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Souths / Russell Crowe (merged threads)


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#1 boxhead

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Posted 20 November 2012 - 07:23 AM

RUSSELL Crowe hopes to sell his interest in South Sydney by the end of next year - but Rabbitohs members will be paying off a debt to the Hollywood star for more than a decade.
While plaudits flowed for the owner yesterday, as chairman Nick Pappas confirmed Crowe's intention to sell his 37.5 per cent share, Pappas described Souths as the "envy of the code".
Chief executive Shane Richardson quickly gave an example why, saying the Rabbitohs continue to be profitable in the tough Sydney market.

"This year is the fourth year that we'll make an EBITA profit, a cash flow profit," Richardson said. "Next year we're projecting at making a seven-figure profit."

The club's true finances are not quite so rosy, though.



An EBITA profit is earnings before interest, taxes, depreciation and amortisation.

According to the club's last annual report, the club recorded an $864,225 loss last year, amassing $10.6 million in liabilities against $4.6 million in assets.

A large portion of the liabilities was a $6.15 million loan - $4.5 million from Peter Holmes a Court, $1.65 million from Crowe - which came on top of their initial $3 million investment to buy 75 per cent of the club in 2005.

Link
http://www.courierma...x-1226519926330

Souths could be in a spot of trouble soon.

#2 boxhead

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Posted 20 November 2012 - 07:27 AM



GEORGE Piggins still recalls the night Kerry Packer looked him in the eye at a Double Bay cafe and told him anyone who thought there was money in football clubs or racehorses was mad.

Piggins agreed, so when Hollywood star Russell Crowe was trying to roll out the red carpet to buy Souths 10 years later, he relayed the late media mogul's advice.

Sitting in Crowe's $20 million waterfront Woolloomooloo apartment back in late 2005, Piggins delivered the same frank assessment to the multi-millionaire actor.

The trouble was, Crowe didn't want to listen. Piggins now fears the club he marched 80,000 people from Redfern Oval to the Town Hall steps in Sydney to save during the Super League war could be sold off to the Central Coast, or worse, Perth.

"We had a meeting, me and Russell, at his place," Piggins said. "Unfortunately he thought it was going to be so easy to make money out of a football club and he listened to people who didn't know.


"I told him I remembered the night Kerry told me: 'There's no money in football. Anyone owning a football team or racehorse is mad.' If there were a few more Kerry Packers around it would be better. Kerry was interested in sport and he put his money where his mouth was.

"Russell thought there was money in football and sport but I'm yet to see anyone make a lot of money out of football, other than the modern-day players."

Link

http://www.courierma...x-1226519161787


Pity they can not move the Roosters to Perth.


#3 nadera78

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Posted 20 November 2012 - 10:59 AM

Nonsense. Souths are one of the best run clubs in the NRL, Crowe will have absolutely no trouble finding someone to buy his shares come the end of the season.
"Just as we had been Cathars, we were treizistes, men apart."
Jean Roque, Calendrier-revue du Racing-Club Albigeois, 1958-1959

#4 nadera78

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Posted 20 November 2012 - 11:01 AM

Wow, you're on a Souths roll today, aren't you?

George Piggins knows absolutely nothing about Souths as a football club or as a business. His opinion on this matter is as meaningless as yours or mine. The only reason the press go to him is because he's guaranteed to bad mouth the club.
"Just as we had been Cathars, we were treizistes, men apart."
Jean Roque, Calendrier-revue du Racing-Club Albigeois, 1958-1959

#5 jackknife

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Posted 20 November 2012 - 02:01 PM

Wasnt he the main reason Burgess 1st signed
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#6 brooza

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Posted 20 November 2012 - 02:03 PM

Wasnt he the main reason Burgess 1st signed

I believe so.

How must he be feeling with Rusty going and shoulder charges being banned?

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#7 SirRadlinski

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Posted 20 November 2012 - 02:51 PM

I believe so.

How must he be feeling with Rusty going and shoulder charges being banned?


How must the whole Burgess clan be feeling :D

#8 boxhead

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Posted 22 November 2012 - 11:07 AM

GEORGE Piggins still recalls the night Kerry Packer looked him in the eye at a Double Bay cafe and told him anyone who thought there was money in football clubs or racehorses was mad.
Piggins agreed, so when Hollywood star Russell Crowe was trying to roll out the red carpet to buy Souths 10 years later, he relayed the late media mogul's advice.
Sitting in Crowe's $20 million waterfront Woolloomooloo apartment back in late 2005, Piggins delivered the same frank assessment to the multi-millionaire actor.
The trouble was, Crowe didn't want to listen. Piggins now fears the club he marched 80,000 people from Redfern Oval to the Town Hall steps in Sydney to save during the Super League war could be sold off to the Central Coast, or worse, Perth.
"We had a meeting, me and Russell, at his place," Piggins said. "Unfortunately he thought it was going to be so easy to make money out of a football club and he listened to people who didn't know.

"I told him I remembered the night Kerry told me: 'There's no money in football. Anyone owning a football team or racehorse is mad.' If there were a few more Kerry Packers around it would be better. Kerry was interested in sport and he put his money where his mouth was.
"Russell thought there was money in football and sport but I'm yet to see anyone make a lot of money out of football, other than the modern-day players."
Link
http://www.courierma...x-1226519161787

Pity they can not move the Roosters to Perth.

Souths have always been a basket case, if Crowe goes it will be in big trouble.
If Crowes share in the Club were making money why is he getting out and calling in his debts.
Souths went broke for a reason a few years ago.

#9 MrPosh

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Posted 22 November 2012 - 01:50 PM

How must the whole Burgess clan be feeling :D


They could still be in Bradford...

Souths have always been a basket case, if Crowe goes it will be in big trouble.
If Crowes share in the Club were making money why is he getting out and calling in his debts.
Souths went broke for a reason a few years ago.


Doesn't Holmes a Court (sp?) hold most of the shares? Does this mean he is looking to bail, alongside Crowe?

As long as he remains committed to the club, I would have thought that (financially at least) the impact of Crowe leaving couldn't be too severe.

And surely they're not still being run in the same way as they were when they went broke? From an outside perspective, Souths seem one of the better run clubs, but I'm happy to be corrected.
People called Romans they go the house

#10 nadera78

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Posted 22 November 2012 - 04:44 PM

Souths have always been a basket case, if Crowe goes it will be in big trouble.
If Crowes share in the Club were making money why is he getting out and calling in his debts.
Souths went broke for a reason a few years ago.


Utter nonsense. The Souths of the George Piggins era was a basket case - he even called for the game to return to semi-pro status at one point - but this is not the same club in any way shape or form. Alongside Brisbane and the Warriors (owned by two billionaires) Souths would be the safest club in the NRL.
"Just as we had been Cathars, we were treizistes, men apart."
Jean Roque, Calendrier-revue du Racing-Club Albigeois, 1958-1959




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