lurker
Beaver lover
I think you’re right. Normally a leagues club would just front the cash and be paid back. Also with the leagues club land we have no idea what it was bought with (e.g. a trust account, superannuation, private money, penn health money).Honestly, I believe Barrett remaining is a cashflow problem, rather than anything else. We can't afford to pay a lump sum.
End of the day, he's going to get paid his full freight anyway.
The NRL grant comes in monthly.
I just think this makes things more affordable to the club. What Scott Penn has done with the millions from the sale of our Leagues club confuses me?
Also, remember cashflow and profits are two completely seperate things.
Therefore, having Barrett around is more due to Penn being a tight arse, and not allowing the club to move forward without baggage. This isn't a principle matter.
Cashflow.
Any other cashed up club would do what's best for the club, early and just part ways (see The Bulldogs agreement to payout Des).
The idea that that money could be just be dumped back into the club depends entirely on where it went. If it went to a company or trust it’s not that easy to just give it to sea eagles Ltd or whatever the entity is called.
We also don’t know how the contract is structured. Given that it hasn’t had approval for redevelopment there can sometimes be clauses which affect the final price if it isn’t rezoned. I can’t imagine anyone paying $35 mil just to rent it back to the leagues club. And as far as I’m aware that land was never rezoned after they withdrew the application in 2015