Cashed-up Titans vow to pay staff

[Sydney Titans Fanatic]

TITANS boss David May last night declared the club would settle outstanding employee and taxation debts by the end of the month, with a multimillion-dollar cash injection expected to land in the organisation's bank account today.

However it will be months before the Gold Coast NRL club's many creditors receive outstanding monies because the organisation will scrutinise claims made against it.

Titans officials trumpeted on June 15 that they had acquired investor funds but it has taken more than three months for the money to materialise.

Mr May confirmed investor triumvirate Graeme Connor, Darryl Kelly and Anshuman Magazine had committed the required capital to the club but it would not be available until the applicable paperwork had been completed.

The multimillion-dollar boost comes as the Titans club was exposed for owing more than $300,000 in superannuation to players and employees.

It has also been reported the club is yet to settle multiple debts with the Australian Taxation Office that stood at more than $2 million last year.

Mr May, who has been chief executive of the club for little more than a month, emailed employees last Friday to say superannuation entitlements would be paid this week.

"The recapitalisation and injection of funds from the investors resolves all the issues we're aware of and that money will be injected into the club this week," Mr May said yesterday.

"We're in the process of completing all the paper work that needs to be completed in forming a new entity and directors.

"That will be resolved within the next 24 hours and that's why I was confident enough in sending an email to our staff on Friday that all superannuation would be cleared this week.

"I'm really confident that by the end of this month we'll have resolved all outstanding superannuation and taxation issues."

Mr May, who took over the Titans' leadership from Michael Searle, has vowed to fix the club's fractured image.

"We (new management) went into this with our eyes open. We knew the situation and what needed to be done," he said.

"That hasn't changed ... these are legacy issues. These are things we have inherited."

He said the club was working towards paying creditors but the process would take time. "We just need to make sure the debts we're paying are verified."

Mr May also said there was no indication from the Australian Rugby League Commission that the club was in danger of having its licence revoked.
goldcoast.com.au

[karnage]

All the club is doing is putting out fires that have been started by the corrupt former CEO.

Until he is gone, root and branch, there will be no future for our club.

[Smakked]

All the club is doing is putting out fires that have been started by the corrupt former CEO.

Until he is gone, root and branch, there will be no future for our club.

That is the best quote i have seen regarding this ever and so very true