Storm Profitability Myth Debunked

[Stewie]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

[Raiderdave]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

ah
no that don't jizzbreath

reading is only one half of the exercise
understanding the words .. tis the other monga

you have some way to go to master both

[Stewie]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

ah
no that don't jizzbreath

reading is only one half of the exercise
understanding the words .. tis the other monga

you have some way to go to master both

The Penrif Panfers also disagree as do do the sponsorless Cronulla Sharks etc. To think every club will make a profit is astonishingly stupid. Drown yourself in acid you dumb flog.

[Raiderdave]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

ah
no that don't jizzbreath

reading is only one half of the exercise
understanding the words .. tis the other monga

you have some way to go to master both

The Penrif Panfers also disagree as do do the sponsorless Cronulla Sharks etc. To think every club will make a profit is astonishingly stupid. Drown yourself in acid you dumb flog.

all will make profits in 2013 knob smoker

every club gets an extra 3 million dollars in the grant straight to their bottom line
the Sharks are debt free , not a cent owing & have increased their membership by 50% to near 10,000


the Panthers are also going quite well
that piece by Swinesforever was as laughable an article as I've seen
starting with him not knowing how to spell heartland

16 profitable clubs in the NRL in 2013
wow
just wow

[Drac]

So the current CEO, who has access to their books, is incorrect?

If they are currently making a profit, what does he mean when he says they plan to reach break even in four to five years?

Answer this question. What does the CEO mean when he says they have a plan to break even in 4 to 5 years?

http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

[adamj1300]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

ah
no that don't jizzbreath

reading is only one half of the exercise
understanding the words .. tis the other monga

you have some way to go to master both

The Penrif Panfers also disagree as do do the sponsorless Cronulla Sharks etc. To think every club will make a profit is astonishingly stupid. Drown yourself in acid you dumb flog.

all will make profits in 2013 knob smoker

every club gets an extra 3 million dollars in the grant straight to their bottom line
the Sharks are debt free , not a cent owing & have increased their membership by 50% to near 10,000


the Panthers are also going quite well
that piece by Swinesforever was as laughable an article as I've seen
starting with him not knowing how to spell heartland

16 profitable clubs in the NRL in 2013
wow
just wow

so every club will make a profit after they receive a an extra 3 million
the sharks cant get a major sponosor
viewtopic.php?f=1&t=3760
seems the panthers are fucked,
the storm cant make a buck after winning the 2 of the last 3 premierships, & a world championship

The Storm’s new owners will have access to the guaranteed $20 million funding from the Australian Rugby League Commission for the next five years negotiated when News gave up its half-ownership of rugby league at the beginning of 2012.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP
more hand outs for the storm.


NRL nothing but a joke, in the biggest state and financial market in Australia!

[Raiderdave]

But Raiderdave said every nRL team would make a profit in 2013?

What a fucking idiot!

they will cockhead
every last one of them

Melbourne Storm's owners disagree!

Fucking minda.

ah
no that don't jizzbreath

reading is only one half of the exercise
understanding the words .. tis the other monga

you have some way to go to master both

The Penrif Panfers also disagree as do do the sponsorless Cronulla Sharks etc. To think every club will make a profit is astonishingly stupid. Drown yourself in acid you dumb flog.

all will make profits in 2013 knob smoker

every club gets an extra 3 million dollars in the grant straight to their bottom line
the Sharks are debt free , not a cent owing & have increased their membership by 50% to near 10,000


the Panthers are also going quite well
that piece by Swinesforever was as laughable an article as I've seen
starting with him not knowing how to spell heartland

16 profitable clubs in the NRL in 2013
wow
just wow

so every club will make a profit after they receive a an extra 3 million
the sharks cant get a major sponosor
viewtopic.php?f=1&t=3760
seems the panthers are fucked,
the storm cant make a buck after winning the 2 of the last 3 premierships, & a world championship

The Storm’s new owners will have access to the guaranteed $20 million funding from the Australian Rugby League Commission for the next five years negotiated when News gave up its half-ownership of rugby league at the beginning of 2012.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP
more hand outs for the storm.


NRL nothing but a joke, in the biggest state and financial market in Australia!

every club
in the black

wow
just wow =D> =D> =D> =D> =D>

meanwhile

VFL clubs accumulating debts the size of small European countries

[Raiderdave]

So the current CEO, who has access to their books, is incorrect?

If they are currently making a profit, what does he mean when he says they plan to reach break even in four to five years?

Answer this question. What does the CEO mean when he says they have a plan to break even in 4 to 5 years?

http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

if ?
can you read you blithering f stick

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.

[Drac]

So the current CEO, who has access to their books, is incorrect?

If they are currently making a profit, what does he mean when he says they plan to reach break even in four to five years?

Answer this question. What does the CEO mean when he says they have a plan to break even in 4 to 5 years?

http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

if ?
can you read you blithering f stick

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.

Can I read? Can you? Did you look at this article? Did you open it?

http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

The consortium of private businessmen that has bought NRL club Melbourne Storm from News Ltd faces another five years of financial losses before the club breaks even.

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.

The new CEO has said they aim to break even in 4 to 5 years. This was a quote from YESTERDAY. FROM THE NEW CEO. YOU CANNOT POSSIBLY HAVE A BETTER SOURCE THAN WHAT THE NEW CEO SAID YESTERDAY, YOU ******.

[piesman2011]

Leave Dave alone, he obviously has an inside source who knows more about the Storm finances then the current CEO.

[Swans4ever]

Hey throwballers, remember when you swore black and blue that the Storm were currently profitable.

http://nz.sports.yahoo.com/news/article ... NCLICKURL/

Discussion over, once and for all. *********.

oh the rampant wrongness these singlet wearing clowns suffer from

the Storm have posted many profits recently

http://www.theaustralian.com.au/news/na ... 5857630482


AUSTRALIA'S corporate watchdog is set to make inquiries of the National Rugby League to ascertain whether corporate law has been breached in the Melbourne Storm salary cap scandal.

While the Australian Securities & Investments Commission has declined to comment on the rort that has resulted in the club being stripped of its 2007 and 2009 premierships and fined $1.6 million, it is understood that the commission is closely monitoring the situation.

It remains unclear whether the salary cap breaches are a case of fraud or deception, which would be a matter for the Victoria Police, or whether they also involve possible contraventions of the directors' duties and accounting provisions of the Corporations Act.

Accountancy firm Deloitte has been installed by the club's owner, News Limited, to undertake a forensic examination. And the Storm's auditors, Ernst & Young, which yesterday refused to comment on the matter, is also believed to be carrying out its own internal investigation.








Digital Pass $1 for first 28 Days.


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. .
"Forensic accounting simply means accounting that is to do with or may end up in court," said Owain Stone, chairman of the National Forensic Accounting Committee, an arm of the Institute of Chartered Accountants in Australia.

"What that means is that forensic accounting is quite a broad church. The most relevant areas here involves fraud investigations and computer forensics. It's almost impossible to do an investigation these days into a complex fraud without involving computer forensics."

Forensic accountants tend to have a heightened degree of scepticism, possibly because they have seen a lot more frauds that anyone else, said Mr Stone, who is also a partner at KordaMentha.

Ian Ramsay, director of the Centre for Corporate Law at Melbourne University, noted that there were numerous legal ramifications that would be giving "some individuals sleepless nights".

"This is a company and there's live issues about the duties of directors and officers under the Corporations Act. There's also live issues about financial reporting," Professor Ramsay said.

"And then there's the Crimes Act . . . which covers things such as the falsification of documents, false accounting and obtaining financial advantage by deception. That carries a maximum term of imprisonment of 10 years."

While there has been no suggestion that the Storm board knew about the second set of books and secret payments to players, directors or officers of a company found to have breached their civil duties face the prospect of being banned from corporate life, fines of up to $200,000 or orders to pay compensation.

If such breaches are deemed to be criminal, the penalty includes a maximum jail term of five years.

A spokesman for the Australian Taxation Office told The Weekend Australian that it would "piggyback" on Deloitte's forensic investigation.

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.


I think these new owners were referring to overall
News have lost a fair bit of dosh overall over the 15 years on the storm ..... but have made healthy profits on this operation since 2009

&

this will continue

meanwhile theres some VFL clubs doing impersonations of vacume cleaners ATM
vacuuming up the VFL's dough like its dust

I guess the financial review is wrong about them losing 75mil over 15yrs then Raiderdave and your right? Idiot!

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

read what I said
I mean you keep telling us you have superior intellect so it shouldn't be hard

oh who are we kidding

my cat is smarter then you


they haven't lost a dime in the last 4 seasons
the 75 mill was for the previous 11

got it mensa man ?
good

1st you idiot how about you use a source that is not 3 years out of date which actually has the end result and not what the Australian Security Commission will be about to do - thats why I didn't refer to it
2nd why would the NEW owners be talking about the club BREAKING even in the next 4-5 years if what your saying is right?
Lastly you tool if they lost 967,000 in 2009 then they clearly HAVE LOST MONEY IN THE LAST FOUR YEARS! What was the profit/loss statement for 2011-2012?
Asked how long he thought it would take for the club to break even financially, Evans said: "I'd like to think within four to five years".
Read more: New Storm owners aim to break even by 2017 - Story - 3 Sport - 3 News http://www.3news.co.nz/New-Storm-owners ... z2U37r5HzA

If your going to criticise have the decency to at least know the subject matter - they have said they are currently running at a loss - unless you can provide something upto date then shut the fuck up you moron.

With stupid statements like that I don't have to tell anyone that I'm superior to you!

[Raiderdave]

Hey throwballers, remember when you swore black and blue that the Storm were currently profitable.

http://nz.sports.yahoo.com/news/article ... NCLICKURL/

Discussion over, once and for all. *********.

oh the rampant wrongness these singlet wearing clowns suffer from

the Storm have posted many profits recently

http://www.theaustralian.com.au/news/na ... 5857630482


AUSTRALIA'S corporate watchdog is set to make inquiries of the National Rugby League to ascertain whether corporate law has been breached in the Melbourne Storm salary cap scandal.

While the Australian Securities & Investments Commission has declined to comment on the rort that has resulted in the club being stripped of its 2007 and 2009 premierships and fined $1.6 million, it is understood that the commission is closely monitoring the situation.

It remains unclear whether the salary cap breaches are a case of fraud or deception, which would be a matter for the Victoria Police, or whether they also involve possible contraventions of the directors' duties and accounting provisions of the Corporations Act.

Accountancy firm Deloitte has been installed by the club's owner, News Limited, to undertake a forensic examination. And the Storm's auditors, Ernst & Young, which yesterday refused to comment on the matter, is also believed to be carrying out its own internal investigation.








Digital Pass $1 for first 28 Days.


Advertisement
. .
"Forensic accounting simply means accounting that is to do with or may end up in court," said Owain Stone, chairman of the National Forensic Accounting Committee, an arm of the Institute of Chartered Accountants in Australia.

"What that means is that forensic accounting is quite a broad church. The most relevant areas here involves fraud investigations and computer forensics. It's almost impossible to do an investigation these days into a complex fraud without involving computer forensics."

Forensic accountants tend to have a heightened degree of scepticism, possibly because they have seen a lot more frauds that anyone else, said Mr Stone, who is also a partner at KordaMentha.

Ian Ramsay, director of the Centre for Corporate Law at Melbourne University, noted that there were numerous legal ramifications that would be giving "some individuals sleepless nights".

"This is a company and there's live issues about the duties of directors and officers under the Corporations Act. There's also live issues about financial reporting," Professor Ramsay said.

"And then there's the Crimes Act . . . which covers things such as the falsification of documents, false accounting and obtaining financial advantage by deception. That carries a maximum term of imprisonment of 10 years."

While there has been no suggestion that the Storm board knew about the second set of books and secret payments to players, directors or officers of a company found to have breached their civil duties face the prospect of being banned from corporate life, fines of up to $200,000 or orders to pay compensation.

If such breaches are deemed to be criminal, the penalty includes a maximum jail term of five years.

A spokesman for the Australian Taxation Office told The Weekend Australian that it would "piggyback" on Deloitte's forensic investigation.

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.


I think these new owners were referring to overall
News have lost a fair bit of dosh overall over the 15 years on the storm ..... but have made healthy profits on this operation since 2009

&

this will continue

meanwhile theres some VFL clubs doing impersonations of vacume cleaners ATM
vacuuming up the VFL's dough like its dust

I guess the financial review is wrong about them losing 75mil over 15yrs then Raiderdave and your right? Idiot!

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

read what I said
I mean you keep telling us you have superior intellect so it shouldn't be hard

oh who are we kidding

my cat is smarter then you


they haven't lost a dime in the last 4 seasons
the 75 mill was for the previous 11

got it mensa man ?
good

1st you idiot how about you use a source that is not 3 years out of date
!

1st you idiot
how bout you learn to spell..........

[Swans4ever]

Hey throwballers, remember when you swore black and blue that the Storm were currently profitable.

http://nz.sports.yahoo.com/news/article ... NCLICKURL/

Discussion over, once and for all. *********.

oh the rampant wrongness these singlet wearing clowns suffer from

the Storm have posted many profits recently

http://www.theaustralian.com.au/news/na ... 5857630482


AUSTRALIA'S corporate watchdog is set to make inquiries of the National Rugby League to ascertain whether corporate law has been breached in the Melbourne Storm salary cap scandal.

While the Australian Securities & Investments Commission has declined to comment on the rort that has resulted in the club being stripped of its 2007 and 2009 premierships and fined $1.6 million, it is understood that the commission is closely monitoring the situation.

It remains unclear whether the salary cap breaches are a case of fraud or deception, which would be a matter for the Victoria Police, or whether they also involve possible contraventions of the directors' duties and accounting provisions of the Corporations Act.

Accountancy firm Deloitte has been installed by the club's owner, News Limited, to undertake a forensic examination. And the Storm's auditors, Ernst & Young, which yesterday refused to comment on the matter, is also believed to be carrying out its own internal investigation.








Digital Pass $1 for first 28 Days.


Advertisement
. .
"Forensic accounting simply means accounting that is to do with or may end up in court," said Owain Stone, chairman of the National Forensic Accounting Committee, an arm of the Institute of Chartered Accountants in Australia.

"What that means is that forensic accounting is quite a broad church. The most relevant areas here involves fraud investigations and computer forensics. It's almost impossible to do an investigation these days into a complex fraud without involving computer forensics."

Forensic accountants tend to have a heightened degree of scepticism, possibly because they have seen a lot more frauds that anyone else, said Mr Stone, who is also a partner at KordaMentha.

Ian Ramsay, director of the Centre for Corporate Law at Melbourne University, noted that there were numerous legal ramifications that would be giving "some individuals sleepless nights".

"This is a company and there's live issues about the duties of directors and officers under the Corporations Act. There's also live issues about financial reporting," Professor Ramsay said.

"And then there's the Crimes Act . . . which covers things such as the falsification of documents, false accounting and obtaining financial advantage by deception. That carries a maximum term of imprisonment of 10 years."

While there has been no suggestion that the Storm board knew about the second set of books and secret payments to players, directors or officers of a company found to have breached their civil duties face the prospect of being banned from corporate life, fines of up to $200,000 or orders to pay compensation.

If such breaches are deemed to be criminal, the penalty includes a maximum jail term of five years.

A spokesman for the Australian Taxation Office told The Weekend Australian that it would "piggyback" on Deloitte's forensic investigation.

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.


I think these new owners were referring to overall
News have lost a fair bit of dosh overall over the 15 years on the storm ..... but have made healthy profits on this operation since 2009

&

this will continue

meanwhile theres some VFL clubs doing impersonations of vacume cleaners ATM
vacuuming up the VFL's dough like its dust

I guess the financial review is wrong about them losing 75mil over 15yrs then Raiderdave and your right? Idiot!

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

read what I said
I mean you keep telling us you have superior intellect so it shouldn't be hard

oh who are we kidding

my cat is smarter then you


they haven't lost a dime in the last 4 seasons
the 75 mill was for the previous 11

got it mensa man ?
good

1st you idiot how about you use a source that is not 3 years out of date
!

1st you idiot
how bout you learn to spell..........

I'll take that as an admission that you didn't read your own source - you must be completely stupid - what sort of idiot quotes an upcoming investigation by the ASC from 3 ago as proof of an organisations financial stability? You are the most delusional person I have ever encountered - I just hope you have some involvement in running the NRL!

[Raiderdave]

Hey throwballers, remember when you swore black and blue that the Storm were currently profitable.

http://nz.sports.yahoo.com/news/article ... NCLICKURL/

Discussion over, once and for all. *********.

oh the rampant wrongness these singlet wearing clowns suffer from

the Storm have posted many profits recently

http://www.theaustralian.com.au/news/na ... 5857630482


AUSTRALIA'S corporate watchdog is set to make inquiries of the National Rugby League to ascertain whether corporate law has been breached in the Melbourne Storm salary cap scandal.

While the Australian Securities & Investments Commission has declined to comment on the rort that has resulted in the club being stripped of its 2007 and 2009 premierships and fined $1.6 million, it is understood that the commission is closely monitoring the situation.

It remains unclear whether the salary cap breaches are a case of fraud or deception, which would be a matter for the Victoria Police, or whether they also involve possible contraventions of the directors' duties and accounting provisions of the Corporations Act.

Accountancy firm Deloitte has been installed by the club's owner, News Limited, to undertake a forensic examination. And the Storm's auditors, Ernst & Young, which yesterday refused to comment on the matter, is also believed to be carrying out its own internal investigation.








Digital Pass $1 for first 28 Days.


Advertisement
. .
"Forensic accounting simply means accounting that is to do with or may end up in court," said Owain Stone, chairman of the National Forensic Accounting Committee, an arm of the Institute of Chartered Accountants in Australia.

"What that means is that forensic accounting is quite a broad church. The most relevant areas here involves fraud investigations and computer forensics. It's almost impossible to do an investigation these days into a complex fraud without involving computer forensics."

Forensic accountants tend to have a heightened degree of scepticism, possibly because they have seen a lot more frauds that anyone else, said Mr Stone, who is also a partner at KordaMentha.

Ian Ramsay, director of the Centre for Corporate Law at Melbourne University, noted that there were numerous legal ramifications that would be giving "some individuals sleepless nights".

"This is a company and there's live issues about the duties of directors and officers under the Corporations Act. There's also live issues about financial reporting," Professor Ramsay said.

"And then there's the Crimes Act . . . which covers things such as the falsification of documents, false accounting and obtaining financial advantage by deception. That carries a maximum term of imprisonment of 10 years."

While there has been no suggestion that the Storm board knew about the second set of books and secret payments to players, directors or officers of a company found to have breached their civil duties face the prospect of being banned from corporate life, fines of up to $200,000 or orders to pay compensation.

If such breaches are deemed to be criminal, the penalty includes a maximum jail term of five years.

A spokesman for the Australian Taxation Office told The Weekend Australian that it would "piggyback" on Deloitte's forensic investigation.

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.


I think these new owners were referring to overall
News have lost a fair bit of dosh overall over the 15 years on the storm ..... but have made healthy profits on this operation since 2009

&

this will continue

meanwhile theres some VFL clubs doing impersonations of vacume cleaners ATM
vacuuming up the VFL's dough like its dust

I guess the financial review is wrong about them losing 75mil over 15yrs then Raiderdave and your right? Idiot!

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

read what I said
I mean you keep telling us you have superior intellect so it shouldn't be hard

oh who are we kidding

my cat is smarter then you


they haven't lost a dime in the last 4 seasons
the 75 mill was for the previous 11

got it mensa man ?
good

1st you idiot how about you use a source that is not 3 years out of date
!

1st you idiot
how bout you learn to spell..........

I'll take that as an admission that you didn't read your own source - you must be completely stupid - what sort of idiot quotes an upcoming investigation by the ASC from 3 ago as proof of an organisations financial stability? You are the most delusional person I have ever encountered - I just hope you have some involvement in running the NRL!

I'll take that as an admission you left school when you were 14 ?

[Swans4ever]

Hey throwballers, remember when you swore black and blue that the Storm were currently profitable.

http://nz.sports.yahoo.com/news/article ... NCLICKURL/

Discussion over, once and for all. *********.

oh the rampant wrongness these singlet wearing clowns suffer from

the Storm have posted many profits recently

http://www.theaustralian.com.au/news/na ... 5857630482


AUSTRALIA'S corporate watchdog is set to make inquiries of the National Rugby League to ascertain whether corporate law has been breached in the Melbourne Storm salary cap scandal.

While the Australian Securities & Investments Commission has declined to comment on the rort that has resulted in the club being stripped of its 2007 and 2009 premierships and fined $1.6 million, it is understood that the commission is closely monitoring the situation.

It remains unclear whether the salary cap breaches are a case of fraud or deception, which would be a matter for the Victoria Police, or whether they also involve possible contraventions of the directors' duties and accounting provisions of the Corporations Act.

Accountancy firm Deloitte has been installed by the club's owner, News Limited, to undertake a forensic examination. And the Storm's auditors, Ernst & Young, which yesterday refused to comment on the matter, is also believed to be carrying out its own internal investigation.








Digital Pass $1 for first 28 Days.


Advertisement
. .
"Forensic accounting simply means accounting that is to do with or may end up in court," said Owain Stone, chairman of the National Forensic Accounting Committee, an arm of the Institute of Chartered Accountants in Australia.

"What that means is that forensic accounting is quite a broad church. The most relevant areas here involves fraud investigations and computer forensics. It's almost impossible to do an investigation these days into a complex fraud without involving computer forensics."

Forensic accountants tend to have a heightened degree of scepticism, possibly because they have seen a lot more frauds that anyone else, said Mr Stone, who is also a partner at KordaMentha.

Ian Ramsay, director of the Centre for Corporate Law at Melbourne University, noted that there were numerous legal ramifications that would be giving "some individuals sleepless nights".

"This is a company and there's live issues about the duties of directors and officers under the Corporations Act. There's also live issues about financial reporting," Professor Ramsay said.

"And then there's the Crimes Act . . . which covers things such as the falsification of documents, false accounting and obtaining financial advantage by deception. That carries a maximum term of imprisonment of 10 years."

While there has been no suggestion that the Storm board knew about the second set of books and secret payments to players, directors or officers of a company found to have breached their civil duties face the prospect of being banned from corporate life, fines of up to $200,000 or orders to pay compensation.

If such breaches are deemed to be criminal, the penalty includes a maximum jail term of five years.

A spokesman for the Australian Taxation Office told The Weekend Australian that it would "piggyback" on Deloitte's forensic investigation.

Despite the current uproar, Melbourne Storm's latest accounts reveal the embattled club to be in a sound financial position, having turned its previous year's $967,000 loss into a $1.6 million profit.

The club's recent success in the National Rugby League, including two premierships in the past three years, has obviously started flowing through to its bottom line, with income from membership fees rising by more than $200,000 to $1.3m during last season.


I think these new owners were referring to overall
News have lost a fair bit of dosh overall over the 15 years on the storm ..... but have made healthy profits on this operation since 2009

&

this will continue

meanwhile theres some VFL clubs doing impersonations of vacume cleaners ATM
vacuuming up the VFL's dough like its dust

I guess the financial review is wrong about them losing 75mil over 15yrs then Raiderdave and your right? Idiot!

Incoming Storm chief executive Mark Evans said the club, which cost News an estimated $75 million in losses in its 15-year history, had a plan to break even in “four to five years”.
http://m.afr.com/p/business/marketing_m ... eJPfXNDJFP

read what I said
I mean you keep telling us you have superior intellect so it shouldn't be hard

oh who are we kidding

my cat is smarter then you


they haven't lost a dime in the last 4 seasons
the 75 mill was for the previous 11

got it mensa man ?
good

1st you idiot how about you use a source that is not 3 years out of date
!

1st you idiot
how bout you learn to spell..........

I'll take that as an admission that you didn't read your own source - you must be completely stupid - what sort of idiot quotes an upcoming investigation by the ASC from 3 ago as proof of an organisations financial stability? You are the most delusional person I have ever encountered - I just hope you have some involvement in running the NRL!

I'll take that as an admission you left school when you were 14 ?

Nice try at deflection Raiderdave - Storm has lost 75 mil over 15 years - won't get into the black for a further 4-5 years it is not a good situation - I follow the Storm and am not happy that they still don't have a proper social club - there is very little promotion and when you go to games GA is behind the try line when the upper wing stands are empty! Little things would make more people go more regularly. Admitting their not doing well financially is not knocking them!