cost base. Man I could go into detail here;
3. Defer capital gains with an official exchange;
4. Reduce taxable income for the holding entity (not even sure it is a trading entity);
5. Mitigate though distribution via loss leading ventures.
etc etc etc.....and trust me, The Penn family would be in an ideal position to minimise CGT.
Lastly, don't get frustrated by people telling you they bought for 500k and sold for 1M. Yes, in your eyes there's information being left out (particularly purchase, holding and selling costs), but tell the whole story, include the benefit (negative gearing, capital apprecation, tax minimisation) - if we are talking investment or commercial investment.
Penn has literally got a GOLD mine out of our club. It's cost the team and our fans a historic leagues club (lease is due to expire very soon, and won't be renewed). I won't be moping about him having to pay damned tax on a 23 million dollar profit FFS.
40 years an eagle
Bencher
There is no CGT on one's primary residence buddy.
Of course! There's no fun in that.
In fact now that you mention it, I can't recall anyone ever saying how much they've lost gambling...!
manlyfan76
There is no A.I. Just better computers
He also sold part of Penn health to some mates to offset the cost, but he keeps control.
manly al
First Grader
Sure that there are many points here regarding the Penn "s involvement or connection with Manly but that is not taking into account any future and necessary [ almost definitely ] support and financial contribution to the club . Would be a shame if Max Delmege can not be included in some way in the naming stakes somewhere with the new developments at Brookie , very crucial intervention apparently when he coughed up with the vital cash to keep the club afloat when things were looking pretty dire in 2003 or so and to help rebuilt the club playing competitiveness wise . For sure the Penns are entitled to some serious recognition for any naming references but again should include Delmege even in some lesser conspicuous reference .
Ryan
Journey Man
The Penn's had opportunities (a few now) to sell to consortium's / parties that have absolutely no problem in providing necessary capital , without sounding like martyr's, but chose not to.
We'd always have a means and a way. Don't let him diminish our brand in your mind mate. We'd have found an investor.
He's pocketed 30 million (odd), through property sales alone. He's a profiteer.
40 years an eagle
Bencher
Add to that the money made from that money...millions more.
Terry Zarsoff
First Grader
Al, has anyone mentioned to you before that you bear more than a passing resemblance to Craig Bellamy?
manly al
First Grader
Not sure on that one Terry but haven "t shown my angry face yet so who knows . Only joking which your suggestion may or may not be . Maybe time to update my mug shot sometime as this one is about 4 years old now so not sure who i may resemble then also not sure if a Bellyache analogy is the ideal reference ..
Let's see, 4 years ago, Barrett years, that might explain the look on your face (!)
Give us a smile this time!
pjayz
הנשרים ישרור בעוד שנתיים מיום הנשרים
More Paul Hogan I would have thought.
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Terry Zarsoff
First Grader
The Hoges reference is a good one too.
Terry Zarsoff
First Grader
Weekly update from a poster on another site:
Seating terraces on the eastern side of the players’ race completed. Apparently the roofline looks higher than that of the KA Stand.
The old girl is gradually turning into a real stadium.
Seating terraces on the eastern side of the players’ race completed. Apparently the roofline looks higher than that of the KA Stand.
The old girl is gradually turning into a real stadium.
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