TITANS' BOSS DENIES FINANCIAL WOES

Written on the 10 June 2010

TITANS' BOSS DENIES FINANCIAL WOES

GOLD Coast Titans CEO Michael Searle (pictured) says the club is still in a strong financial position moving forward.

The club recently approached the NRL for an advanced grant of $300,000, dismissed by Searle as a strategy to guarantee surety.

"I know there is only one party here who is cash strapped at the moment and it's not the Titans," he says.

"We approached the NRL to assist us on a short term basis. It's not uncommon, a lot of clubs do it. It was just basically to get some surety in moving forward and some comfort."

 The Brisbane Supreme Court has ruled that the club did not have to pay Simcorp Development founder Alex Simpson more than $3 million.

The NRL's newest franchise has been locked in a payment dispute with Simcorp Developments and Constructions since the builder Alex Simpson filed legal action in February demanding payment of $4.2 million for work completed on the Titans' new Centre of Excellence facility at Robina.

Following the reverse decision, a frustrated Simpson told media he would continue to fight the case. Simpson will lodge his claim under the Building and Construction Industry Payments Act 2004.

Searle meanwhile says the Titans will handle the matter as it has done so far.

"The Supreme Court is one place where the truth has to be told and we're very happy that the matter was resolved," he says.

"We've also said that Alex Simpson and Simcorp owe us a substantial amount of money and we will be vigorously pursuing that. So from our point of view the court decision today vindicates the club and allows us to get on with business."

Searle says there was "no winners" from the decision, and is adamant the controversy hasn't affected the Titans brand or relationship with its sponsors. It recently lost a key sponsor with Marina Quays when developer John Fish had loans called in by the banks.

"I must say our sponsorship group have been outstanding. We've been communicating with them as we always do in earnest," he says.

"Our fans have been continued to be supportive because they know the way we do business, it's not about cheap and nasty, we just do things thoroughly.

"It's cost us some time, there is obviously some financial cost but you can't put a price on making sure you're integrity is defended. This was the first opportunity for the truth to be told in the Supreme Court and the decision has come out in our favour."

Despite it's off field battles Searle confirmed the club's move into the Centre of Excellence was imminent.

"Clearly the Centre of Excellence is a state of the art project and we're excited about the prospect of being in there sooner rather than later," he says.

"We have accelerated that to a certain extent; (the outcome) today makes it just a little bit faster."

On the paddock the Titans appear solid and are sitting equal second on the NRL ladder with Penrith behind St George.


Latest News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

AFTERPAY MERGER WITH TOUCHCORP GIVEN THE GO-AHEAD BY FEDERAL COURT

AFTERPAY Holdings Limited (ASX: AFY) has been given the green light by the Federal Court for its merger with Touch...

MEGAPORT TARGETS GLOBAL EXPANSION WITH $27.8M CAPITAL RAISING

MEGAPORT Limited (ASX: MP1) will complete a $27.8 million capital raising to assist in expanding the group's plat...

SCA PROPERTY GROUP BUYS THIRD GOLD COAST SHOPPING CENTRE FOR $46 MILLION

SCA Property Group has acquired the Worongary Town Centre for $46.3 million, bringing the total number of Gold Coa...

Related News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter