HEAVY HITTERS LINE UP BID TO BUY TITANS
Titans
August 17, 2014 02
A CONSORTIUM of high-powered investors is repositioning itself to make a play for the Gold Coast’s NRL licence.
Representatives of the group, which is being advised by former Titans football manager Scott Sattler, previously met with an NRL official in 2012 on the day former NRL CEO David Gallop resigned.
At the time, the NRL was investigating options in case the Titans collapsed because of the financial difficulties they were experiencing.
The consortium, understood to have had $15 million in start-up capital when it initially approached the NRL, has representatives who are experienced in business, marketing and football operations.
In 2012 the Titans’ NRL licence was transferred from a Michael Searle-controlled entity to Darrkell Pty Ltd, a company owned by Gold Coast businessman Darryl Kelly.
Searle retains a 40.6 per cent stake in the Titans, while Kelly holds 34.4 per cent and Indian businessman Anshuman Magazine 25 per cent. The Titans now have a board, a respected CEO in Graham Annesley and have cleared debt that was tied to the Centre of Excellence fiasco.
But the Sattler-advised consortium has been concerned about the Titans’ dwindling crowds, failure to play finals football since 2010 and lingering question marks over the club’s support in the community.
Sattler stresses that the group is interested in a collaborative approach and would be willing to work with key stakeholders in the Titans, including Kelly.
“Four or five weeks ago I was contacted by a representative of this group about the possibility of again getting to a position where they could . . . become involved,” Sattler tells RLW.
“It has never been about walking in and taking over the Titans.
“It is about being in a position to see what options may lie ahead and investigating the possibility of establishing a Gold Coast model they could enhance, advance and turn into a very profitable one.”
Sattler, who also played for the Gold Coast Chargers and Seagulls, says the motive behind his involvement is to see an NRL side on the Gold Coast thrive long term.
He has been dismayed by the club’s failure to kick on after its success of 2009 and 2010 and by the constant off-field upheavals that have recently culminated in the NRL investigating a possible $400,000 salary cap breach.
“For me, it is about this question: Has the Northern Rivers and Gold Coast community lost faith in the brand? If they have, what do we then need to do collectively to make sure that credibility and crowds can return, so the Gold Coast can be a success moving forward?” he says.
“This is about finding a solution to put the team on the front foot again.
“Michael Searle said from day one the Titans would be playing finals football within five years, and the club did.
“Now it is about asking what needs to be introduced and what changes are needed, so the Titans can go to the next level and be competitive on and off the field.
“The Gold Coast Suns (AFL club) at the moment don’t see the Titans as a threat — and that is a worry.”
The NRL has made it clear that correct corporate governance is a
prerequisite to retaining an NRL licence, but there is no suggestion the Titans have breached any regulations. Nor is there a suggestion the Titans aren’t financial.
But, as there have already been four incarnations of top-level Gold Coast league teams since 1988, the question of ownership will always be in play.
