In 2005, Peter Holmes a Court and Russell Crowe took over the South Sydney district football club from the people.
The club did not have enough money to be competitive but they had enough to survive, and also had had strong links with the senior leagues club, which had millions in assets. This is what made the football club an attractive proposition for these junior corporate raiders.
Since privatisiation, the club has run up a debt in the millions, while selling the leagues club’s 10 residential units in Chalmers Street Redfern, a 198-car parking station, and 80 percent of a building that had been valued up to $14 million. For what?
One eighth place, and a couple of seasons narrowly missing the eight.
Have we become the Glasgow Rangers of the NRL?
We hear the stories of Cronulla and the Titans but nothing of the Rabbitohs. Is this because News Limited is one of our major sponsors now? Who would have thought we would ever have got into bed with that organisation?
Our website is now outsourced to Bigpond as we do not want to pay the associated costs.
The owners refuse to foot the bill for the players’ reunion each year due to cost. The money from ANZ stadium runs out soon, and then we have to play there for five years and bear any costs if the stadium loses money holding our games. I do not know how we are going to make money if crowds of 12,000 are all we can count on.
Everything is available through the club’s financial reports to members, but not one person seems to care anymore.
The six-year anniversary is up and what will the owners do? Can they afford to keep that one promise of paying $1 and putting us back into the same financial position, even though the Souths “family” has sold 20 to 30 million dollars in assets to appease our owners and keep them from paying out cash?
Our owners this year had to agree for their “loans” to the football club to be extended as they could not be met. Loans? Did the owners not agree to put in the money?
I hope all goes well and we start to get those big crowds needed. I hope that a thousand people a day walk through the leagues club, that we win matches, that sponsors and memberships grow.
But what happens if it all comes to a head?
jeff
Guest
Godfrey I feel sorry for people like you. It seems like the only purpose you have In life is to ridicule the only people who Showed enough passion for the club they Supported to stand up and take control. Without Crowe and Phac intervention We would not have a team to support. So what if we didn't make the 8 they are Improving. We could be in the same Boat as newtown or norths " a feeder club I am thankful for Russ and peter For giving me back my club And yes I pay my membership every year My partner and I are south fans through and Through. Hope your at the game this weekend To support them instead of finding ways to Bringing the club into disrepute.
Godfrey
Guest
Wrong, Steve. The club was financially stronger in 2006 than it is now. Read the financial reports and see for yourself.
Godfrey
Guest
Steve: Souths are in a worse financial position now than the club was in 2006 when Crowe and Holmes a Court took over. The club had more money and more assets in 2006 than it does now. Back in 2006 the debts and liabilities were far fewer. Read the annual financial reports. The bottom line doesn't lie.
Steve
Guest
I haven't seen anything here that trumps the simple fact that without Crowe and PHAC, Souths would no longer be in the comp. Surely finishing 10th on the ladder beats not appearing at all? You can argue that things could be better, but not that they were better.
MG Burbank
Roar Guru
Neither. A League lover who wants the game to expand and have all the Sydney clubs be competitive.
yewonk
Guest
are you a souths fan or sharks fan mg?
MG Burbank
Roar Guru
I think the boards of Souths and Cronulla, with assistance from the NRL, should seriously consider merging. Geographically it makes sense and with Souths already playing at ANZ, this merged entity would simply split time between Toyota Park and ANZ with the occasional Sydney derby (vs Roosters, Dragons, Manly etc) played at Allianz. Call them the South Sydney Sharks, red/green kept with a little blue in there. Cronulla fans would keep the Sharks name and Toyota Park as a venue while Souths would have their red and green plus their full name (South Sydney) and current home ground. Wests and Balmain were two weak clubs who got together and now are a popular, successful franchise. Cronulla and Souths would do well to emulate them.
Thunderbird 6
Guest
Godfrey
Guest
Exposing the Liars - I can help you access the club's annual reports if you don't know how to do it. I can instruct you on the sections of the report that shows that Souths had to renegotiate loans and have debt of liabilities of almost $11 million. I can show you the facts. All you are demonstrating is that you are a fantasist.
Godfrey
Guest
You are obviously very confused Zets. If you don't know how to access or read the club's financial reports, I don't mind giving you tuition. They are very insightful. It tells us that Souths has liabilities of $10.6 million as of 31/10/11 and that loans for $7 million had to be renegotiated. These are facts. Your comments are mere inane, childish insults that are valueless. Wise up.
Thunderbird 6
Guest
Exposing the liars
Guest
lol@ Dogfrey. You've been exposed as a liar, my work is done.
Exposing the liars
Guest
Rubbish. You have been exposed as a liar on every front, right down to Peter's rebuttal. I on the other hand might put on South Side Story to have a laugh at you again.
Godfrey
Guest
Souths is the only NRL club over the past 4 years not to have made the finals.
Godfrey
Guest
You better get someone to pay the club's $10.6 million in liabilities. Souths couldn't service the loan or pay the interest last year. If the loan hadn't been renegotiated, Souths would be in receivership. You guys happy clap the Russell Crowe Football Club. I go for the South Sydney one. :)
Godfrey
Guest
The facts aren't nameless. Read the club's annual reports. Google the news stories. Rise up from your knees and stop the adulation of Hollywood. You'll feel better about yourself if you do.
Godfrey
Guest
George Piggins resigned from the football club nearly 10 years ago! How is he responsible for the debt and failure that Crowe has plunged the club into. You need to get with the program! It's 2012 not 2002. With Souths the only NRL club not to have made the finals over the past 4 years, with the football club unable to pay its loans and the leagues club unable to pay its contractors, and with its property arm High Concept Commercial in receivership, you are kidding yourself if you think this is success. Fantasists here there and everywhere.
Godfrey
Guest
Good shape? The club owes $10.6 million. It is in the latest financial report. Its property arm High Concept Commercial is in receivership. The leagues club can't pay its contractors and the football club can't pay its loans. Exposing The Liars IS THE LIAR!
Godfrey
Guest
Godfrey goes for the Rabbits, too, but he wants accountability and transparency. The club is drowning in debt of $10.6 million. That is in the annual report. $1.4 million a year in liabilities has accrued since privatisation. Souths is also the only NRL club not to have made the finals over the past 4 years. On top pf that, the club's property arm High Concept Commercial is in receivership and the leagues club is in court because it failed to pay contractors. You need to wake up, Stoned, and put down the weed!
Exposing the liars
Guest
What I am happy about and very happy I might add, is where the club is now under Peter and Russell. They have steered us through the icy waters of virtual bankruptcy to the warmer climes of the tropics. Souths was destined to be like the Titanic but is now the new Queen Mary. We'd have sunk if the likes of "Godfrey " and his no voting thugs had got up but despite them having to jettison all those poker machines overboard, the SS South Sydney would have finished up miles beneath the ocean surface. Now I'm off to Star City to have myself a very legal flutter on the tables.