pwned
Years ago

Hawks to move back to private ownership

A member email was sent out this evening announcing young businessman James Spenceley wishes to purchase the club and seeks the approval of the members. It seems there may be a vote to approve the move.

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Anonymous  
Years ago

Yeeee haaaaaaaa

Reply #479521 | Report this post


NBL Fan  
Years ago

This guy is worth a solid $22 million. Hopefully this will help Wollongong pick up their crowds etc with a possible increased marketing budget??? Also will they now be able to spend more of the salary cap???

Reply #479525 | Report this post


Happy Days  
Years ago

Wheres Nat when you need him, he would be all over this.

Reply #479526 | Report this post


Happy Days  
Years ago

Vocus Communications is his company in Sydney.

Reply #479527 | Report this post


Matzo C  
Years ago

LOL at Nat not breaking the news. Us members got emailed tonight.
Looking forward to what this will do for the club. Grate news for Hawks fans.

Reply #479528 | Report this post


Happy Days  
Years ago

Who actually owns the club at the moment?

Reply #479529 | Report this post


pwned  
Years ago

Community based model. There's no private owner.

Reply #479531 | Report this post


NBL Fan  
Years ago

Is this why they haven't signed any players?

Reply #479532 | Report this post


Marcus Camby  
Years ago

Congrats to the guy who has made $22m (if that is true).

However I feel that $22m is not that much when we talk about the potential of an NBL club to bleed money.

If he does buy the club I still hope they remain a club that keeps a tight budget to keep the books balanced.

Reply #479536 | Report this post


natwhereyouat  
Years ago

People complain when ATF report things before they're officially announced by the club. Then complain when we wait until after it's officially announced.

NBL fans. Esh.

There's next to no front office at the moment. That's a major reason why nothing has been announced.

Unfortunately a bigger marketing budget won't mean more ticket sales. Wollongong is Uni town, there's a large market but they're poor. Dragons struggle to draw consistent crowds as well. You need affordable ticket prices (like they did at the end of last season), educated scheduling and yes marketing. Hawks also need to work with the IBA (local basketball association).

This opens the door for the Hawks to put together a roster at near the cap if they wanted to. But in the long run how long will he be happy losing money before he tries selling the team? Losing 200, 300, 400k a season is a bit of a hit in the back pocket.

Personally i'd prefer his company signs on as a naming sponsor for 5-10 years and they stay as a community model. That's more stable long term.

OR

James comes along, buys out the WEC/Buys into it, lowers cost for the Hawks which would help the Hawks survive long term. They need to see 3k+ to break even!

Even better.. Buy Shellharbour city stadium, renovate it, extend it to fit 5k people. Move the team to Shellharbour (South of Wollongong CBD, in the Illawarra still). Larger population, mostly young families with money and still expanding. Wollongong has mostly uni poor Uni students... But we're getting off track a little.

Reply #479537 | Report this post


natwhereyouat  
Years ago

WEC needs to sell 3k+ to break even**

I'm with Marcus Camby, 22 mil is a lot of money however is not that much when we're talking about buying a professional sporting team that bleed a couple hundred thousand a season.

I'm not sure what swifty moves can be done with a good tax agent when it comes to owning a sports team that runs at a loss...

Reply #479538 | Report this post


paul  
Years ago

"Personally i'd prefer his company signs on as a naming sponsor for 5-10 years and they stay as a community model. That's more stable long term."

I think this is spot on.

Reply #479539 | Report this post


Nathan of Perth  
Years ago

$22m being on the small side for bankrolling an NBL team was the same thought I had when I saw the figure. Hope it works, bit nervous though.

Reply #479540 | Report this post


pwned  
Years ago

The population of wollongong is a tad under 300k, and UOW has 24k students enrolled. I think you're

Reply #479541 | Report this post


pwned  
Years ago

Overplaying the mostly a uni town angle a bit.

Reply #479542 | Report this post


Matzo C  
Years ago

Pwned agree, looking at traffic in mornings on the F6 I think a lot of those UoW students come from outside wollongong too.

Reply #479544 | Report this post


natwhereyouat  
Years ago

"The population of wollongong is a tad under 300k, and UOW has 24k students enrolled. I think you're Overplaying the mostly a uni town angle a bit."

True, however most Uni students live around the Wollongong area where as that 300k figure is the whole Illawarra from Stanwell Tops down to Kiama/Gerringong. To drive from north to south would take around.. 45-60min I think so it's pretty spread out.

More research needs to be done before we just say "yeah sure come buy us" burn someone elses millions.

Reply #479546 | Report this post


Isaac  
Years ago

Is this why they haven't signed any players?
Their GM moved on and they didn't have any extended budget approved meaning there was no one hired and no known pool of money with which they could recruit. Previously, the shortfall in funds was made up by Gujarat NRE, though there had been some changes on that front.

The players appear to have been loyal in waiting until things could be locked in to proceed., though I'm sure they've had offers from elsewhere while technically free agents.

Reply #479560 | Report this post


Anonymous  
Years ago

Sounds like this guy is a very savvy businessman who has done well for himself - big money however can evaporate fast, just ask the Tomlinson's on the Gold Coast who said goodbye to North of 11 million over 5 years...

Being 'worth' 22 million also doesn't necessarily mean he's got 22M sitting in a bank waiting to be spent, more likely he retained a heap of shares in his company which he started and then floated, so its all paper money. Eddy Groves had lots of that too?

That being said he is clearly a switched on individual and businessman who is very keen on basketball and the Hawks so Id hope that everyone can sit down and work a suitable deal for everyone long term. Club needs stability and a long term future and an investor would want a heap of tax write offs plus the ego boost of being 'the man' sitting courtside whenever he wants too!

Reply #479582 | Report this post


Bertanello  
Years ago

From google, regarding his business. I dont know what any of this means. Hopefully it's good.

Vocus Communications Limited (ASX:VOC) is pleased to announce that it has been admitted to the S&P ASX 300 Index, effective from the close of trade on March 21, 2014, as part of S&P's quarterly rebalancing. The S&P/ASX 300 is comprised of the top 300 listed companies in Australia. In order to be eligible for inclusion in any of the S&P/ASX indices, stocks must meet certain criteria regarding listing, size and liquidity.

Reply #479589 | Report this post


Anonymous  
Years ago

If there is anyone that can turn the team around, this is the guy

Reply #479616 | Report this post


Wookiee  
Years ago

All three very good ideas, Nat, which I also would prefer to happen instead of moving from a community based ownership, as like has already been said, move to a private ownership, what's to stop him from getting up and selling it when he sees how much money he's actually not recouping... Like we've seen with Perth, it takes a lot of money spent off court as well to help finally get a profit on the court, with all the other factors (ticket prices, some crazy scheduling against local events which people seem more interested in, etc) he REALLY needs to know what he's getting into in the long term...

Having a naming rights sponsor that is putting in a lot of cash and getting promotional benefits out of it would surely make more sense? Hell, even cutting down on the costs like the stadium, which is apparently really high for what it is, would be a huge step for them as well...

I have no special love for the Hawks (probably more of a bit of rivalry hatred more than anything!) but I'd hate for this to only last a season, something happen to his business (like Tinkler in Newcastle) and then the team suffers...

I know a savvy businessman would more than likely take the path of less cost for most reward, so the numbers must point that way...

Reply #479648 | Report this post


Happy Days  
Years ago

If the club gets sold into private ownership, do the original investors into the community model receive anything?

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Isaac  
Years ago

NRE are staying on as naming-rights sponsor, and there is no chance of this guy investing in the stadium AFAIK.

Reply #479656 | Report this post


Of Course not  
Years ago

The stadium is government owned so no chance of that happening.

NRE were taken over by Wollongong Coal, so NRE won't be part of the Hawks as they don't exist.

Reply #479664 | Report this post


Anonymous  
Years ago

Wollongong Coal potentially to be major sponsor?

Reply #479668 | Report this post


Anonymous  
Years ago

No they wont.they are going broke

Reply #479669 | Report this post


Anonymous  
Years ago

gordie likes it ...

http://www.illawarramercury.com.au/story/2366194/coach-gordie-mcleod-confident-hawks-will-match-best-in-nbl/?cs=302

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