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Rusty says he needs to sell up because he needs to spend more time fixing his marriage. Hang on, couldn't he still own his share and just take a back seat on management?

Sounds like an excuse drafted by a pr flunky.

Anyone wanting a funny read google jack marx's article "I was Russell crowe's stooge" it's priceless.
 
Shoe1 said:
Rusty says he needs to sell up because he needs to spend more time fixing his marriage. Hang on, couldn't he still own his share and just take a back seat on management?

Sounds like an excuse drafted by a pr flunky.

Anyone wanting a funny read google jack marx's article "I was Russell crowe's stooge" it's priceless.
Souths are stuffed, there's nothing to say that Holmes a'Court won't pull out either,who is going to step in now and throw money away year after year.
So much for the "pride of the League",what a load of crap.
 
They'll move to the CC and there goes the Bears. Isn't there still an $8million dollar bribe to relocate up there? To bad for the ratepayers of the Sydney City Council who spent twenty million demolishing and rebuilding Souff's 'training' park. Let's face it, it was always just an ego thing for that crumb-bum. I well remember with a laugh, his gladiator 'thumbs up' when they led the Warriors....until the last ten seconds when the Warriors ran in a try. Priceless.
 
Shoe1 said:
Anyone wanting a funny read google jack marx's article "I was Russell crowe's stooge" it's priceless.

Read that a couple of years ago. Very funny if true (whcih I have no reason to doubt it isn't). It's amazing the extent of some people's egos.

As far as potential saviours of Souffs go, maybe Max will step up. He grew up in rabbitoh heartland and was a bunnies fan when he was a kid
 
Souff$ set to announce a shopper docket deal with Coles. Buy one share and get three free.
 
I scoffed when Richardson pledged his undying support for the club. He'd done the same thing a few years earlier at the 'Riff.
He'd go to any club willing to pay him. Watch this space!
 
Personally I think its a good example of how private ownership can actually work succesfully.

They have gone from a basket case to financially viable in not a long period of time.

A few lessons could be learnt.

I know this wont be the prevailing opinion on here but compared to our well publicised owners spats they have had a dream run.

As to what happens to them now I dont know or care much.
 
The Who said:
I scoffed when Richardson pledged his undying support for the club. He'd done the same thing a few years earlier at the 'Riff.
He'd go to any club willing to pay him. Watch this space!
"Asked would he assure supporters Souths would remain at their Redfern base, Richardson said: "I guarantee it, iron-clad - it's not even in question.".......Uhoh the "Ironclad Guarantee", see you later Redfern.....
 
What Fro said

They make a profit. Lets repeat that...make a profit (some reports have put this into the 7 figures)

You do not hear from their board...so much so the media have to contact Piggins everytime they need info

As dirty as it makes me feel we could do worse than follow their lead
 
Profit? What profit? They sprout profit but don't mention the 'profit' is before outgoings, EBITA, like tax etc. They also have a 6 Million loan liability to the co-owners which will become payable, like most loans. They actually mad a loss of over $800.000 last financial year.
 
I thought they have forecasted to make a profit in 2013 - not they had MADE a profit....
 
DSM5 said:
Profit? What profit? They sprout profit but don't mention the 'profit' is before outgoings, EBITA, like tax etc. They also have a 6 Million loan liability to the co-owners which will become payable, like most loans. They actually mad a loss of over $800.000 last financial year.

Well that's not profit, that's turnover. Who makes the claims that the figures stated (up to 7 figures, according to Isz) was pure profit??
 
No doubt Crowe will also want his loan of $1.65m back for souths as well as selling his shares for at least the $3m that he bought them for.

No profit for soiuths as per the DT report

An EBITA profit is earnings before interest, taxes, depreciation and amortisation.

According to the club's last annual report, the club recorded an $864,225 loss last year, amassing $10.6 million in liabilities against $4.6 million in assets.

A large portion of the liabilities was a $6.15 million loan - $4.5 million from Peter Holmes a Court, $1.65 million from Crowe - which came on top of their initial $3 million investment to buy 75 per cent of the club in 2005.

"There are loan facilities with the investors in addition to the $3 million sum with the shares," Pappas said.

"They invested, between 2006 and 2008, another $6 million loan to the club. Those funds were given to the club on loan on very preferential terms. They are not repayable until 2024 and they have no interest. Not a cent of interest has been paid."

While it has been stated often recently that Crowe and Holmes a Court have poured $11 million "of their own money" into the club, the $6.15 million was a loan, at more than 9 per cent interest, initially due to be paid in September 30 this year.

Unable to meet payments, the club renegotiated the loan. Repayments are now to begin on October 31, 2015, and continue for the decade after that.

Before renegotiation, if Crowe and Holmes a Court had insisted in calling in the loan - and there is no suggestion they ever would - it almost certainly would have sent the club broke.

Already Holmes a Court's loan has accrued interest of $441,834, while Crowe's loan has accrued interest of $162,000, according to auditors KPMG.

Souths juniors will probably be the only interested buyers
 
Wow. Thanks for that Tookey. It is very lucky for the Rabbits that they got into bed with Crowe and Holmes a Court and not a business consortium that actually wanted to make money and believed it possible.
 
Souths will be purchased by a consortium headed by Clive Palmer and Michael Searle. And the ARLC won't know what hit it. Souths fans will be weeping in the Streets, and Piggins will be gnashing his teeth. (If he actually has any teeth).
 
Team P W L PD Pts
3 3 0 48 6
4 3 1 28 6
3 2 1 10 6
4 2 2 39 4
3 2 1 28 4
3 2 1 15 4
3 2 1 14 4
2 1 1 13 4
2 1 1 6 4
3 2 1 -3 4
3 1 2 0 2
3 1 2 -5 2
3 1 2 -15 2
3 1 2 -22 2
3 1 2 -36 2
2 0 2 -56 2
3 0 3 -64 0
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