I think the lawsuit is more of a bargaining position set by the MRRU board.
Can you imagine discovery for this - no doubt RA will be asked to produce financials, including Waratahs bailout figure, RWC spend, and other things they'd rather hide. Will be very uncomfortable for a lot of RA board members.
Wait - are you telling us the accountants can’t be trusted BH?
Melbourne Rebels and the VRU to have already requested that information, and RA didn't come to the table. That's what part of the high court case was already.Rebels are voting members - surely they'd be able to just request this?
Edit - I'm wrong aren't I. They were voting members, now RA owns the license. Will be interesting to see how hard VRU goes, as opposed to MRRU
Sack the Rebels accountant. Appalling.Rebels have 17K in the bank, the cost of going to court for a few days is expensive, the lawyers are working pro bono.
Normally lawyers don't work pro bono unless they see a better than average chance of winning.
Two outcomes, first Rebels win, 8 million plus court cost plus legal fees say 10 million, further RA pay their own costs. allow for the ACT B to put their hand out say another 8 million, all up could go as high as 20 million, RA win they pay court costs maybe their legal team say 1 million.
Either outcome is no good, but the difference between winning and losing is huge.
Another thing tis said the rebels owe 20 million of which somewhere between 8 to 10 is owned to the ATO, my guess is the Rebels directors want the 8 million for the ATO debt.
Tim North KC calling in a few favours I'd say.Rebels have 17K in the bank, the cost of going to court for a few days is expensive, the lawyers are working pro bono.
Normally lawyers don't work pro bono unless they see a better than average chance of winning.
Waratahs 2023 annual report. For clarity not the NSWRU annual report. That and the newspaper alleged $6m Waratah debt to be funded by RA.where is your source for this
Even the Rebels don't burn through $7.5million in a season
I’m not - I can read financial statements.You're missing the third element to the equation.
Equity = Assets minus liability.
The Reds have $12m in debt (2022), but they are fine because they have $44m in assets.
You have a link/quotes for this annual report then I’m assuming?Waratahs 2023 annual report. For clarity not the NSWRU annual report. That and the newspaper alleged $6m Waratah debt to be funded by RA.
I would suggest it's to do with having the right person in the roomI see Anthony Wright has been appointed acting CEO of Rugby Victoria. He’s a pretty savvy lawyer/entrepreneur whom I’ve dealt with down here in QLD a few times. Good operator and rugby man.
I’m not across the whole situation but rugby vic is a totally separate entity to the rebels isnt it? Why do they have a new acting CEO?
Chris Evans (former CEO) stood down late last year:I see Anthony Wright has been appointed acting CEO of Rugby Victoria. He’s a pretty savvy lawyer/entrepreneur whom I’ve dealt with down here in QLD a few times. Good operator and rugby man.
I’m not across the whole situation but rugby vic is a totally separate entity to the rebels isnt it? Why do they have a new acting CEO?
I would suggest it's to do with having the right person in the room
It's a voting member, so at least having someone who understands would be helpful.How much influence does rugby vic have over what’s going on with the rebels? Will Wrighty have a voice in the situation? I thought it was all a separate entity.
Don't both Vic Rugby and Rebels both have (had?) a vote as RA Union members?It's a voting member, so at least having someone who understands would be helpful.
You have a link/quotes for this annual report then I’m assuming?
Rugby Victoria have a vote, but the Rebels vote was tied to their licence, with it back in RA's hands the vote tied to it is now null and void.Don't both Vic Rugby and Rebels both have (had?) a vote as RA Union members?