Australian Rugby / RA

[dru]

Surely this is also the end of Super/TT. Not even a half competent organisation would want to get into bed with this shit-show. Whatever I think of the appropriateness of our pro-game relationship with New Zealand, one thing is definite. NZRU are way more than half competent.

 

[Braveheart81]

The fact that a Director is leaking all this to Newscorp means that Director, whoever he is, has complete disregard for the confidentiality obligations of a Director, and has far more loyalty to Newscorp, or perhaps his mate who's a reporter, than he has to RA.

I generally agree although I think the leak regarding Wiggs' actions was appropriate to protect RA (or what's left of it).

There will be pretty universal agreement that Wiggs' effective ultimatum was completely unreasonable and that explanation needed to accompany his departure prior to the almost certain alternative of the first information regarding it being Wiggs attacking RA and the rest of the board and that he had no choice but to resign etc.

 

[Braveheart81]

 

[Quick Hands]

Is it a loan or an advance?

"...the money is a payment from World Rugby that would normally be available at the end of the four-year cycle.

"The global governing body....has decided to make this four-yearly payout available immediately to help the leading nations in need get through the dramatic revenue shots they are taking as a result of the sporting shutdown caused by the Covid-19 pandemic.

"In other words, if you take it now, it’s money you won’t get in three years’ time when it was scheduled. You get one bite at the cheery [sic]"

https://www.stuff.co.nz/sport/rugby...ap-up-15m-global-payout-as-covid19-bites-hard

My error, you're right it's an advance.

 

[Quick Hands]

Surely this is also the end of Super/TT. Not even a half competent organisation would want to get into bed with this shit-show. Whatever I think of the appropriateness of our pro-game relationship with New Zealand, one thing is definite. NZRU are way more than half competent.

Even with my generally cynical view of the RA board and its operations, I'm blown away by what's happening.

I think this is the next step:

 

[Quick Hands]

If now is not the time, what the actual f circumstances are required?

And let's not forget that all of these board members, including Wiggs, went through the nominations committee process which is supposed to deliver us the best possible board members.

Surely this has put to bed forever the idea that rugby can be run on this corporate model where directors are appointed in a secret process where the exact number of candidates emerge as vacancies exist.

The whole governance model needs to be chucked in the bin and an open system of elections and accountable processes of governance introduced.

 

[Aurelius]

Even with my generally cynical view of the RA board and its operations, I'm blown away by what's happening.

I think this is the next step:

I'd go further. Just lock the whole board in a room and throw a dagger in. Whoever wins gets to run RA.

Hey, if nothing else, we'll have a proven survivor.

 

[KOB1987]

Rob Clarke has been appointed interim CEO

 

[Aurelius]

The other revelation that came out in today's Australian (other than Wiggs' ultimatum) was that apparently World Rugby won't come through with their advance until they've seen audited financials, and the auditors won't sign off on the financials until World Rugby coughs up the money.

No easy way out of that mess.

 

[waiopehu oldboy]

^ the first half of that makes perfect sense if it's a loan, not so much if it's an advance against future dividend payments. The second half puzzles me as it surely couldn't have been in the figures given to the auditors even as "potential additional income" or some such. Or am I missing something? Like, is it a bailout loan after all & seperate from (and/ or instead of) the advance described in the article I linked?

 

[KOB1987]

And Fairfax are reporting that Carroll is still interested, saying it’s not a career move and depends on who the chairman is. He is ok for that to be McLean.

My read on this is he genuinely wants to help the code get on the right track but needs to be working with the right board. So get your shit sorted out and then call me. Good vibes I reckon.

https://www.smh.com.au/sport/rugby-...top-job-after-wiggs-exit-20200506-p54qep.html

 

[Rugbynutter39]

Yeah that's the most interesting part. Once again the role of News Corp has to be called into question.

Just last week they were anointing Peter Wiggs as the saviour of the game, and now they appear to be subtly backing his hostile takeover attempt of the Board. He is certainly receiving different treatment to Raelene.

I'm all for getting qualified, experienced people into RA and on the face of it Matt Carroll looks like a viable choice. But for Wiggs to do it in this way rings all sorts of alarm bells.

Sadly despite Wiggs seeming capable I do have to back the RA board to follow some due process here for what is a critical senior appointment.

 

[Brumby Jack]

Rob Clarke has been appointed interim CEO

But what about tomorrow?

 

[Slim 293]

Sorry, but I have to steal this.........

 

[cyclopath]

RA version of an exhaustive search for names to throw into the mix.........

 

[The Honey Badger]

No. Afraid not.

Directors are appointed by shareholders.

Shareholders can call an EGM and vote them all out if they want.

I take it they are the State unions.

I wish they would get on with it then

 

[Aurelius]

^ the first half of that makes perfect sense if it's a loan, not so much if it's an advance against future dividend payments. The second half puzzles me as it surely couldn't have been in the figures given to the auditors even as "potential additional income" or some such. Or am I missing something? Like, is it a bailout loan after all & seperate from (and/ or instead of) the advance described in the article I linked?

Well, this is what The Australian's article says:

"The Australian can reveal a $16 million loan to save Rugby Australia from potential bankruptcy is under threat with auditors still refusing to sign the beleaguered body's 2019 financials.

World Rugby has agreed to provide lifesaving funds to RA, but only on the condition that they provide audited results for 2019.

The Australian understands the perilous state of RA's financial situation has auditors, in turn, currently refusing to sign the financial accounts until the loan has been confirmed."

So based on that, it sounds like there were real doubts over whether or not RA could continue as a going concern at the time the 2019 accounts were handed to the auditors.

 

[kiap]

Sorry, but I have to steal this...

That was a "Ruby Princess" debarcation …

Nick in first, like a thief in the night. Say sorry, later.

 

[Aurelius]

But what about tomorrow?

He'll throw in his hat for the Eden-Monaro by election, then pull out by Saturday.

 

[waiopehu oldboy]

Well, this is what The Australian's article says:

"The Australian can reveal a $16 million loan to save Rugby Australia from potential bankruptcy is under threat with auditors still refusing to sign the beleaguered body's 2019 financials.

World Rugby has agreed to provide lifesaving funds to RA, but only on the condition that they provide audited results for 2019.

The Australian understands the perilous state of RA's financial situation has auditors, in turn, currently refusing to sign the financial accounts until the loan has been confirmed."

So based on that, it sounds like there were real doubts over whether or not RA could continue as a going concern at the time the 2019 accounts were handed to the auditors.

So it's a loan not an advance after all (assuming we can believe what the Oz has published) & presumably in lieu of the advance NZR are tossing up whether to accept or not. Interesting. The timing even more so, if the auditors are balking over it not being in place then it must have been at least a possibility at the time they did the audit.