Gold Coast Titans (Property) Pty Ltd crisis

[eelectrica]

I agree but who controls or owns the Titans is in play.

The Gold Coast Suns.... ARE the AFL. As are GWS.

The other issue is, if we cant find tenants for the Centre of Excellence, can we find a buyer? And would it be at the figure we want?

Especially in todays economic climate.
For all the spin Searle puts on it, if we can't find someone to lease it, surely finding a buyer would be even more difficult?

[karnage]

Especially in todays economic climate.
For all the spin Searle puts on it, if we can't find someone to lease it, surely finding a buyer would be even more difficult?

Exactly.

It must be said that Searle is a part of the problem, not the solution. In order to regain the confidence of the local community he has to go. If he falls on his sword we can move forward with renewed community confidence and a more transparent structure.

[eelectrica]

Exactly.

It must be said that Searle is a part of the problem, not the solution. In order to regain the confidence of the local community he has to go. If he falls on his sword we can move forward with renewed community confidence and a more transparent structure.

I agree. He did very well to get the Titans here, but since then its been one bad decision after the other. Building controversey after controversy.

We give him the BOTD in the simcorp thing, but to be in the exact same spot with another builder? Credibility gets stretched a little.

What we should have done with the COE dollars is bought management rights to Skilled park, like the Suns have with Metricon. Give us a level playing field with the suns and we blow them out of the water.

[gcboyz]

There are several reasons why the NRL needs the Titans. The new television agreements will obviously be higher if we have a national game to sell. Over time a truly national competition has the potential to increase advertising revenues and hence the asking price for television rights. The future expansion in developing markets starts right here in South East Queensland and it will be impossible for further growth in Western Australia and other areas if the NRL cannot shore up support in Rugby League heartland. The moans and groans of the Sydney clubs is short sighted.Only a national television deal will allow them to prosper. A sydney-centric competition will only depress the potential advertising revenues. We will be back to sitting on wooden bleachers getting splinters in our bum and the best of our games players will be off to England or playing Union.
There will need to be huge cash injections in the future for expansion clubs and it will be money well spent to ensure a national competition and the revenues it will guarantee. Revenues from game day attendance will be dwarfed by the income from television.
The NRL has a vested interest in ensuring the financial survival of the Titans

[DIEHARD]

A bunch of pokies might not be classy, but I'd rather my footy team be milking pensioners dry than some generic pub owned by Woolworths.

True haha. I hate generic pubs owned by Woolies and Coles.

In 2008 we got forms to sign up for a Titans Leagues Club but it never came to be. Change in direction I guess.

I think most fans would want a Leagues Club.

My main concern is if we can't get tenants, how could any buyer get revenue from it to recoup their outlay?

I don't want to see a fire sale. I want to see a way through this.

[Mushi]

I find the whole thing being discussed in the media very concerning! Yes the media overspeculate EVERYTHING and you can only believe half of what you read but when it is my team being discussed as folding or being renamed etc my heart jumps in my throat. We are trying to win back our fans on the back of last year and this is all not going to help us at all. I can only hope right now the team itself is assured of the credibility of the club and can focus on playing some footy and winning some games

[Smakked]

The more you read the worse it is getting, i have to say it isnt looking good
The ARL need to step in and take control and **** off Searle , i have never liked the guy he is a little weasel.

[shamus]

The NRL has a vested interest in ensuring the financial survival of the Titans

...Maybe Searle knows this....and if so is a genious!

In 2008 we got forms to sign up for a Titans Leagues Club but it never came to be. Change in direction I guess.

Yep...I want my dollar back.

[teke]

None of this shocks me in the slightest.

Ppl have hinted at the problem, that is all one shall say

[bigjim]

What I don't understand is where is all the money coming from for Jamal Idris, Nate Myles, Beau Champion and then talk of Dave Taylor and possibly Cooper Cronk next year. Is this speculation all a smoke screen to hide the fact there may not be a team next year. It don't figure.

[Smakked]

The worse thing about this is it is no doubt going to affect player son the field , your kidding yourself if you think otherwise, when you and your family future is in doubt what is there to think about other then that. Could be a long season or long weeks if this keeps going on.

[Toads]

Auditors reveal $35 million worth of debt at Gold Coast Titans as club circles on Cooper Cronk

By Phil Rothfield, Andrew Webster, Peter Badel

Gold Coast Titans' crippled financial state descended further into the abyss on Thursday after a team of NRL accountants unearthed millions of dollars of hidden debt in the embattled football club.

While Titans boss Michael Searle has long been adamant the club's difficulties are confined to the its property arm and its Centre of Excellence, NRL chief executive David Gallop said an audit this week had shown all aspects of the business were under "considerable financial stress" with the total debt estimated at $35 million.

It comes amid an increasing belief that Storm halfback Cooper Cronk has already signed a three-year deal with the Titans, despite deep concerns about the club's future.

While Gallop couldn't guarantee the Titans' current playing roster would all be paid, he said he was confident contract payments would be met.

"We have received reports from our external accountants today that confirm the whole structure at the Titans is under considerable financial stress," Gallop said. "We are working through the options around that but there needs to be an acceptance that the various arms of the group's business are intertwined in terms of the level of debt and that will have ramifications as future options are explored."

It is understood the external accountants discovered the football club was in millions of dollars of debt to suppliers, including those that provide merchandise, catering and ground hiring.

The Titans will return to the courtroom on Friday after Reed Constructions, which finished the NRL club's controversial Centre of Excellence project, filed two affidavits in the Federal Court this week.

The NRL cannot allow the club to fold because it needs them to satisfy their TV agreement of eight matches a week.

"The game's clear goal is to maintain a viable football club at the Titans," Gallop said. "The issues around the building are creating an alarming diversion from what would otherwise be a successful expansion of our game into an important area."

Yet the Titans continue to plough ahead.

Following the shock signing of Souths big man Dave Taylor on Sunday, it is believed the Titans are in the box seat to secure Cronk on a three-year deal worth about $800,000 per season despite their financial turmoil.

The Storm had feared that South Sydney would snatch Cronk from under their noses because of the influence of Craig Bellamy's former understudy Michael Maguire.

But that has changed, so much so that there was a strong belief out of the Storm on Thursday that the Titans had become "frontrunners" to sign their halfback, who has been in white-hot form.

Searle - who did not return calls on Thursday night - has a close relationship with Cronk's manager Chris Orr, based on the Gold Coast.

Working in the Titans' favour is Orr has the ability to secure numerous lucrative third-party agreements.

Source: foxsports.com.au

Oh Mr Searle, what have you done..

[CairnsTitan]

Way to go Searle, now the fat **** is hiding

[karnage]

I just don't know what to say...

I sat through 1993 as a Gold Coast Seagulls member when we were arguably the worst team in the history of professional rugby league. But that was a winter of sunshine and lollipops compared with how I felt when the Chargers were disbanded as a victim of the Super League war.

This is worse...

[DavidBouveng]

Yeah Karnage i agree.

Im not sure i could handle another iteration of our team.

and if we fold altogether, i cant just go support the broncs like i did when i was a 17 year old and the chargers died.

when i wake up at 3am most morning for a wizz, i check the league news on my phone half expecting it to be the morning to Titans have died.

it feels like the hammer is going to drop at any moment.