NEWS: Piggins is at it Again... Souths headed for Stalemate

[Queenslander]

PETER Holmes a Court's audacious bid for South Sydney Leagues Club passed first base with flying colours last night.

The millionaire businessman emerged from a two-hour meeting with the embattled club's board all smiles after being asked to translate his rich proposal to a formal offer.

"I think we got a really good response," Holmes a Court said.

"We'll put our proposal to them. Hopefully they will review it and take it to their members one day."

Given that Holmes a Court's plan appeared to be out of favour with leagues club president George Piggins, the positive result was a surprise.

But Piggins emerged "quite interested" in doing business with Holmes a Court, whose proposal is supported by Hollywood actor and close friend Russell Crowe.

"It was very enlightening. It was a little bit better than what we thought it was going to be," Piggins said.

"Earlier letters looked as though Peter Holmes a Court was going to take the members' club off them, but its entirely different.

"It's a lot better. It will give us a steady stream of income which we've never had before."


Holmes a Court's original plan included $7.5 million to repay the club's current debt and $3 million for renovations. Piggins said the mooted renovations involved new offices, the rent towards which would be used to repay the loan and support the football club.
While he declined to discuss exact figures, Holmes a Court is understood to have submitted a higher bid at last night's meeting in the wake of a rival offer from tennis great John Alexander.

But Piggins was hoping to change Holmes a Court's refusal to back a 12,000 seat NRL-standard Redfern Oval.

Both Piggins and Holmes a Court also left the door open for a combined funding plan with Alexander.

"Maybe we might be able to put the two proposals together," Piggins said. "Peter can do the building and John can rent it off us."

http://foxsports.news.com.au/story/0...-23214,00.html

[Titanium_BD1103]

Thanks Queenslander.. just noticed that was the wrong article and didn't get the crux of the arguement.. but all good news it is for Souths..