TWIN BLOWS FOR TITANS AS FOUNDING CHAIRMAN BROUGHTON RESIGNS
Written on the 29 March 2012
GOLD Coast Titans’ founding chairman has resigned as the debt-ridden rugby league club staggers towards death row.
Two consortiums are reportedly circling the club, looking to obtain its National Rugby League licence should it be stripped from Searle who is the majority owner. Offers for the license are expected to be lodged soon with the Australian Rugby League Commission (ARLC).
Searle owns the intellectual property of the Titans name. A name change would be required for any new NRL license holder unless the new owners can negotiate the transfer of that property from Searle.
A club statement on Searle’s behalf yesterday dismissed the reports of a possible takeover as nothing more than ‘speculation’. The club says Searle and the Titans are working with the ARLC to get the club out of its current financial mess.
“The club is working through options to sell the Centre of Excellence and the football operation is running as business as usual,” says a Titans spokesman.
Independent auditors have found the football club is reportedly liable for $13.4 million of the property arm’s $35 million debt as it is listed as a guarantor.