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 Post subject: It must be a Gold Coast thing.....
PostPosted: Fri Mar 23, 2012 6:34 pm 
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Gold Coast businessmen - what a bunch of comedians. ¡Viva la Revolución.

Property debts put Titans under financial stress

An attempt by the Gold Coast Titans to distance itself from the financial troubles of its property group has been thwarted by the Australian Rugby League Commission (ARLC).

The Commission says its external auditors have found the Gold Coast Titans football club is under financial stress.

The Commission's chief executive, David Gallop, says the issues surrounding the club's Centre for Excellence are creating an alarming diversion from the club's efforts on the field.

The Titans property arm is locked in court proceedings as a result of the development and newspaper reports suggest the club is up to $35 million in debt.

It had been thought the football department was immune from the financial problems but Gallop says auditors have found the different arms are intertwined.

Titans managing director Michael Searle issued a statement saying the club had been working with the NRL since September on a funding submission to assist the club with its cash flow problems.

Searle said the club's property division is exploring options to sell the Robina Centre for Excellence.

He said the club has projections of a cashflow shortfall of $2.5 million but is still projecting a profit in season 2012.

"The shortfall is a result of poor home crowds in 2011, the ongoing servicing costs associated with the building dispute in 2010 and the economic downturn on the Gold Coast,"cheap and nasty the statement said.

"Going forward the football club on its own is profitable and sustainable. Our current discussions with the ARLC are focused only on the football club funding to ensure its sustainability."

The builders of the club's Centre for Excellence has won the right to start wind-up proceedings against the Titans' property arm.

Lawyers for Reed Constructions appeared in the Federal Court in Brisbane on Friday where they sought leave to be named as creditors.

They claim they are owed more than $1 million, which includes more than $100,000 in interest, from work undertaken on the centre at Robina.

However, the Titans' legal team argued in court that Reed was no more than a contingent creditor, as there was no evidence about what amount, if any, had been repaid thus far.

Justice John Reeves ruled that Reed became a creditor when the two parties signed a deed in August last year.

He granted leave to the company to begin wind-up proceedings.

The matter will return to court next month.

Reed has effectively taken over the case from the Australian Taxation Office (ATO), which discontinued its winding-up application on Friday.

The ATO stepped down from proceedings because its tax dispute - believed to be over outstanding GST payments by Gold Coast Titans (Property) Pty Ltd - has been worked out behind the scenes, with the Titans entering into a plan to pay off their dues.

The court heard that the club is likely facing insolvency and further details about its financial state are likely to be revealed during future hearings.

http://www.abc.net.au/news/2012-03-23/titans-face-wind-up-proceedings/3909010

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 Post subject: Re: It must be a Gold Coast thing.....
PostPosted: Thu Mar 29, 2012 4:05 pm 
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Borrowing that amount of money to build what they did would have been fine if it wasn't
for the GFC.

He tried something different than cash from pokies and failed, plenty of developers on the coast are in the same boat.

The NRL need to step in and lend a hand as they were all for it until the sh1t hit the fan.


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 Post subject: Re: It must be a Gold Coast thing.....
PostPosted: Thu Mar 29, 2012 10:45 pm 
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Property developers and the GFC :lol:

Live by the sword, die by the sword.

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 Post subject: Re: It must be a Gold Coast thing.....
PostPosted: Fri Mar 30, 2012 4:33 pm 
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The Suns are next


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