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Shall we pass the hat around for the Titans?

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  • #1

    Shall we pass the hat around for the Titans?

    http://www.goldcoast.com.au/article/...st-titans.html

    GOLD Coast Titans will face a wind-up action next month following a court hearing this morning in Brisbane.

    The action followed an application before the federal Court in Brisbane by Reed Constructions, which claims it is owed about $1 million for Titans Centre of Excellence at Robina.

    Lawyers for the Titans this morning tried to resist Reed being named as a current creditor.

    However a judge ruled the club had signed an agreement in August last year admitting it owed the builder money.

    Reed Constructions will now have to advertise that it plans to wind up Gold Coast Titans before returning to court on April 20.

    It follows news today that NRL accountants had unearthed millions of dollars of hidden Titans debts.

    It also comes amid belief the Titans signed Melbourne Storm halfback Cooper Cronk.

    http://www.goldcoast.com.au/article/...st-titans.html
    THE Gold Coast Titans' crippled financial state descended further into the abyss yesterday after a team of NRL accountants unearthed millions of dollars of hidden debt in the embattled football club.

    While Titans boss Michael Searle has long been adamant the club's difficulties are confined to its property arm and its Centre of Excellence, NRL chief executive David Gallop revealed an audit this week had shown all aspects of the business were under 'considerable financial stress'.

    Incredibly, it comes amid an increasing belief that Storm halfback Cooper Cronk has already signed a three-year deal with the Titans, despite deep concerns about the club's future.
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  • #2
    how much for myles now? and cronk? or that big hairyy ex dog who still thinks hes a pole vaulter?

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    • #3
      cronk to the tittens apparently...
      1911 1912 1913 1923 1935 1936 1937 1940 1945 1974 1975 2002 2013 2018 2019 2020

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      • #4
        Originally posted by roosterproud View Post
        cronk to the tittens apparently...
        Got me puzzled.
        How the hell are they going to fund it?
        Coal Train has done an about turn & trying to get out of his signing, apparently.

        Supposedly more than 16 mill in debt (including property arm).
        Assets (including property arm) varied est of 9 mill to 12 mill.
        Court proceedings (property arm) will go on for the foreseeable future & will add significantly to the debt.

        Reportedly need 3 mill to keep going in the short term.

        I'm no mathematician, but how in hell are they doing this?

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        • #5
          Originally posted by chook 56 View Post
          Got me puzzled.
          How the hell are they going to fund it?
          Coal Train has done an about turn & trying to get out of his signing, apparently.

          Supposedly more than 16 mill in debt (including property arm).
          Assets (including property arm) varied est of 9 mill to 12 mill.
          Court proceedings (property arm) will go on for the foreseeable future & will add significantly to the debt.

          Reportedly need 3 mill to keep going in the short term.

          I'm no mathematician, but how in hell are they doing this?
          Well according to Michael Searle, the football club has made a profit.............apparently.

          Delecto Oriens est odio Meridianus
          To love Easts is to hate Souffs

          Originally posted by Bill Shankley, Liverpool FC
          At a football club, there’s a holy trinity – the players, the manager and the supporters. Directors don’t come into it. They are only there to sign the cheques.
          Originally posted by Andy Raymond Commentating Souffs V Manly 18/04/09
          The fireworks at the Easter show are making more noise than the crowd tonight

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          • #6
            Originally posted by supermario View Post
            Well according to Michael Searle, the football club has made a profit.............apparently.
            Maybe.
            Michael is trying the spin that the property & footy sides are not intertwined.
            Not correct.
            Legal docs now show, apparently, that Michael Searle (and the Tits) are also responsible for any debts accrued by the property arm.
            It is the only club that I know of that is run solely by ONE person. Not reportable to ANYONE.
            UN BLOODY BELVIEVABLE!

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            • #7
              Originally posted by supermario View Post
              Well according to Michael Searle, the football club has made a profit.............apparently.
              Lol He sounds as deluded as Jewleeah

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