RESCUE PACKAGE FOR DEBT-LADEN TITANS

Written on the 4 April 2012

RESCUE PACKAGE FOR DEBT-LADEN TITANS

THE financial future of the Titans rugby league organisation appears to have been secured with the surprise sale of the club’s Centre of Excellence high-rise property at Robina.

The huge debt associated with the building threatened the future of the entire business with court proceedings for a wind-up of the business scheduled for later this month.

Long-time supporters of the Titans, Phil Ward and Bob Clark, emerged today as surprise buyers of the Centre of Excellence (CoE). Financial details of the sale were not disclosed.

The pair, through their company Handling Solutions, was already the second-largest financier of the club behind the Commonwealth Bank.

The sale of the CoE will see the release of all current guarantees and guarantors on the building with the bank.

Ward says he is pleased to assist the football club shore up its financial future.

“We are happy that we have been able to bring some finality to the financial difficulties faced by the Titans’ Property Arm in what is also a commercially sound proposition for us,’’ he says.

Mr Clark added: “We are pleased that the sale of the CoE will allow the Football Club to move forward in its dealings with the Australian Rugby League Commission (ARLC).’’

Titans legal representative Ashley Tiplady from Nyst Lawyers says the sale is a major boost for the club’s property arm.

“The sale of the building totally retires the loan facility which was in place with the Commonwealth Bank. The building issue is now behind the club, which can now focus on the season ahead,” he says.

The sale of the building would alleviate the financial pressure that had been placed on the club’s property arm, says Titans managing director Michael Searle.

“This greatly assists our current financial position as we continue to work with the ARLC on positive outcomes for the future,’’ he says.

"We are very pleased to be able to achieve this outcome in what is the first and vital step to secure the long term future of the Titans.

“We will continue to work with the ARLC around the Football Club funding requirements and we are openly communicating with David Gallop and his team.

"This certainly is a step in the right direction and we will commence discussions with the new owners around a long term lease to suit our needs moving forward.

“I am focused on ensuring the longevity and sustainability of the Titans on the Gold Coast.”


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