20-13 rugby? Here's a better way to open up the game!
Greg Growden wrote an article in the Sydney Morning Herald earlier in the week about 20-13 rugby. According to the promoters of this idea…
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As I understand it the numbers in the Griffith deal are quite simple. They got $11.3m for the property. They only got this figure because the ACT govt waived the change of zoning fee of $8m. Otherwise it would have been worth about $3m and the deal wouldn’t have been done. Some commentators including BM and Wayne Smith seem to think the property was worth nearly $20m. That’s adding the $8m change of use savings to the final sale price and is simply wrong. You can argue about whether the Brumbies should have got more than $11,3m but it wouldn’t be much different.
They used the proceeds of the sale to pay off some debt and fund the UC deal (I believe they paid about $7m for 30 year rights to the UC facility with minimal ongoing costs). That will save the Brumbies a lot of money over the long term and locks in their base and a valuable relationship with UC. This is a first in the Australian market place. Again you can argue about whether $7m is the right number for those rights but the money was paid for long term access to a high quality training centre. If the Brumbies didn’t do that deal they would have had to build their own and maintain it. That would cost a lot more than $7m. The remaining funds were needed to fund ongong operating losses and it did mean that the clubs missed out on money from the deal. I understand why they are pissed off about that but it doesn’t mean that funds have disappeared.
#BoldandtheBrumbies saga ends: No more excuses on the field