Quick Hands
David Wilson (68)
Meanwhile back at the ranch, we see how the ARU/RA choose to spend their (our) money. $1 million syphoned off through the back door to sort out the super rugby mess.
Confidential documents obtained by Seven West Media show the Australian Rugby Union — now RA — agreed to pay former Rebels owner, New Zealand businessman Andrew Cox, $300,000 and then-director Peter Sidwell $200,000.
The money was then paid to the Rebels.
The documents also state two other directors Lyndsey Cattermole and Bob Dalziel “gift” the Rebels $250,000 each. The combined amounts effectively cleared the Rebels debt of $789,811 that allowed Cox to sell the club to the Victorian Rugby Union for $1 under a Put Option agreement, effectively spelling the end of the Force as the Rebels could then not be closed
The deed of settlement says Cox and Sidwell: “ ... respectively direct that the respective payments to them be paid to MRRUPL for the purposes of MRRUPL satisfying the Debt Free Requirement and MRRUPL agrees that these payments will be used solely for this purpose”.
It also says Cattermole and Dalziel promise to the ARU “... they have each gifted $250,000 to MRRUPL for the purpose of MRRUPL satisfying the Debt Free requirement and MRRUPL agrees that these gifted amounts will be solely for this purpose”.
Cox used the put option and sold 11,625,000 Rebels shares to the VRU on August 4 for $1.
https://www.perthnow.com.au/sport/w...bels-sealed-western-forces-fate-ng-b88806001z
Confidential documents obtained by Seven West Media show the Australian Rugby Union — now RA — agreed to pay former Rebels owner, New Zealand businessman Andrew Cox, $300,000 and then-director Peter Sidwell $200,000.
The money was then paid to the Rebels.
The documents also state two other directors Lyndsey Cattermole and Bob Dalziel “gift” the Rebels $250,000 each. The combined amounts effectively cleared the Rebels debt of $789,811 that allowed Cox to sell the club to the Victorian Rugby Union for $1 under a Put Option agreement, effectively spelling the end of the Force as the Rebels could then not be closed
The deed of settlement says Cox and Sidwell: “ ... respectively direct that the respective payments to them be paid to MRRUPL for the purposes of MRRUPL satisfying the Debt Free Requirement and MRRUPL agrees that these payments will be used solely for this purpose”.
It also says Cattermole and Dalziel promise to the ARU “... they have each gifted $250,000 to MRRUPL for the purpose of MRRUPL satisfying the Debt Free requirement and MRRUPL agrees that these gifted amounts will be solely for this purpose”.
Cox used the put option and sold 11,625,000 Rebels shares to the VRU on August 4 for $1.
https://www.perthnow.com.au/sport/w...bels-sealed-western-forces-fate-ng-b88806001z