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  1. #1
    Junior psmitty's Avatar
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    Default Gold Coast Titans (Property) Pty Ltd crisis

    Titans face another legal battle
    Emmaline Stigwood | 04:17pm March 14, 2012

    THE Gold Coast Titans are facing another legal battle with the builder of the Centre of Excellence moving to wind up the football club.

    No lawyers for the Titans appeared in the Federal Court in Brisbane today where the Deputy Commissioner of Taxation had a matter listed to wind up a company associated with the club.

    That's because the tax dispute, believed to be 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 its dues.

    Lawyers for the tax office told the court it was therefore discontinuing the winding up application.

    However, a solicitor for Reed Constructions then got up to say the builder wanted to take up the case.

    Reed Constructions, a national firm that hit the headlines this month due to troubled finances in its NSW division, was the company that took over the building of the Titans Centre of Excellence.

    Reed Constructions would not make any comment on its legal case, which will now be heard on March 23.

    Comment is being sought from the Titans.

    More on this story in tomorrow's Gold Coast Bulletin.
    Psmitty

  2. #2
    QLD Cup Titan eelectrica's Avatar
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    Default Gold Coast Titans (Property) Pty Ltd avoid liquidation proceedings

    http://www.dailytelegraph.com.au/spo...-1226299525588

    GOLD Coast Titans have avoided liquidation proceedings levelled against the club's property arm, with the Australian Tax Office dropping a Federal Court lawsuit in Brisbane this afternoon.

    The Daily Telegraph can reveal the Australian Taxation Office commenced moves on 16 February to have Gold Coast Titans (Property) Pty Ltd wound-up.

    The company was registered in 2007 to own and operate the $20 million Centre of Excellence and Titanium Bar, which has been at the centre of a series of financial disputes between Gold Coast boss Michael Searle and various builders.

    After an ugly split with the original builder ? Simcorp - in early 2010, Searle engaged Reed Constructions to complete the multi-storey development at Robina.
    And so it goes.
    Should we be worried? I mean yippee the Titans haven't been liquidated, awesome, high fives all round and all that.

    But these rumours of financial trouble won't go away and the centre of excellence is at the... Well, centre of it.

  3. #3
    QLD Cup Titan eelectrica's Avatar
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    Too many disputes with too many builders for my liking.

    Whatever it is that's going on behind the scenes, I guess we can only hope it doesn't bring the Titans down. Wonder what the NRL will do if it comes to that.

  4. #4
    QLD Cup Titan Princey's Titanz's Avatar
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    Default

    Quote Originally Posted by eelectrica View Post
    http://www.dailytelegraph.com.au/spo...-1226299525588



    And so it goes.
    Should we be worried? I mean yippee the Titans haven't been liquidated, awesome, high fives all round and all that.

    But these rumours of financial trouble won't go away and the centre of excellence is at the... Well, centre of it.
    Whats the point of the centre of excellence if we dont have a proper halfback who can direct the team around?
    Prince and Sezer in the halves.


  5. #5
    Moderator Bayside Titan's Avatar
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    Default

    God I hope the clubs not introuble and what ever this thing is sorta it's self out. Another year and another builders may have problems with us.

  6. #6
    Kangaroo Titanic's Avatar
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    a grammatical faux pas ... excellent centers ... the lads at the ATO won't be denied, this has trouble written all over it.
    Four reasons to escape to Queensland: Sun, Surf, Sand & the Titans.

  7. #7
    Kangaroo Titanic's Avatar
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    Somebody in our back office appears to be careless.
    Four reasons to escape to Queensland: Sun, Surf, Sand & the Titans.

  8. #8
    Rep Player ozynorts's Avatar
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    Hi is that Clive Palmer, how are you? This is the Gold Coast Titans, would you like to buy a footy team? They are better than your last mob, just, and they draw a better crowd.

  9. #9
    Rep Player ozynorts's Avatar
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    The back office, front office and all side entrances to the Titans end up in the same room. M Searle.

  10. #10

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    Quote Originally Posted by ozynorts View Post
    Hi is that Clive Palmer, how are you? This is the Gold Coast Titans, would you like to buy a footy team? They are better than your last mob, just, and they draw a better crowd.
    I don't want that bloke anywhere near our team. I have watched with dismay what he has done to GCU.

    I do think though that it's time for reassurance from Michael Searle about just what all this means. It doesn't seem right that Reed finished off the Centre of E but it appears they are still owed plenty. There is probably more to it but I think it's time to put it all out there for us to hear rather than try to work it out based on newspaper articles.

  11. #11
    Administrator DIEHARD's Avatar
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    Not good reading at all. It's always hard to try and work these things out from the outside.

    But the Titans face many challenges, including the ridiculous Stadiums QLD deal. But the fans are there, the players and the stadium. The concept is good.

    We just need some help over the intermediate periot to bed things down. The GFC was savage as is the cost of finance and not having tenants in the TCE.

    With the PNG, they did spend in excess of $250,000 for simply a shorts sponsorship with the Broncos. So I believe their intent is real.

    I think the ARL Commission needs to show some leadership here and help us steady the ship.
    Originally Posted by Moejoe
    REMEMBER!!!! SLIP - SLOP - SLAP in the sun. Skin Cancer is a growing problem. It could happen to anyone!!
    TITANS, DIEHARDS, MAROONS, KANGAROOS
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  12. #12
    Super Moderator TITAN PETE's Avatar
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    I think we need someone else in control of the club there seems to be too much bad decisions around Searle & he has no one to answer to but himself.
    #itaintweaktospeak

  13. #13

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    The main thing i think Searle has messed up is the long term contracts.

    It looks like a way of overcompensating for our financial instability. trying to say, dont worry well be alright in a few years.

    i do think that we need a board of some sort, but i dont think he will set that up till we are in a better place financially and he is willing to open the books.

  14. #14
    Kangaroo Titanic's Avatar
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    What I don't like is his lack of transparency with the members ... I bashed this one to death last season but he needs to understand that we would have his back, if he told us what's going on.
    Four reasons to escape to Queensland: Sun, Surf, Sand & the Titans.

  15. #15
    Captain Toads's Avatar
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    Default Searle puts Titans before building

    Searle puts Titans before building

    Shannon Willoughby, chief reporter | 06:53am March 16, 2012

    GOLD Coast Titans boss Michael Searle says the club would sell its embattled Centre of Excellence "graciously" to keep its football team alive.

    The head of the city's NRL team denied the club was in financial strife, but admitted it was seeking to raise capital from the Papua New Guinea Government to pay back bank loans.

    Under the spotlight at a media conference yesterday, Mr Searle said he would do "whatever it takes" to keep the team solvent.

    He refused to speculate on what the building -- which has been at the centre of legal battles in the past two years -- was worth or whether they had looked for a buyer.

    On Wednesday, a move to try to wind up the Titans Property Trust was thrown out of the Federal Court in Brisbane.

    Mr Searle said he would "keep talking" with Reed Constructions Australia, which completed the Robina centre in 2010.

    The company is understood to be pursuing Mr Searle for $1.5 million.

    Mr Searle said his priority was the football team and its fans.

    "At the end of the day we will do whatever it takes to maintain a football team," Mr Searle said. "It is not about the building. To me the club is about the people and if it (selling the Centre of Excellence) came to that we would do it, and do it graciously," he said.

    "I have no problems at all. I have no emotional attachment to the Centre of Excellence.

    "We would possibly consider a sell and lease-back arrangement."

    Mr Searle stressed the football team was a separate entity to the property trust and the Titans were financially stable.

    He said there were discussions with the PNG Government about a "broad range of things", including capital raising and social development in indigenous communities.

    "We are not talking about a sale -- let's get that clear," he said.

    "What we are talking about is a broad range of options and one of them is a capital raise.

    "Not to give everyone an economics lesson, but a sale is different to a capital raise.

    "Everyone is trying to take the banks out but reducing debt. That capital raise is something we will look at."

    He said if the opportunity to raise funds from PNG fell over, other options would be considered.
    goldcoast.com.au


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