QRL calls for Titans financial inquiry

[Foordy]

QRL supremo Ross Livermore has called for the NRL to launch a full inquiry into the Titans finances following fresh revelations the club owes three entities more than $25,000 in unpaid debts.

Livermore’s plea came as a leading Queensland-based jersey manufacturer, Triple Play, warned the Titans faced another lawsuit if it did not pay money the company has been chasing for five months.

As the Titans continue a legal dispute with former builder Simcorp over their troubled $22 million Centre of Excellence project, The Sunday Telegraph can reveal:

* The Queensland Rugby League claims it is owed $18,000 in unpaid development fees by the Titans, whom Livermore says are the only NRL club yet to pay up;

* Triple Play is owed $5775 for guernseys provided in January to the Titans’ under-16s and under-18s squads;

* Another company, Total Hire, says it will never deal with the Titans again after alleging it was forced to write off $1500 in bad debts when the Gold Coast failed to pay for equipment hire at the club’s Centre of Excellence site; and

* The Titans are attempting to resolve a dispute with the Queensland Government, which began legal proceedings last month seeking $226,278 in unpaid payroll tax.

The series of outstanding monies raises further queries over the fiscal health of the Titans, who have twice sought advances on their NRL club grant totalling $2.3 million.

Titans boss Michael Searle is holidaying in Europe and could not be contacted yesterday.

He has vehemently denied the club is facing insolvency, claiming the Titans empire is worth $52 million.

But Livermore urged NRL boss David Gallop to undertake an urgent investigation into the Titans’ books as the club's latest financial headaches came to light.

http://www.couriermail.com.au/sport/nrl ... 5884718268

If the Titans are worth so much why do they need to get advances on their grant or fail topay their debts ...deadbeats.

Also if the Titans are worth $52 million then the Broncos empire must be worth billions :D

 

[Bannermania]

Yeah they're not too great with money it seems.. ffs.

 

[Bucking Beads]

Looks like there CEO has done a poor job, it seems he should have been worried about his club instead of organising a stupid All stars match.!

 

[Nashy]

Or going on holiday on a salary that he doesn't deserve.

 

[Kaz]

Titans worth 52 million. [icon_lol1.

Yeah right.

 

[Fozz]

Sure they're worth $52 milllion.

In Zimbabwean currency.

 

[Flutterby]

The QRL though elected not to pursue the money owing to them as legal advise was that it would cost so much it wasn't worth it.

I seriously hope the Titans aren't as bad off as this appears - if another GC based team were to fail and have to shut up shop then that's it for the area IMO. From what I know most of the financial issues are because of the Centre of Excellence, which they can't even use as Simcorp won't hand over the keys until they are paid in full. So as it stands - they have paid out a substantial amount for an "asset" that is now actually a "liability" and they are also having to still pay hire fees etc for training venues (that they wouldn't have to be paying if they were able to use their own place). It was IMO fool-hardy to rush into building the Centre of Excellence straight up - they should have consilidated their position as an entity and financially prior to embarking on such a major investment.

 

[Kaz]

Titans moved into the Centre of Excellence on the 17th.

Titans move into Centre of Excellence
Adam Gardini
17/06/2010 5:18:48 PM
“You’re in.’’ Five years after David Gallop uttered those words to hail the entrance of the Jetstar Gold Coast Titans into the NRL competition, the same two words carried similar significance today after the club officially moved into their $30 million Centre of Excellence at Robina.

More than four months since electing to vacate the Centre of Excellence after builder Simcorp Constructions had failed to pay sub-contractors, the Jetstar Titans were today given the green light to return to the state-of-the-art training and administration facility by new builder The Reed Group.

http://www.titans.com.au/default.aspx?s ... y&id=26949

 

[Flutterby]

Well there you go - I heard they still weren't in there yet. Still they've only just moved in there, so I still think most of their financial dramas relate back to that.

 

[Flutterby]

A bookmaker has suspended betting on the NRL wooden spoon after fielding several bets on the fourth-placed Gold Coast Titans, but the NRL says there's no reason to expect a salary cap breach announcement.

http://www.brisbanetimes.com.au/rugby-l ... -zh3v.html

There seems to be definitely something fishy going on at the Titans.

 

[Coxy]

Mark Geyer posted on Twitter that he had a stat dec from someone declaring Prince did receive a free house and that the Titans will be docked 12 competition points.

It's Mark Geyer, so have a nice hunk of salt...but still. Interesting.

 

[Fozz]

He was right about izzy going to AFL.

 

[Kaz]

NRL are denying anything is wrong with the Titans & the salary cap.

 

[Bannermania]

Usually they're be crazy quiet. Must be nothing wrong.

 

[Nashy]

http://www.thenashy.com/upload/uploads/1277797154.pdf

Apparently this is the stat dec getting around. Which was part of the investigation into the house BS. The NRL dismissed it as crap. Apparently.

 

[Coxy]

It's still hearsay. Even if that's what was said, without any firm evidence they'd have nothing to act on.

 

[Alec]

A bookmaker has suspended betting on the NRL wooden spoon after fielding several bets on the fourth-placed Gold Coast Titans, but the NRL says there's no reason to expect a salary cap breach announcement.

http://www.brisbanetimes.com.au/rugby-l ... -zh3v.html

There seems to be definitely something fishy going on at the Titans.

Don't the Storm already have the spoon anyway? Why wasn't it suspended before? Who the hell would bet on the Titans?

 

[Coxy]

A bookmaker has suspended betting on the NRL wooden spoon after fielding several bets on the fourth-placed Gold Coast Titans, but the NRL says there's no reason to expect a salary cap breach announcement.

http://www.brisbanetimes.com.au/rugby-l ... -zh3v.html

There seems to be definitely something fishy going on at the Titans.

Don't the Storm already have the spoon anyway? Why wasn't it suspended before? Who the hell would bet on the Titans?

You can't bet on the Storm for the wooden spoon. Wooden spoon bets will be based on who finishes 15th.

If the Titans were to suffer the same fate as the Storm, it would go to who finishes 14th.