Mick
Years ago

Crocs admit shareholder kick-in to finish 11/12

Crocs CEO Ian Smythe has publicly admitted to the shareholder kick in to finish off last season that has been talked about on here for a while:

http://www.townsvillebulletin.com.au/article/2012/09/29/364321_news.html

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Anonymous  
Years ago

Beginning of the end.

Reply #381254 | Report this post


Anonymous  
Years ago

Didnt he say they needed a kick-in to continue on this season not finish the last one?

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Anonymous  
Years ago

There isnt a single NBL team that doesn't require owners to contribute each year to balance the books


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Anonymous  
Years ago

Cairns and New Zealand last year didnt but yes the vast majority every year do. Townsville have just been so lucky over the years making playoffs and not making losses.

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Anonymous  
Years ago

There have been teams that made money every year. The Crocs have been one of the few of them to do so consistently. New Zealand wouldn't have lost money over the last few seasons either.
Tigers in recent years were making a prifit as well.
To suggest every team has owner top ups every season is simply wrong.

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Anonymous  
Years ago

ummm no it isnt
I speak from fact not a guess
Some owners are happy to have the team run at a loss so they can claim against another part of their business.there is no NBL team that makes money
Cairns had to dip into the council guarantee to cover a shortfall. Tigers have never made money. Seamus used to have suppliers commit to the Tigers as a tax effective way of doing deals. Funny money not real money.

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natwhereyouat  
Years ago

Last season only NZ and Cairns actually made money. The other teams ran at a loss, which is common in Australian sport. Most NRL teams run at a loss, infact i believe only 2 NRL teams actually made money last year as well.

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natwhereyouat  
Years ago

Cairns only made a couple of thousand profit, NZ i'm not 100% on.

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paul  
Years ago

Yeah, the majority of sports teams around the world make losses and rely on rich owners' generosity/vanity.

Since the league almost died in 09 BA seems to have been working with clubs to minimise losses as a first step. If a team loses $100K and four owners have to put in $25K that can be seen as a worthwhile investment in owning a team.

If the club loses $400K and they are having to put in $100K that can get very old very quickly if the dose is repeated.

Cairns, Perth and NZ all look set up for potential profits this year if they have good seasons on court, Adelaide and Wollongong could be somewhere close if they perform well and attract fans too.

Townsville could but they seem to have alienated some chunks of their support base which isnt good in a small town, nor is the unrealistic expectation that anything but a GF is a failed year. Had they won GF3 at home in 2001 and SF3 in 2011 things might be very different for that club.

The big thing is getting more league revenue to promote the NBL and also give out some sort of dividend, not matter how small.

The new Ten and NBL.TV deal (which also brings significant new revenue) are good for retaining expiring sponsors and attracting new ones which should help a lot in that regard.

The next 2-3 years will be pretty big in deciding whether the league continues to grow to be a strong second-tier sport or has to find a niche as an almost semi-pro competition.

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natwhereyouat  
Years ago

Something i'm not clear on is all this talk (like Paul said) about the Crocs alienating their fan base.. How was this done?? No loyalty shown by the club to their fans?

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paul  
Years ago

Im a long way from Townsville, but one gripe I heard was when crowd numbers started to drop one season they offered discount tickets that were cheaper than members' per game price.

So some fans complained along the lines of 'why buy a membership when I can get tickets cheaper?' The club apparently acknowledged this but then did it again the next season.

In a big city that wouldnt be much of an issue, but in a regional town that can be seen as a major affront to your most loyal supporters.

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paul  
Years ago

Anon 264, you cant dip into a bank guarantee, it's not sitting in an account. Maybe Cairns took out a loan from the Council, I dont know, but that comment discredits the rest of your post.

The Taipans have done well the past two seasons with high levels of membership and crowds. Melbourne made money when they had significant investment from China. They havent come close since as far as I know.

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Anonymous  
Years ago

I said this in here 6mths ago but not one believed me!!!!!!!!!.They put in over $500,000 just to end the season last year.The Crocs haven't made money under Ian Smythe in his time as ceo.They have been forced to sell off asset over the years.There was a private meeting with the shareholders in the off season without the ceo knowing at the time where shareholders said if another year like last year they will be no more crocs next year.

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Anonymous  
Years ago

Paul I am very comfortable with what I said and can easily blow your post apart. Fanciful at best.

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Venom  
Years ago

Anon #381264 where did you pull that heap of lies from ?

As syndicate owner I get full access to the financial position of the club and projections - as Nat said the Taipans actually turned a small budget surplus (non-profit orgs dont make profits....) og around $10k and look to start building on this this year with increased memberships and new sponsors.

As for loaning anything WTF ? You obviously have no idea what a $1million guarantee is and how it works. No money is ever given by the council, they sit on the board and monitor the club's finances. They have the ability to roll up the club so the $1million isn't even touched - but more importantly, the $1million guarantee only covers player (and some staff salaries) and can't be used to cover operational shortfalls.

Next time use google to get your facts right before posting. Seriously.

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Julian  
Years ago

I'm literally laughing out loud at the failed troll by Anon #381264. It pays to do research.

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Julian  
Years ago

Love your timing #381264, perhaps you should be invited to the AGM on Wednesday night as a special guest because if what you say is true then the financials were misprinted!

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Anonymous  
Years ago

http://www.cairnsblog.net/2009/11/budgetary-matter-for-taipains-in.html?m=1

Can you also explain why the council is looking to reduce the guarantee for me.

Reply #381449 | Report this post


Julian  
Years ago

Can you explain why you are linking to information dated November 24, 2009?

Thanks for providing further laughter with the fruits of your embarrassingly desperate scramble onto Google.

A bank guarantee is not working capital!

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Anonymous  
Years ago

Paulo is the expert on all things NBL and so he is always correct.
Dipping into a bank guarantee doesn't work. It paper money and if required the CCC will have to stump up if the Taipans fail. That's how it is.
I certainly know from somoene closley involved with the Crocs that if the owners keep losing money and more importantly having to put their hands in their pockets they will walk.

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