Another day, another death notice.
Meh.
Meh.
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This looks fairly terminal for Terry IMO. Two weeks to find 6 Million. He obviously does not have the money locally coz he would not have needed to go the try and borrow it in Switzerland if he had....and that fell through.
I feel sorry for the guy as he has been tremendous for football in this part of the world. My bet is the Nix will have a completely different ownership structure by he time the next season kicks off.
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Good time to browse the NBR Rich List me thinks. Not the 2009 one though, things have changed since then.
I know, I know, its serious!
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Wonder how much the club would go up for on trademe?
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We still have to remember that Terry has made this club. I'd just like to see investment from other sources rather than telling Terry to sling his hook.
My guess is that the Phoenix is not investable for any interested party with Terry retaining any ownership at this stage.
You're very unlikely to see this pre-bankruptcy anyway- if anyone is interested in the Phoenix as a going concern, they'll want to see debt writeoffs.
I think it may well get worse before it gets any better.
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No one will do a deal with Terry his rep will put everyone off imo
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No one will do a deal with Terry his rep will put everyone off imo
Would you?
E + R + O
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No one will do a deal with Terry his rep will put everyone off imo
Would you?
Nah, But I would with Clive Palmer
CboZ2011-02-19 14:48:45
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No one will do a deal with Terry his rep will put everyone off imo
Would you?
Nah, But I would with Clive Palmer
Clarke Palmer... well I guess it beats Mrs Palmer...
tmi.
E + R + O
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No one will do a deal with Terry his rep will put everyone off imo
Would you?
Nah, But I would with Clive Palmer
Clarke Palmer... well I guess it beats Mrs Palmer...
tmi.
Knew that was coming.
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No one will do a deal with Terry his rep will put everyone off imo
Would you?
Nah, But I would with Clive Palmer
Clarke Palmer... well I guess it beats Mrs Palmer...
tmi.
Knew that was coming.
I'm nothing if not consistent
E + R + O
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Can someone change the icon of those thread to a thumbs down
a.haak
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
http://www.youtube.com/watch?v=qe_B5CzbTJo - Caceres winning penalty v Perth - footage from the Fever Zone
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
exactly right, this is just a tactic. You file so you control proceedings but this is nothing further than the other things that have gone before.
Serepisos has a rep of not paying until he absolutely has to, filing for bankruptcy is just a way for making sure that he "absolutely has to"
Normo's coming home
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
Indeed, something most people have seemed to gloss over.
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
exactly right, this is just a tactic. You file so you control proceedings but this is nothing further than the other things that have gone before.
Serepisos has a rep of not paying until he absolutely has to, filing for bankruptcy is just a way for making sure that he "absolutely has to"
And if Terry can't pay...?
Realistically, how long could/would it take to transfer the club to new owners?
And would a buyer of a 'failed' operation (like the Nix if it went down) be obliged to honour existing contracts?
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Why don't we go to court tomorrow and chant 'no surrender to the ird' until we get thrown out?
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
exactly right, this is just a tactic. You file so you control proceedings but this is nothing further than the other things that have gone before.
Serepisos has a rep of not paying until he absolutely has to, filing for bankruptcy is just a way for making sure that he "absolutely has to"
this. terrys money handling issues go way back before the phoenix. he may not have much cashflow but he does have a rather large asset collection, just a matter of refinancing some of them. He really should be looking to sell off a few propertys I reckon. I doubt anything will come of it once again
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need new owners. period
Who are you suggesting? Phil Whitley?
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You show good reason behind your statement too....
Allegedly
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I do note that the article says he has 2 weeks to come up WITH A WAY of paying the $6.1million, NOT that he has to pay it in 2 weeks. The two things are quite different.
exactly right, this is just a tactic. You file so you control proceedings but this is nothing further than the other things that have gone before.
Serepisos has a rep of not paying until he absolutely has to, filing for bankruptcy is just a way for making sure that he "absolutely has to"
this. terrys money handling issues go way back before the phoenix. he may not have much cashflow but he does have a rather large asset collection, just a matter of refinancing some of them. He really should be looking to sell off a few propertys I reckon. I doubt anything will come of it once again
It's all smoke and mirrors from all parties, the IRD/ACC pretty much have to start Bankruptcy proceedings to force Terry to pay up - that's how he's done his business holds on to his cash for as long as he can, Terry on the other hand needs to make a move quickly - whcih I'm sure he is, as always he'll comer up wioth the cash at the last minute to fend of the hordes.....selling property in this market may not be the easiest or most cost effective option.
Queenslander 3x a year.
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I have to say this one more time for those "need new owners" fools. What you are saying is: "we need someone who's prepared to lose a million dollars a year on having his own football team." I am firmly of the belief that the kind of person prepared to do that is also the kind of person who will wait until the last possible moment to pay his bills. The alternative to Terry is a Terry-like person.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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At least they printed it!
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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On page A146 underneath the "Gardening Services" classifieds.
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I have to say this one more time for those "need new owners" fools. What you are saying is: "we need someone who's prepared to lose a million dollars a year on having his own football team." I am firmly of the belief that the kind of person prepared to do that is also the kind of person who will wait until the last possible moment to pay his bills. The alternative to Terry is a Terry-like person.
Thats all well and good,but this continual bad press cant be good when you are trying to resign players or attract new players to the club.While im hugely thankfull for what Terry has done surely it may reach a point at some stage in the future where some tough decisions have to made.
I just hope for the future of the Phoenix that those decisions can be made before its all to late.
GET YOUR SHIRTS OFF FOR THE BOYS
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As I also keep saying, many other A-League clubs are up to their neck in financial manure. I would say the Nix are going to find it easier to find players than, say, the Furries, and I'm not 100% sure about the Jests' future either.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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The 'jests' have just been taken over by a mining magnate. They have gone from one of the poorest to one of the richest.
I hope that whatever happens, happens pretty soon. Need some certainty for recruitment and next season planning.
rjmiller2011-02-21 14:36:02
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And then we find out that the mining magnate is being chased by Australia's IRD? The whole model of A-League teams being funded by rich egomaniacs is unsustainable. I would love to move to community ownership, but as News explained that's a pipe dream for now, so right now I am sad to inform you all that there is no alternative to Terry and we had better hope he can pay his debts.Doloras2011-02-21 14:38:21
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Anything is possibly, but someohow I doubt it. Looked the guy up...
Tinkler was an electrician in a coal mine before starting his own business. His big break came in 2006 when he borrowed $500,000 to buy a mine. He sold his company to Macarthur Coal for $275 million. In 2008 he was on BRW's Young Rich list, worth about $441 million. He is the richest man in Australia under 40 years old.
In July 2010, Tinkler floated his company, Aston Resources with $400 million worth of shares offered. Leaving Tinkler with $600 million worth of the company. In early October 2010, it was announced that Tinkler was set to purchase a 50% share in the Ford V8 Supercar team, Dick Johnson Racing. Taking over from Charlie Schwerkolt as Dick Johnson's partner within the team.
On September 22, 2010, the FFA announced that Tinkler had purchased the A-League club Newcastle Jets from Con Constantine, holding the licence temporarily. On 2 October, 2010, he secured the future of the club by extending his ownership until 2020.
Tinkler has had a positive influence at the Jets. A new price for tickets includes a season pass for children younger than 15, a family pass for 11 home games with reserved grandstand for $100 and general admission for $10. As part of a new initiative called "Be a part of it", the Jets hosted a community day, where 10,000 fans were admitted free for the clash against Melbourne Heart on October 31, 2010.
The club has a new sponsor with Hunter Medical Research Institute. The Jets will have the institute's logo on the front of their playing strip and will donate $5000 for every goal they score at home and $2500 for an away goal. The changes continued when the club set up a new administration office, extended the contract of coach Branko Culina until March 2015 and unveiled a $2.5 million blueprint for the football department.
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Mining Magnate v Property Developer?
In an ideal world, I know which one I'd choose.
Completely agree on the point about sustainability though. "Wanted: Very rich mug who is willing to pour bucketloads of cash down the drain indefinitely to keep a football club alive..."
Jag2011-02-21 14:52:05Apparently I'm apathetic, but I couldn't care less.
"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003
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(people called Mike Ashley need not apply)
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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And then we find out that the mining magnate is being chased by Australia's IRD? The whole model of A-League teams being funded by rich egomaniacs is unsustainable. I would love to move to community ownership, but as News explained that's a pipe dream for now, so right now I am sad to inform you all that there is no alternative to Terry and we had better hope he can pay his debts.
Simplistic view here: How do clubs in the lower leagues of the various football nations survive and what are their ownership structures?
A-League seems to be like EPL - clubs propped up by the largesse of wealthy benefactors.
Here in egg ball-land even egg ball provinces are losing money.
If a community-based ownership model is not going to work either (and maybe also we have a small population base to work from) then I agree with Jag's mum that there is no (obvious) alternative.
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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Completely agree on the point about sustainability though. "Wanted: Very rich mug who is willing to pour bucketloads of cash down the drain indefinitely to keep a football club alive..."
The a-league does seem to be taking notice. Clubs will receive more broadcasting revenue from next season. Wasn't individual shirt sponsership opening up as well?
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So that might mean a shift from clubs losing a cack load to losing a smallish cack load or maybe even breaking even.
Don't think that would remove the need for a rich sugar-daddy backer.
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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Completely agree on the point about sustainability though. "Wanted: Very rich mug who is willing to pour bucketloads of cash down the drain indefinitely to keep a football club alive..."
The a-league does seem to be taking notice. Clubs will receive more broadcasting revenue from next season. Wasn't individual shirt sponsership opening up as well?
The A League has to take notice, not really much of an advert if teams in the competition keep going tits up..
Apparently I'm apathetic, but I couldn't care less.
"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003
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Thats all well and good,but this continual bad press cant be good when you are trying to resign players or attract new players to the club.
Can anybody confirm my understanding that the FFA actually guarantees players contracts? i.e. if a club goes under the FFA guarantees that the players will get paid (at least until they find another contract).
If so, it means that concern that Terry's current financial situation would put players off signing is somewhat mis-placed.
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Re Nathan Tinkler (see above) ... the guy has also spent a small fortune (well a large one actually) on Australian horse racing ... the best that money can buy etc ... some success but unfortunately he has also established a track record for firing trainer after trainer ...
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