Anonymous
Years ago

Concerns over Blaze financial stability

copied from goldcoast.com.au

12:01am March 14, 2012


CONCERNS over the financial stability of another Gold Coast national sporting team have arisen after the city's National Basketball League side failed to make a $50,000 payment to court.

The Gold Coast Blaze was ordered to put up the money as security if it wanted to continue its appeal against having to pay ex-coach Brendan Joyce more than $300,000 in unpaid wages.

Joyce won a $310,000 judgment in the Supreme Court in Brisbane late last year against the club after he was axed in 2009, just two years into a four-year deal.

The Blaze then lodged an appeal against that decision, meaning Joyce did not have to be paid immediately.

With that matter soon to be heard, Joyce last week applied to the Court of Appeal in Brisbane for security of costs.

The security was to cover his court costs on the basis the Blaze would not be able to pay him if it lost the appeal.

Joyce relied on company searches showing the Blaze had given three company charges over its assets, with only one charge released recently.

Letters between solicitors for Joyce and the Blaze were also used in court with one letter saying the Blaze `appears to have no substantive assets, it being a company of limited paid up capital'.

The Court of Appeal in Brisbane granted Joyce's application and ordered the club to pay $50,000 to the registry by Monday and that the appeal be stayed until the security was given.

In his judgment, Justice Hugh Fraser noted lawyers for the Blaze initially proposed $25,000 could be paid as security but said they needed to take instructions from the club before that could happen.

"However, no further response was given," said Justice Fraser.

"In my view, taken together with the company searches, that response does give rise at least to a concern that (the club) may not have sufficient funds to provide for the costs payable to (Joyce) in the event that appeal fails."

A check with the registry yesterday showed the club had not paid the security and in a statement the Gold Coast Blaze said it had `withdrawn its appeal and entered into negotiations with Joyce's legal team'.

The club also said it would make a `final decision' on whether to appeal pending the outcome of those negotiations with Joyce.

http://www.goldcoast.com.au/article/2012/03/14/399331_crime-and-court-news.html

owen crying poor again ?

Topic #27786 | Report this topic


orbit  
Years ago

Wortho gets all the cash in brown paper bags under the table!!

Reply #354286 | Report this post


Isaac  
Years ago

They probably should have negotiated before it went to court?

What would they be saying now? Settle for less or you will bankrupt and kill the club?

Should've kept him around to do coffee runs and school visits if they were going to be paying him anyway...

Reply #354289 | Report this post


Anonymous  
Years ago

theyve had 3 years to prepare themselves for the fact they may have lost their case against him for unfair dismissal and might have to pay out. what are blaze doing with their $$$ ? all looks rosy to the naked eye but clearly not. they will likely stretch these payments to joyce out as long as possible, but a court ruling is a court ruling and they should sort themselves out and pay him and be done with this.

Reply #354290 | Report this post


Anonymous  
Years ago

these clubs, coaches and players get so intertwined in eachothers lives they likely werent able to negotiate anything when they parted ways, the way other disagreeing entities would be able to. blaze probably also thought the case would get thrown out and didnt allow for a possibility they didnt want to consider might happen. theyve had ample time though to get their house in order. cant blame outcome of joyce case for their financial troubles - $300k should not be what breaks their bank, if so they cant afford to be in the league then ? but joyce should not have to cop any guilting there.

Reply #354293 | Report this post


Anonymous  
Years ago

and pretty sure owen has unecessary assets and toys he can sell to pay joyce and get on with it.

Reply #354294 | Report this post


The Situation  
Years ago

They need to raise funds, and fast. Maybe a team bbq for the fans?

Reply #354298 | Report this post


alexkrad  
Years ago

If this was any other company it would be paid for and done with. A professional basketball team should be run like a business not a hobby.

Reply #354301 | Report this post


Anonymous  
Years ago

Well said. The sort of folk the league want involved aren't professional though- they both just think they are and apparently that's enough. These illusions of stability lately are pretty embarassing for the club and the game.

Reply #354303 | Report this post




You need to be a registered user to post from this location. Register here.



Close ads
Little Streaks - The fun and interactive good-habits app designed especially for kids.
Serio: Tourism photography and videography

Advertise on Hoops to a very focused, local and sports-keen audience. Email for rates and options.

Recent Posts



.


An Australian basketball forum covering NBL, WNBL, ABL, Juniors plus NBA, WNBA, NZ, Europe, etc | Forum time is: 7:45 pm, Thu 28 Mar 2024 | Posts: 968,026 | Last 7 days: 754