Now that the clever ‘powers that they think they are’ have extricated the burrow.com website from my grasp and probably think they have had a win, I just gotta say, what a bunch of dumbass fuckwits you are….as you can see, I STILL have control over your page and when you come here you will see my personal message to you all and that quite simply is, ‘GO FUCK YOURSELVES YOU SPASTIC WACO FUCKWITS!!!!’…..let the fun begin assholes!!!!!!!
oh yeah, I forgot to mention, too bad about the burrow forum you sad fucks!!!!!
Russell Crowe … flagged his intention to offload his 37.5 per cent share of the Rabbitohs. Photo: Getty Images
SOUTH SYDNEY may be the ”Pride of the League” but the NRL club is worth next to nothing, according to an independent valuation.
Russell Crowe has flagged his intention to offload his 37.5 per cent share of the Rabbitohs but it is likely to be a tough sell based on recent financial performances.
Fairfax Media commissioned former fund manager Matthew Kidman, a Herald business writer, to scrutinise their books. Based on information available up until October 2011 – the latest financial report hasn’t been released – Kidman described the foundation club as a ”horrible investment” for prospective buyers.
The club’s latest annual report states it recorded an $864,225 loss, has liabilities of $10,643,118 and assets of just $4,652,784. ”If it was traded on the share market, the equity would be worth zero and possibly negative because of the debt problem,” Kidman said.
However, the greatest put-off for prospective owners is likely to be outstanding loans of $6.15 million – $1.65 million owed to Crowe and the rest owed to co-owner Peter Holmes a Court. The club has been unable to meet the repayments and the loan was renegotiated, with repayments to begin on October 31, 2015, and ”scheduled to be repaid evenly over a 10-year period”.
As yet, Holmes a Court has not indicated whether he also wants to part with his 37.5 per cent stake.
The pair bought 75 per cent of the club for $3 million in 2005. Souths have posted one operating profit in the past five years. ”From what I can see, the club has just been appallingly run,” Kidman said. ”They’ve overspent, sold their assets and they are still not making money. Even if they make a profit next [financial] year, it won’t change things significantly unless it’s an enormous profit.”
Kidman believed the best chance of finding a buyer would be if the seller was prepared to forgive the debt or perhaps sell it off at favourable rates in exchange for equity.
”There are only two types of buyers – one who is emotional and happy to take over the debt and who will burn money doing it; or there is a buyer who does a debt deal with them,” he said.
On the field, the Rabbitohs’ stocks are soaring. They fell just one win short of the 2012 grand final and boast a roster which includes Greg Inglis, Sam Burgess, Issac Luke and Adam Reynolds. They are well on their way to meeting their target of 25,000 members for this season, with 19,662 already signed up at the time of writing. They also can boast strong crowd and sponsorship figures after improved on-field fortunes in recent years.
Making the sell harder for Souths is the fact that Melbourne and, reportedly, Brisbane are other NRL clubs looking for cashed-up buyers. The Broncos are one of the only NRL clubs to regularly make a profit.
Max Delmege, who famously saved Manly from the brink of financial collapse, believes it is possible for private owners to make money from rugby league.
”With the new grants from the Independent Commission, and with a strong marketing team, there’s no reason why you can’t,” Delmege said.
”You’ve got great brands with enormous following. Looking back, if I had my time again I would have listed Manly because the supporters would love to buy shares in something like that. It can definitely work in private form.”
South Sydney’s latest annual report is expected to be released in the coming weeks.
NRL clubs are not the only teams struggling financially in the tough economy. A BBC Inside Out investigation found that Super League clubs faced a combined debt of £68.5 million.
It has come to my attention that someone in what would losely be termed ‘management’ at the burrow has fucked up and sent you here to MY page if you need assistance……well, suffice to say, if you are a member of the waco clan you will definitley need assistance BUT YOU WONT FUCKING GET IT FROM ME!!!!!!…….why???……because I own BOTH burrow webpages and I couldn’t give a RADSASS if the burrow breathes, screams, blows smoke or fucks each other up the ass like mad chooks!!!!……whoever goes there deserves what they will be in for and anyone in their right mind would simply stand back and watch the fireworks……have fun at mount carmel you wacoites!!!!!!……
It is “business as usual” for the South Sydney Rabbitohs as the Club confirmed today that co-owner Russell Crowe has indicated that he will look to sell his share in the Club at the end of the 2013 season.
Mr Crowe is a half owner in company Blackcourt League Investments Pty Limited, the company which owns a 75% share of the South Sydney District Rugby League Football Club. 25% of the Club is owned by the South Sydney Members Rugby League Football Club, or ‘Member Co.’, which also controls the key elements of the Club such as its name, colours, logo and home ground.
“This is a day to acknowledge everything Russell Crowe has done for the Club since he took up an official involvement in June 2006, and to show that the Club is in a very healthy position to continue its climb to the top of the NRL tree,” Rabbitohs Chairman Nicholas Pappas said.
“Russell and Peter Holmes à Court have played an important role in re-establishing the foundations of this Club both on and off the field. While both our investors have been much less hands-on in the running of the Club since 2008, they have nonetheless provided strategic direction and, through their nominated directors, have kept a close eye on the Club’s strengthening performance. Russell has always said he wanted to help get the Club back to being one of the best run Clubs in the NRL and that goal has been achieved.
“With the Club budgeting for its first ever seven-figure surplus in 2013, all without any external funding, there really is no better time from the Club’s point of view for Russell to make his decision to step away from an official capacity. We’re confident that Russell will remain a strong supporter of the Club from the end of next year and beyond, just as he was before 2006. Of course, there is a process that our investors need to follow should they decide to dispose of their interest, and we look forward to that process unfolding at the end of the 2013 season.”
Rabbitohs CEO Shane Richardson echoed the comments of Mr Pappas.
“We have all worked very hard to put the Club in the position it’s currently in, both on and off the field,” Mr Richardson said.
“We have a strong roster of players, one of the leading young coaches in the game at the helm of our football program, the strongest Membership base in NSW in the NRL, a broad and valuable network of corporate partners, and a management team well placed to take us to the next level as a Club.
“We finished one game short of a Grand Final appearance in 2012 and we are committed to doing everything we can to better that in 2013. We are aiming to increase our Membership from 22,000-plus last season to 25,000 Members for the new season, and we have top-shelf companies on all of our major corporate partnership properties for 2013.
“We are in a very strong position, we have a loyal Membership base and the best corporate partners behind us.