Bunnies in trouble - Russell Crow loses interest

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Bunnies in trouble - Russell Crow loses interest

Post by Xman »

George Piggins says his worst fears about private ownership of South Sydney could be realised with Russell Crowe reportedly keen to sell his share of the NRL club.

The Nine Network reported on Sunday that Crowe wanted out of the club at the end of the 2013 season after a difficult year both professionally and personally.

Piggins was a fierce opponent of Crowe's and businessman Peter Holmes a Court's successful takeover bid in 2006 and has been an outspoken critic ever since.

The former club patriarch said he was not surprised at the uncertain predicament Souths now found themselves in.

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"Before the vote I went and visited Russell and he said if he won the vote it was his club to do whatever he wanted to do with and that has proven to be the case," Piggins told AAP on Sunday.

"I think the fans must be very concerned about where the club goes now, and those who voted for the takeover must be very concerned too.

"This is exactly what worried me most about the whole thing ... the fans will be feeling cheated."

Amid much fanfare Crowe and Holmes a Court gained ownership of the struggling club after 75 per cent of Leagues Club members voted in favour of their $3 million takeover bid.

South Sydney have called a press conference for Monday morning when club officials are expected to address the issue.

But where exactly Souths go from here if Crowe wants out is the big question.

Crowe and Holmes a Court have publicly fallen out since buying into the club and Holmes a Court, who once enjoyed a very hands-on role, is far removed from the day-to-day goings on at Redfern.

It is unknown if Holmes a Court would continue as an owner or follow Crowe out, with the club forced to begin a search for a new owner.

Given the struggles of the Rabbitohs' leagues club and the unwillingness of the cash-rich South Juniors to give money to the senior football club, the continuity of a private ownership model seems the most likely possibility.

But just who would be interested in the club, which has drained millions from Crowe and Holmes a Court, is a big question despite the club's resurgent on-field success.

Piggins resisted the opportunity to claim `I told you so', instead wondering what was the next step for the famous club.

"There's no fun in being right," he said.

"You have to ask where do Souths go from here?

"Where will the money come from considering the struggles leagues clubs are having these days? Will the club still be based in Sydney or might they have to move it somewhere like Perth?

"This brings so much uncertainty, and it was always what troubled me about it.

"But I can't see anyway they can go back to the old model. They will have to find another billionaire who wants to take over and I'm not sure there are too many of them out there."


A member of Souths' last premiership-winning side in 1971, Piggins hasn't attended a Rabbitohs game since the takeover.

He wouldn't be drawn on whether any possible exit of Crowe and Holmes a Court would open the door for his return to Redfern, insisting that at 70-years-old he would leave the running of the club to others and would continue to watch matches on television.
http://news.theage.com.au/breaking-news ... 29jvc.html

RL, struggling in its heartland
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Striker »

Correction. South Sydney struggling under a non community ownership, after the community struggle to get the club reinstated in the NRL. Give the club back to those who did the spade work, and there won't be a problem.
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Re: Bunnies in trouble - Russell Crow loses interest

Post by justanotherleaguefan »

Rush Hour Sydney ‏@RushHourSydney
Russell Crowe: "It's pretty simple, I have to make more time for my family" (to @BulldogRitchie in Daily Telegraph) #nrl


Rush Hour Sydney ‏@RushHourSydney
Crowe: "With many player contracts long-term and a great coach in place it's the right time" (To @BulldogRitchie in Daily Teleraph) #nrl



Rush Hour Sydney ‏@RushHourSydney
Crowe: "This will only be a change at the corporate level..nothing will change at a club level" (to @BulldogRitchie in Daily Telegraph) #nrl
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Re: Bunnies in trouble - Russell Crow loses interest

Post by justanotherleaguefan »

South Sydney members will be given the first option to buy Russell Crowe's stake in the Rabbitohs as the actor's decision to sell out of the club casts doubts over privatisation in the NRL.

The provision for Crowe and Peter Holmes a Court to offer their 75 per cent shareholding in Souths to the club's members if they ever decided to sell is detailed in the terms of the deal negotiated by the Rabbitohs board in 2006.

Under the arrangement, two independent valuations of the club's worth will be obtained and the members will be offered the chance to buy back the club at the median price.

The members - through a company called Member Group - already hold the other 25 per cent stake and a ''golden share'' preventing any owner from changing the club's name, colours, logo or moving Souths from Sydney.

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However, if the members can't afford the price, the stake will be offered to South Sydney Juniors, whose leagues club is one of the wealthiest in NSW.

How much the shareholding will cost is unclear as Crowe and Holmes a Court have spent more money than they have received from the Rabbitohs in the seven seasons since members narrowly voted to give them control.

It is also unclear whether it is the full 75 per cent stake that Crowe and Holmes a Court purchased for through a company known as BlackCourt Holdings, or merely Crowe's shareholding.

The process for the sale that will be outlined by Souths chairman Nicholas Pappas and chief executive Shane Richardson at a news conference on Monday vindicates the lengths the Rabbitohs' board went to install safeguards in the deal.

Newcastle officials copied many of the measures for their deal with coal baron Nathan Tinkler as it is widely accepted that no one makes money out of owning a rugby league club.

Crowe and Holmes a Court paid $3 million for their 75 per cent stake in 2006, while Newcastle's deal with Tinker provided for him to guarantee $10 million in sponsorship for 10 years.

What Crowe has done is help transform a great club that was struggling for success into one of the game's powerhouses again. And not just on the field, where the Rabbitohs made the finals for the first time in 18 years in 2007 and this season got to within one win of their first grand final since 1971.

Off the field, Souths are acknowledged as the most successful Sydney club with 22,000 members, $6 million annual sponsorship and average crowds of 18,904 at home matches.

But the Rabbitohs still carry a debt to Crowe and Holmes a Court in their financial accounts each year, and even if they never have to repay that, it highlights why the future is likely to be a return to a members-owned club.

With NRL clubs receiving an annual grant of $7 million next season and their share of the new $1 billion broadcast deal in future years set to increase, the days of clubs relying on leagues club funding and private benefactors are over.

With the annual funding grant now higher than the salary cap, NRL officials hope football operations will become self sufficient and Souths may be the first club to test that theory.

It is a situation the Rabbitohs have been in before, as they have not had a profitable leagues club for decades and needed to find other ways to balance the books.

That was how Crowe became an owner as he was sick of being asked to help the club meet its debts without any official say.

While the early years were difficult financially and the Rabbitohs continued to live beyond their means, they have traded profitably for the past four seasons. In the process, the club's turnover has doubled from about $8.5 million before the privatisation deal to $17 million this year. It is a good time for Crowe sell his stake and put the Rabbitohs in a strong position to control their destiny again.


Read more: http://www.smh.com.au/rugby-league/leag ... z2CbcOw3sO
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Re: Bunnies in trouble - Russell Crow loses interest

Post by King-Eliagh »

What a dud thread. Dont have much ammo at the moment I see Xman :lol:
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xman wrote:
KE, why is an even comp important?
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Stewie »

King-Eliagh wrote:
What a dud thread. Dont have much ammo at the moment I see Xman :lol:
It will once we see South kicked out of the nRL... again! :lol:
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7K is a tremendous turnout
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Re: Bunnies in trouble - Russell Crow loses interest

Post by King-Eliagh »

Stewie wrote:
King-Eliagh wrote:
What a dud thread. Dont have much ammo at the moment I see Xman :lol:
It will once we see South kicked out of the nRL... again! :lol:
The bunnies arent going nowhere. Dud post ^^^

Thanks a lot for producing yet another fat smelly turd on this forum Xman :lol:
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xman wrote:
KE, why is an even comp important?
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Re: Bunnies in trouble - Russell Crow loses interest

Post by cos789 »

Hey Stewie, why don't you and I buy Souths.

We could make a few changes.

.
Nice try Cos.
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Raiderdave »

Stewie wrote:
King-Eliagh wrote:
What a dud thread. Dont have much ammo at the moment I see Xman :lol:
It will once we see South kicked out of the nRL... again! :lol:
:lol: :lol:

port crapelaide will be long gone before the bunnies go anywhere d head :cool:
RL SOO II 4.194 Million veiwers
RL SOO I 4.068 Million
NRL GF 3.968 Million
VFL Grand Final 3.620 Million
SOO III 3.364 Million
NRL Prelim 2.219 Million
Kangaroos V NZ 1.214 Million

Sookerwhos V Japan 238K :lol:
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Raiderdave »

cos789 wrote:
Hey Stewie, why don't you and I buy Souths.

We could make a few changes.

.

hmmm spewie's & your social security benefits wouldn't cover GI's weekly KFC allowance :lol: :lol:
but you could buy port crapelaide & have enough left over for a maccas junior burger meal each

happy days :D
RL SOO II 4.194 Million veiwers
RL SOO I 4.068 Million
NRL GF 3.968 Million
VFL Grand Final 3.620 Million
SOO III 3.364 Million
NRL Prelim 2.219 Million
Kangaroos V NZ 1.214 Million

Sookerwhos V Japan 238K :lol:
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Stewie »

Raiderdave wrote:
Stewie wrote:
King-Eliagh wrote:
What a dud thread. Dont have much ammo at the moment I see Xman :lol:
It will once we see South kicked out of the nRL... again! :lol:
:lol: :lol:

port crapelaide will be long gone before the bunnies go anywhere d head :cool:
Port Adelaide FC has been around longer than your crappy northern England poor man's rugby has even existed dick head :lol:

We aren't going anywhere :cool:
Raiderdave wrote:

7K is a tremendous turnout
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Stewie »

cos789 wrote:
Hey Stewie, why don't you and I buy Souths.

We could make a few changes.

.
Not sure about that Cos. As Russell found out, owning an nRL club is not viable. Selling memberships cheap as chips like South do isn't going make ends meet at the end of the day.
Raiderdave wrote:

7K is a tremendous turnout
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Raiderdave »

Stewie wrote:
Raiderdave wrote:
Stewie wrote:
It will once we see South kicked out of the nRL... again! :lol:
:lol: :lol:

port crapelaide will be long gone before the bunnies go anywhere d head :cool:
Port Adelaide FC has been around longer than your crappy northern England poor man's rugby has even existed dick head :lol:

We aren't going anywhere :cool:
and if they went tomorrow
apart from brown muskat swilling ... chain smoking ... toothless cretins & their 14yr old pregnant sibblings from the slums of adelaide

no one would miss em :lol: :lol: :lol:

RIP Port turdelaide :cool:
RL SOO II 4.194 Million veiwers
RL SOO I 4.068 Million
NRL GF 3.968 Million
VFL Grand Final 3.620 Million
SOO III 3.364 Million
NRL Prelim 2.219 Million
Kangaroos V NZ 1.214 Million

Sookerwhos V Japan 238K :lol:
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Raiderdave »

Stewie wrote:
cos789 wrote:
Hey Stewie, why don't you and I buy Souths.

We could make a few changes.

.
Not sure about that Cos. As Russell found out, owning an nRL club is not viable. Selling memberships cheap as chips like South do isn't going make ends meet at the end of the day.
South Sydney ..... 4 annual profits in the last 4 years :cool:
Port Tankelaide ...... 8-[ .. brother can you spare me a dime [-o< [-o< [-o< ? :lol: :lol: :lol:
RL SOO II 4.194 Million veiwers
RL SOO I 4.068 Million
NRL GF 3.968 Million
VFL Grand Final 3.620 Million
SOO III 3.364 Million
NRL Prelim 2.219 Million
Kangaroos V NZ 1.214 Million

Sookerwhos V Japan 238K :lol:
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Re: Bunnies in trouble - Russell Crow loses interest

Post by Stewie »

Raiderdave wrote:
Stewie wrote:
Raiderdave wrote:
:lol: :lol:

port crapelaide will be long gone before the bunnies go anywhere d head :cool:
Port Adelaide FC has been around longer than your crappy northern England poor man's rugby has even existed dick head :lol:

We aren't going anywhere :cool:
and if they went tomorrow
apart from brown muskat swilling ... chain smoking ... toothless cretins & their 14yr old pregnant sibblings from the slums of adelaide

no one would miss em :lol: :lol: :lol:

RIP Port turdelaide :cool:
If poor man's rugby were to die off tomorrow, would anyone in England where the "sport" was invented even take notice? Chasing cheese down a hill in England is more popular than the atrocity that is poor man's rugby :lol:
Raiderdave wrote:

7K is a tremendous turnout
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