Talking Footy

Xman wrote:

You believ the CEO of a company in deep **** over multiple media sources? Hahahahahahahahahahahahahahahahahaha!

The Gold Coast Titans' perilous financial situation has suffered another major blow, with a court decision this morning opening the way for the winding-up of the club's property arm.

Reed Constructions was this morning granted leave to bring bankruptcy proceedings against the club's property division, Gold Coast Titans (Property) Pty Ltd, in the Federal Court.

Justice John Reeves declared the Titans' property assets to be “prima facie insolvent” and dismissed claims by the club's lawyer that money to be paid on a monthly basis had not been specified, thus voiding Reed's proceedings.


The court heard Reed Constructions was owed $943,858 plus more than $100,000 in interest, as it appealed to continue legal action recently vacated by the Australian Taxation Office. It has essentially subbed in to continue the move to wind up the Titans property division.

Reed, which finished construction work on the club's troubled Centre of Excellence, will also seek costs when the parties return to court on April 20.

Titans lawyer Ashley Tiplady argued Reed was not a creditor but that argument was dismissed with Justice Reeves telling the court the property arm of the club was “prima facie” insolvent.

The Titans have already agreed to pay costs to the ATO.

Accountants have told the ARL Commission the Titans owe $25 million and that the debt is not confined to the organisation's property arm but is intertwined with the football club. Tiplady said today outside court that the two entities remained separate.

Yesterday, Fairfax revealed the game's new administrators were discussing the prospect of allowing the Titans to fold and forming another franchise on the Gold Coast

Reports to the commission countered the Titans' claims the debt accumulated by the Centre of Excellence facility next to Skilled Park was not linked to the football club, which the Titans say is profitable.

Today’s ruling is a huge blow for the Titans and they will be forced to liquidate their property assets, including putting the Centre of Excellence up for sale in one of the most dreary property markets in Gold Coast history.

But Reed is not without it’s own cash-flow problems. The construction giant is being investigated by the NSW Government amid reports it owes up to $80 million to sub-contractors.

Xman wrote:

The Gold Coast Titans' perilous financial situation has suffered another major blow, with a court decision this morning opening the way for the winding-up of the club's property arm.

Reed Constructions was this morning granted leave to bring bankruptcy proceedings against the club's property division, Gold Coast Titans (Property) Pty Ltd, in the Federal Court.

Justice John Reeves declared the Titans' property assets to be “prima facie insolvent” and dismissed claims by the club's lawyer that money to be paid on a monthly basis had not been specified, thus voiding Reed's proceedings.


The court heard Reed Constructions was owed $943,858 plus more than $100,000 in interest, as it appealed to continue legal action recently vacated by the Australian Taxation Office. It has essentially subbed in to continue the move to wind up the Titans property division.

Reed, which finished construction work on the club's troubled Centre of Excellence, will also seek costs when the parties return to court on April 20.

Titans lawyer Ashley Tiplady argued Reed was not a creditor but that argument was dismissed with Justice Reeves telling the court the property arm of the club was “prima facie” insolvent.

The Titans have already agreed to pay costs to the ATO.

Accountants have told the ARL Commission the Titans owe $25 million and that the debt is not confined to the organisation's property arm but is intertwined with the football club. Tiplady said today outside court that the two entities remained separate.

Yesterday, Fairfax revealed the game's new administrators were discussing the prospect of allowing the Titans to fold and forming another franchise on the Gold Coast

Reports to the commission countered the Titans' claims the debt accumulated by the Centre of Excellence facility next to Skilled Park was not linked to the football club, which the Titans say is profitable.

Today’s ruling is a huge blow for the Titans and they will be forced to liquidate their property assets, including putting the Centre of Excellence up for sale in one of the most dreary property markets in Gold Coast history.

But Reed is not without it’s own cash-flow problems. The construction giant is being investigated by the NSW Government amid reports it owes up to $80 million to sub-contractors.

What about this source Dave? Are the Brisbane times lying too?

Raiderdave wrote:

Xman wrote:

The Gold Coast Titans' perilous financial situation has suffered another major blow, with a court decision this morning opening the way for the winding-up of the club's property arm.

Reed Constructions was this morning granted leave to bring bankruptcy proceedings against the club's property division, Gold Coast Titans (Property) Pty Ltd, in the Federal Court.

Justice John Reeves declared the Titans' property assets to be “prima facie insolvent” and dismissed claims by the club's lawyer that money to be paid on a monthly basis had not been specified, thus voiding Reed's proceedings.


The court heard Reed Constructions was owed $943,858 plus more than $100,000 in interest, as it appealed to continue legal action recently vacated by the Australian Taxation Office. It has essentially subbed in to continue the move to wind up the Titans property division.

Reed, which finished construction work on the club's troubled Centre of Excellence, will also seek costs when the parties return to court on April 20.

Titans lawyer Ashley Tiplady argued Reed was not a creditor but that argument was dismissed with Justice Reeves telling the court the property arm of the club was “prima facie” insolvent.

The Titans have already agreed to pay costs to the ATO.

Accountants have told the ARL Commission the Titans owe $25 million and that the debt is not confined to the organisation's property arm but is intertwined with the football club. Tiplady said today outside court that the two entities remained separate.

Yesterday, Fairfax revealed the game's new administrators were discussing the prospect of allowing the Titans to fold and forming another franchise on the Gold Coast

Reports to the commission countered the Titans' claims the debt accumulated by the Centre of Excellence facility next to Skilled Park was not linked to the football club, which the Titans say is profitable.

Today’s ruling is a huge blow for the Titans and they will be forced to liquidate their property assets, including putting the Centre of Excellence up for sale in one of the most dreary property markets in Gold Coast history.

But Reed is not without it’s own cash-flow problems. The construction giant is being investigated by the NSW Government amid reports it owes up to $80 million to sub-contractors.

What about this source Dave? Are the Brisbane times lying too?

oh so now its ... 25 mill
not 35 mill

hmmmm


I call ............ BS
as it appears no one actually knows

The club, which has run up record debts in excess of $30 million, could find themselves on death row next month unless they can prove their solvency within 30 days, with the debt intertwined with the football club.

Even the NRL which sent financial auditors north this week amid rumours the Titans were sinking fast, have been caught off guard by the magnitude of debts run up by the property arm.

An alarmed NRL club boss told AAP during the week the Titans were "on life support waiting to die".

Raiderdave wrote:

Xman wrote:

You believ the CEO of a company in deep **** over multiple media sources? Hahahahahahahahahahahahahahahahahaha!

over News Ltd ... & the sheep who follow their lead

of course

Gold Coast debt a titanic $25m, auditors reveal
March 23, 2012

THE Gold Coast Titans' dire predicament has become even grimmer, with accountants telling the ARL Commission they owe $25 million and that the debt is not confined to the organisation's property arm but is intertwined with the football club.

On the day the Herald revealed the game's new administrators were discussing the prospect of allowing the Titans to fold and forming another franchise on the Gold Coast, the accountants' reports confirmed that the NRL's newest club is on its knees.

The reports were damning as they countered the Titans' claims the debt accumulated by the Centre of Excellence facility next to Skilled Park was not linked to the football club, which the Titans say is profitable.

''We have received reports from our external accountants today that confirm the whole structure at the Titans is under considerable financial stress,'' ARLC chief executive David Gallop said in a statement.

''We are working through the options around that but there needs to be an acceptance that the various arms of the group's business are intertwined in terms of the level of debt and that will have ramifications as future options are explored.

''The game's clear goal is to maintain a viable football club at the Titans. The issues around the building are creating an alarming diversion from what would otherwise be a successful expansion of our game into an important area.''

It is believed accountants uncovered a total debt of at least $25 million owed to the Commonwealth Bank, builder Reed Constructions and others. Reed Constructions is currently seeking to wind up the Titans' property arm in Federal Court in Brisbane.

Titans boss Michael Searle told the Herald on Wednesday a decision had been made to sell the Centre of Excellence - but even if a buyer could be found, the facility's value has plummeted and would be likely to fetch $12m at most.

The Titans' property arm, Gold Coast Titans (Property) Pty Ltd, was established in 2007 to own and run the Centre of Excellence and Titanium Bar at Surfers Paradise. While the Titans appear on the brink, speculation persisted that they were close to luring Melbourne halfback Cooper Cronk to the tourist strip for a reported $2.6m over four years.

Questions continue to be raised over the Titans' spending on players - they announced Dave Taylor's four-year contract, reportedly worth $1.8m, on Monday - but the ARLC is not ready to impose a moratorium on the club signing players. The ARLC is considering a range of options as to how it might intervene if required to do so. The most extreme - but increasingly plausible - option is to allow the club to fold, and then license another entity in the region.

A more moderate solution is for the Titans to be bailed out of their financial troubles and re-structured under a new administration, with new investors. The ARLC has made clear it is determined not to abandon the Gold Coast as a rugby league area.

The Queensland government also has a vested interest in the sport in the region, having built the $160 million stadium at Robina to house the Titans.

With the A-League team Gold Coast United having been stripped of its licence, the loss of the community's NRL team would render the venue a virtual white elephant.

The Queensland Sports Minister, Phil Reeves, who could lose the job tomorrow with the state going to the polls, said there was no contractual agreement between the NRL and the government. ''Games played at Skilled Park are done so under an agreement between the venue hirer and the stadium operator,'' he said.

http://www.brisbanetimes.com.au/rugby-l ... z1pz7wYwgB

Searle always had a grand plan to bail the Titans out of the $35 million black hole, but his spending has ultimately crippled the club.

Former ARL chairman Ken Arthurson has questioned how the NRL allowed the Titans to bury themselves $35 million into debt.

But Searle always seemed to be armed with that grand plan.

"That figure of $35 million staggers me," Arthurson said. "Clearly, it seems they've bitten off a lot more than they can chew."

TLPG wrote:

pussycat wrote:

Im not heading anywhere , simply pointing out out that you lot are a bunch of hypocrites! you AFL lovers have got nothing. Your trying to make an issue out of the Titan's situation , yet as Jeff, a former Gay FL president, points out , 3 of your leading clubs have almost gone under in the past 15 years. And more than half of your clubs survive only through handouts.

Evidence demanded of what I have bolded and underlined - which 10 clubs are surviving solely on handouts and would fold without them?

No evidence - this comment goes into the BS file because that's what it is. BS.

TLPG wrote:

TLPG wrote:

pussycat wrote:

Im not heading anywhere , simply pointing out out that you lot are a bunch of hypocrites! you AFL lovers have got nothing. Your trying to make an issue out of the Titan's situation , yet as Jeff, a former Gay FL president, points out , 3 of your leading clubs have almost gone under in the past 15 years. And more than half of your clubs survive only through handouts.

Evidence demanded of what I have bolded and underlined - which 10 clubs are surviving solely on handouts and would fold without them?

No evidence - this comment goes into the BS file because that's what it is. BS.

I'm still waiting, Pussycat!

Xman wrote:

How exactly are AFL teams with revenue around double the average NRL team almost insolvent?