Isaac
Earlier this year

Bendat withdraws Wildcats from sale negotiations



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Perthworld  
Earlier this year

Just keep it Jack.

Reply #813245 | Report this post


Lovebroker  
Earlier this year

I guess we will never know the reasons (but won't stop posters from posting), but would be very interesting to see what part of the due diligence was the deal breaker.

Reply #813246 | Report this post


Anonymous  
Earlier this year

One word. Lako (no kidding)

Reply #813247 | Report this post


Anonymous  
Earlier this year

Deal was not nixed by Wildcats. It was potential buyers.....

Reply #813248 | Report this post


D2.0  
Earlier this year

I honestly don't know who they were negotiating with, but do know that Dr Jack said from the outset that there would be stringent conditions imposed. He certainly doesn't care about the money, all he wants to see is that the Wildcats continue to operate as he would have wanted. So it's easy enough to imagine him imposing conditions that a new owner doesn't want to agree to.

Reply #813249 | Report this post


Lovebroker  
Earlier this year

While I understand Dr Bendat wants the new custodians of the Wildcats to uphold the same things that the Wildcats currently do, how is any of it enforceable once sold?

Reply #813252 | Report this post


Senator11  
Earlier this year

Angela Bennett was the rumoured party according to the papers, an heiress to the iron ore money. Didn't even know who she was, but apparently she's quite reclusive.

Reply #813254 | Report this post


Anonymous  
Earlier this year

EXCLUSIVE
Culture club key to latest Perth Wildcats ownership ticket
Craig O'Donoghue

The West Australian
Sun, 26 July 2020 6:38PM

A second ticket has been formed to bid for the Perth Wildcats amid back-room concerns about the impact on the club's culture if it was sold to the wrong party.

Owner Jack Bendat is keen to sell the 10-time NBL champions and had been negotiating with a group of businessmen for several weeks. Rumours of mining magnate Angela Bennett’s involvement in that group were understood to be wide of the mark.

Those negotiations reached the due diligence stage, but The West Australian understands the potential sale ended when the board received several negative reviews from key stakeholders who questioned the club’s direction if sold to the interested party.

The Wildcats have established themselves as a power on and off the court, with a heavy family and community focus while avoiding scandal and controversy.

Stakeholders were determined for that culture and focus to continue and expressed fears that the bid could take the club in a different direction.

The West Australian understands the secondary group includes a combination of WA basketball figures and businessmen, who came together amid a determination to maintain the club’s current culture. They have been working quietly to prepare a bid with the hope of buying the club.

The NBL must approve any sale and the league is yet to speak to any potential buyers.

The league had a say in the change of ownership of the Illawarra Hawks last month and it is understood some members of the original Wildcats ticket expressed a desire to be involved in that sale.

NBL owner Larry Kestelman said the successful Hawks bid was partly due to the combination of basketball and business knowledge. The NBL and Wildcats are preparing for significant change this season with a delayed start, reduced salary cap, fewer imports and the Wildcats bidding farewell to popular captain Damian Martin.

Perth must also replace power forward Nick Kay after he chose to play in Europe, but brilliant import Bryce Cotton signed a long-term deal with the club in May.

Perth have shown an extraordinary ability to set themselves apart from other clubs. They clinched the 2018-19 title against Melbourne on United’s home court, despite grand finals traditionally being dominated by home teams.

Then they won both of their away grand final matches against Sydney this year to take a 2-1 lead in the best-of- five series before the Kings announced they didn’t want to continue playing amid COVID-19. The Wildcats are the envy of teams throughout Australia, having played in 34 consecutive finals series.

Reply #813256 | Report this post


Perthworld  
Earlier this year

Wildcats are like the hot chick of the NBL - we attract many suitors but have high standards so most get rejected until the right one is found.

Reply #813257 | Report this post


Perthworld  
Earlier this year

(Meanwhile most of the other clubs that aren't already owned by him have to be re-bought by daddy.)

Reply #813258 | Report this post


Anonymous  
Earlier this year


Lovebroker
Yesterday

While I understand Dr Bendat wants the new custodians of the Wildcats to uphold the same things that the Wildcats currently do, how is any of it enforceable once sold?

Its not, which is why the cats pulled out now.

Reply #813266 | Report this post


Anonymous  
Earlier this year

Wants to sell but still wants to tell the new owner how the club is run?

What a laugh, might as well not sell then because a new owner can manage the business/club how he see's fit hence the reason he is spending the cash!

Reply #813267 | Report this post


Anonymous  
Earlier this year

I want to sell my house but i want a caveat in the contract so the new owners can't renovate the kitchen!

Reply #813268 | Report this post


Anonymous  
Earlier this year

The very fact that he genuinely wants to make sure the club is run in the same manner is the reason why the club has been the most successful. It's not about money, it's about culture.

Reply #813270 | Report this post


Anonymous  
Earlier this year

Jack has a 50 year plan in place for the Wildcats. I'd imagine this is in place through a trust and to which any new buyer would be answerable to the trustee or appointee.

No different to how wealth is controlled post death.

Reply #813271 | Report this post


Anonymous  
Earlier this year

Wants to sell but still wants to tell the new owner how the club is run?

That isn't what happened at all.

Reply #813272 | Report this post


Anonymous  
Earlier this year

People don't spend cash to buy something and be told by the person who used to own it how it must be run.

Reply #813281 | Report this post


Anonymous  
Earlier this year

Perth Numpties for you
Im selling this, but im still direct what you can do with it and you give me the money.

Reply #813285 | Report this post


Jack Toft  
Earlier this year

Wildcats are like the hot chick of the NBL - we attract many suitors but have high standards so most get rejected until the right one is found.

You haven't heard of the hot-crazy matrix?

https://www.youtube.com/watch?v=zWicECdC4Ec

Reply #813286 | Report this post


Perthworld  
Earlier this year

Weird criticisms above on new ownership being vetted. No one wants to see another Paul Smith.

Reply #813287 | Report this post


robt  
Earlier this year

"It's not about money, it's about culture." Of course, it is. But only if you can afford it.

Reply #813288 | Report this post


robt  
Earlier this year

Second point, that I want to make, Dr B doesn't need to tell anyone how to run the club in the future. He just needs to FIND some-one who shares his views strongly. You're all thinking that there can't be 2 rich people who give a damn, right?

Reply #813289 | Report this post


Anonymous  
Earlier this year

Paul Smith is one of the better owners in the league, Kings are up and running getting crowds etc.

Reply #813290 | Report this post


Anonymous  
Earlier this year

Perth Numpties for you
Im selling this, but im still direct what you can do with it and you give me the money

Anon numpties for you. Misreading what has been written in order to try and criticise Perth.

Reply #813292 | Report this post


Anonymous  
Earlier this year

Theres a reason the rest of Aus laughs at you all

Reply #813293 | Report this post


Anonymous  
Earlier this year

Because you can't read?

Can you please point to the part in the article where Bendat said we will take your money but only if run the club the way we want?

Reply #813294 | Report this post


Anonymous  
Earlier this year

Sydney are getting pretty ordinary crowds compared to what they're spending, and their owner is an egomaniac who ruined the grand final because he couldn't stand to lose. Yeah, great owner.

Reply #813295 | Report this post


Anonymous  
Earlier this year

Think you'll find the NBL did Sydney Kings wring re the GF.

Reply #813302 | Report this post


Anonymous  
Earlier this year

Sydney averaged over 9000 at home and there spend was less than Perth or United.

Owner by the way can stipulate clauses in sales that have to followed by new ownership groups. An example of this is the Ball group missing out due not wanting to play away from Illawarra so the nbl went elsewhere.

Reply #813304 | Report this post


Anonymous  
Earlier this year

"Paul Smith is one of the better owners in the league, Kings are up and running getting crowds etc." That may change.

Reply #813305 | Report this post


D2.0  
Earlier this year

Why wouldn't he want say in the future direction? It's not like he's selling because he needs the money. He's look to pass the baton. Nothing "numpty" about it.

There are many different things that can be achieved through structure, using different entities bound by contracts, and controlling the method of appointing board members and the CEO.
He can also underwrite the financial future by insisting on the amount and structure of capital.

Understand that the organisation won't be legally owned by an individual or even a partnership. It will be a combination of trusts and corporations. Trust are governed by their trust-deed, and corporations by the law, their constitution, and share structure.

But obviously yes it also come down to reviewing the people who would assume board positions under the new ownership. Doing the utmost to ensure those people share the current vision and culture.
If reports are to be believed, somebody's history didn't measure up.

Unfortunately I didn't win the $20M in Saturday's Lotto, so had to withdraw my bid.

Reply #813310 | Report this post


Anonymous  
Earlier this year

It was Sydney's choice to forfeit, no one else's. The NBL did nothing wrong by them at all.

Reply #813311 | Report this post


Macca  
Earlier this year

Gotta keep the Victorians from destroying the Wildcats from within.

Reply #813313 | Report this post


LoveBroker  
Earlier this year

Sydney averaged over 9000 at home and there spend was less than Perth or United.


Sydney had the highest paid import, 1 / 17 3pt FG Casper Ware.

Sydney probably had the highest paid local, Bogut.

Then there is Cook, Lisch, Newley.

Would you like to re-assess?

Reply #813315 | Report this post


LoveBroker  
Earlier this year

I am no law expert, I just don't see how any of these undertakings would be enforceable. You can't cancel a sale contract when the new owners bring in Glen Rice Jnr and give him free flow of Fosters on the way to a School Visit.

I think the best thing you can do is find someone you feel you can trust to carry on the same values / beliefs / management going forward.

When money is involved, and its outflowing faster and inflowing, culture, values etc can take a back seat to the bottom line.

Someone coming in new ultimately will want to try something 'new'
- Sponsorship from less family oriented industries like gambling?
- More revealing dress on Dancers? They were slightly more revealing before the Wildcats went family.
- Less expensive community ties.

Reply #813316 | Report this post


Anonymous  
Earlier this year


I think the best thing you can do is find someone you feel you can trust to carry on the same values / beliefs / management going forward.

Which is all they've done (or in this case, decided the buyer won't uphold those values), but some anon idiots are trying to say that Bendat is still telling them he wants the club run his way.

Reply #813317 | Report this post


Senator11  
Earlier this year

"Someone coming in new ultimately will want to try something 'new'"

This exact statement is probably what Bendat is afraid of, he's built the Wildcats into a very successful club in a sport that borderlines on profit in Australia. An owner coming in who would be cocky enough to think they can do better and "change" the mould could be massively detrimental to the Cats.

Reply #813319 | Report this post


Anonymous  
Earlier this year

Don't believe the Wildcats spin. This is the same club that hid Martin's achilles injury and retirement plans, when he knew it was career ending.

Bendat wants what he believes the Wildcats are worth. Culture is just the angle they are giving the media, because the consortium's offer isn't high enough.

Bennett is still most likely linked, but not her directly. Families money is involved I'd say.

Reply #813323 | Report this post


TB  
Earlier this year

"Don't believe the Wildcats spin. This is the same club that hid Martin's achilles injury and retirement plans, when he knew it was career ending."

Because heaven forbid a player actually gets to decide when his career is over and his medical reports released. What you wrote has no relevance to anything and just makes you seem like a tool.

Reply #813325 | Report this post


Anonymous  
Earlier this year

They didn't hide anything at all regarding his injury.

Reply #813326 | Report this post


Senator11  
Earlier this year

Everyone knew it was an achilles injury, they just downplayed it so the opposition wouldn't try and target it.

Reply #813327 | Report this post


pls  
Earlier this year

there's some real basic types in here if you don't believe particular terms of contract or sale can be enforced.

a bit like an NBA owner requiring some level of undertaking won't move that franchise from that city.

smh.

Reply #813330 | Report this post


Anonymous  
Earlier this year

It makes sense for the wildcats to not disclose the injury during the season and playoffs.

However, the whole "Martin will decide" thing was done to keep membership tickets turning over.

Yes, the player should be able to decide, but the cat's ham it up a bit much at times.

Reply #813332 | Report this post


Anonymous  
Earlier this year

Membership renewals are due before the season ends, and I doubt they've sold many new memberships during this period of uncertainty.

Reply #813333 | Report this post


Anonymous  
Earlier this year

I don't have to reassess, I know people, yes two players were paid heaps but balance was very frugal. Keep believing the Perth don’t pay BS.

Reply #813336 | Report this post


Anonymous  
Earlier this year

No one had ever said Perth dont pay anything. Why do you keep saying that?

Reply #813340 | Report this post


Trev  
Earlier this year

Martin's injury was well documented straight after the grand final. He said it himself that if he needed surgery he will hang up the boots because it's too much to cone back from.

He had surgery months ago, yet people have memories like a goldfish.

Everyone knew he will retire from the day he had surgery.

Reply #813342 | Report this post


Anonymous  
Earlier this year

Trev you are incorrect.

The Wildcats media statement was Martin was having surgery and would take his time to decide his playing future making use of the delayed start of the season to their advantage.



Reply #813344 | Report this post


Anonymous  
Earlier this year

https://www.perthnow.com.au/sport/perth-wildcats/achilles-expert-to-have-big-say-in-whether-damian-martin-retires-from-perth-wildcats-ng-b881492992z

Trev is right.

Reply #813347 | Report this post


D2.0  
Earlier this year

Did you know that the Ford Family still controls Ford, despite owning only a fraction of the company. The Family owns special shares that each carry (IIRC) 20 votes. Those shares lose their special voting rights if sold outside the family.
Every year at the AGM their is a move to strip those special rights, by changing the company constitution, and it gets defeated, by those special votes.

The constitution of Qantas specifies that it must remain Australian domiciled, that board members must be Australian residents, and limits foreign shareholdings.

There are many different self-perpetuating private organisations, some of them worth hundreds of millions, where new board members are appointed by the existing board.

I'm not suggesting a new ownership would agree to that level of "hands off", I'm simply pointing out that there are many things that can be achieved.

Even more can be done using different entities. As a purely hypothetical example, actual ownership (of the licence and IP) could be vested in a trust, controlled by an independent board. With the team operated under a management contract by the new "owners". Such a contract could specify many things. Similarly the Community Development arm could be placed into a separate entity, again with a contract that requires the Wildcats to provide current players and coaches to the tune of X,000 hours per year.

But yes, as we've said, its fundamentally about ensuring that the new ownership group shares the same values. So if you find out that one of them used to run a pub with skimpies, or made his fortune with a chain of adult-shops, then probably not the right fit.

Reply #813356 | Report this post


Richard Ked  
Earlier this year

Who are rumored to be involved in Ticket 1 and Ticket 2? I've heard about the Bennett family, but who are the basketball people? Someone in that group must be "on the nose" in Jacks opinion. I've heard nothing of any names in the Ticket 2 group.

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Anonymous  
Earlier this year

Ignore whay Dazz posts.

Reply #813409 | Report this post


Anonymous  
Earlier this year

Ticket 2 includes Andrew Vlahov, Nik Lakovic, and some other businessmen.

Reply #813411 | Report this post


Perthworld  
Earlier this year

Lako automatically fails any smell test.

Reply #813412 | Report this post


Anonymous  
Earlier this year

As does Vlahov.

Reply #813415 | Report this post


Senator11  
Earlier this year

Were Vlahov and Longley involved in the Cats ownership in the past or was that the NBL in general? They were the guys who introduced the Asian teams into the comp right? Was a good idea in theory but didn't work.

Reply #813431 | Report this post


Haz  
Earlier this year

I dont mind if Vlahov is involved. He knows basketball on and off the court as well as anyone. But it all comes down to who the prominent financial backer is, and how financially prominent they are.

Reply #813434 | Report this post


Anonymous  
Earlier this year

Vlavov was a previous I believe.

Reply #813435 | Report this post


Richard Ked  
Earlier this year

Senator 11. Vlahov and Longley were previous owners of the Wildcats. That was at the time b/ball was in trouble in Aus and the NBL was trying to get involved with Asia.
If the above is correct re Ticket 2, I would hope they are unsuccessful also. What we read of Lako and his time at the Redbacks is a bit off putting. Having a reputation for not fulfilling promises to players etc wouldn't help any organisation that relies on imports and a good culture.

Reply #813446 | Report this post


Anonymous  
Earlier this year

Vlahov getting back involved would be an utter disaster. Sure, he helped saved them in the early 2000's, but he nearly ran them into the ground back then too. He changes business interests every year after one has flopped. Not exactly an shining example of stability. I'd personally avoid any consortium involving local 'basketball people'

Reply #813450 | Report this post


Senator11  
Earlier this year

Cheers Mr Ked.

Reply #813451 | Report this post


Anonymous  
Earlier this year

Agree with #450

Reply #813456 | Report this post


Perthworld  
Earlier this year

Re: Vlahov ownership era - I would love to know the truth about the mysterious Oriant.

Reply #813493 | Report this post


koberulz  
Earlier this year

They were a mobile phone manufacturer, I remember seeing an ad somewhere. One of the game programs maybe?

Reply #813495 | Report this post


Perthworld  
Earlier this year

It was to do with phones as Vlahov held one up on NBL Big Wednesday on Fox.

There was never a listing for the company or business though, even in Hong Kong.

Reply #813496 | Report this post


Perthworld  
Earlier this year

Now I'm getting flashbacks of John Casey and Steve Carfino in Hawaiian shirts. What a concept.

Reply #813497 | Report this post




 

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