Dakink
11-02-06, 11:01 AM
http://smh.com.au/news/league/south...9465799826.html
SOUTH Sydney president Nick Pappas has urged football club members to preserve the Rabbitohs' famous traditions by voting for the privatisation proposal put forward by Russell Crowe and Peter Holmes a Court.
The $3 million offer to buy 75 per cent of Souths was endorsed by a two-thirds majority of Rabbitohs directors at an historic board meeting last night and will now be decided by members.
Of the nine Souths directors, Jim Lahood and Peter Lahood are against the privatisation bid but believe it should be put to the club's 4000 members, while Sol Belair voted against it without qualification. With leagues club boss and Souths patriarch George Piggins also bitterly opposed to the move, Pappas and his supporters face the difficult task of convincing 75 per cent of members to vote for the most radical change in the Rabbitohs' 98-year history at an extraordinary general meeting on March 19.
"I am excited about a proposal that is at last going to bring some sustainability to this football club from a financial point of view, and just as importantly enshrines once and for all some of those core values that members value so much," Pappas said after the two-hour meeting.
"They're things such as the logo, the colours, not leaving Sydney, the song, the name - all of those things currently aren't protected and we could make decisions to change those today but under this proposal they're recorded and preserved in perpetuity."
Under the proposal, Crowe and Holmes a Court will pay $3 million for a 75 per cent stake in the football club and in turn will have four of the seven positions on the new board.
However, members will have full control of the club's intellectual property, as well as where Souths play and no changes can be made without passing a vote.
In addition, Crowe and Holmes a Court cannot sell any of their shareholding within three years and, if they ever wanted to, the football club would have first right of refusal.
Should the venture be a financial flop, they have agreed to sell it back to the football club for $1 and restore the balance sheets to the same levels as at the time of sale.
"Any special resolution is a challenge for those seeking to put it to members but this club has been through a lot and the members have been through a lot," Pappas said.
"What they're looking to is a board that will guide them into a period of sustainability, peace and a winning football team - and we haven't had those things for a long time."
Holmes a Court is expected to address the supporters at the Souths fan day at Telstra Stadium on Sunday.
http://smh.com.au/news/league/south...9465799826.html
Will thus be one of the last chances for Souths to get the business side of the club in order??
Will Piggins put his foot into this as well?
I personally feel the members will pass this - though that greatly depends on the politics of the situation - if it was purely clubs best interest it would pass easy!
SOUTH Sydney president Nick Pappas has urged football club members to preserve the Rabbitohs' famous traditions by voting for the privatisation proposal put forward by Russell Crowe and Peter Holmes a Court.
The $3 million offer to buy 75 per cent of Souths was endorsed by a two-thirds majority of Rabbitohs directors at an historic board meeting last night and will now be decided by members.
Of the nine Souths directors, Jim Lahood and Peter Lahood are against the privatisation bid but believe it should be put to the club's 4000 members, while Sol Belair voted against it without qualification. With leagues club boss and Souths patriarch George Piggins also bitterly opposed to the move, Pappas and his supporters face the difficult task of convincing 75 per cent of members to vote for the most radical change in the Rabbitohs' 98-year history at an extraordinary general meeting on March 19.
"I am excited about a proposal that is at last going to bring some sustainability to this football club from a financial point of view, and just as importantly enshrines once and for all some of those core values that members value so much," Pappas said after the two-hour meeting.
"They're things such as the logo, the colours, not leaving Sydney, the song, the name - all of those things currently aren't protected and we could make decisions to change those today but under this proposal they're recorded and preserved in perpetuity."
Under the proposal, Crowe and Holmes a Court will pay $3 million for a 75 per cent stake in the football club and in turn will have four of the seven positions on the new board.
However, members will have full control of the club's intellectual property, as well as where Souths play and no changes can be made without passing a vote.
In addition, Crowe and Holmes a Court cannot sell any of their shareholding within three years and, if they ever wanted to, the football club would have first right of refusal.
Should the venture be a financial flop, they have agreed to sell it back to the football club for $1 and restore the balance sheets to the same levels as at the time of sale.
"Any special resolution is a challenge for those seeking to put it to members but this club has been through a lot and the members have been through a lot," Pappas said.
"What they're looking to is a board that will guide them into a period of sustainability, peace and a winning football team - and we haven't had those things for a long time."
Holmes a Court is expected to address the supporters at the Souths fan day at Telstra Stadium on Sunday.
http://smh.com.au/news/league/south...9465799826.html
Will thus be one of the last chances for Souths to get the business side of the club in order??
Will Piggins put his foot into this as well?
I personally feel the members will pass this - though that greatly depends on the politics of the situation - if it was purely clubs best interest it would pass easy!