Reds to be bailed out
Posted by Boertjie - 05/03/10 at 01:03 pm under Other Unions / TeamsThe Australian Rugby Union will provide financial assistance to the Queensland Rugby Union, which is under serious threat of being placed in administration.
In a statement on Friday the QRU confirmed that they had accepted a financial offer from the ARU.
“The Board of the Queensland Rugby met today [Friday] and voted unanimously to accept a proposal from the Australian Rugby Union to assist in finding solutions to financial pressures at QRU,” the statement said.
Under the proposal, a five-man Special Executive Committee (SEC) comprising representatives from QRU and ARU, and chaired by ARU Managing Director and CEO John O’Neill, will be established to review and run the business.
The QRU Board has delegated its powers to the SEC.
ARU will provide financial assistance to QRU in the short-term by pre-paying scheduled grants.
“We are grateful that the ARU has been able to agree to our request for assistance and we look forward to working with them to put the ship back on an even keel,” said QRU Chairman Rod McCall.
“We will now devote our energies to rebuilding the business to make it economically strong again.”
It is not the first time the ARU had to bail out one of its unions on the brink of financial ruin.
A decade ago, the ARU was forced to prop up the then-teetering NSW Rugby Union.
March 5th, 2010 at 1:49 pm
And now they gonna have team nr5 in the competition? :WTF: the world has gone really crazy
March 5th, 2010 at 1:52 pm
It is not the first time the ARU had to bail out one of its unions on the brink of financial ruin.
========
And not the last?
Mind you, SA is not
faultless.
March 5th, 2010 at 1:56 pm
Reply to Jacques(Bunny) @ 1:49 pm:
It has nothing to do with how many teams are in the Super comp.
They made a bad business decision to play at Suncorp while Ballymore was more than enough. Paid off and profitable.
Now they must share Suncorp with the soccer team (also in the shit) and the league games. Rugby is in effect subsidising league.
March 5th, 2010 at 1:57 pm
Is it a coincidence that the Reds and Waratahs needed to be bailed out? The two states where league is really big?
March 5th, 2010 at 2:16 pm
Reply to Deon @ 1:56 pm:
Ja, en nou wil Jordaan hê
WP moet dieselfde doen
met Nuweland.
March 5th, 2010 at 2:19 pm
Reply to Boertjie @ 2:16 pm:
Presies. Hulle wou net shine vang en nou wil hulle he ander moet met die verbrande pere sit.
As jy dom is moet jy sukkel. Net jammer dat dit nie hulle gaan wees nie. Dit is die belastingbetaler se geld wat gemors is. Geld wat hospitale kon verbeter het, armoede beveg het of vir Malema se verjaarsdagpaartie betaal het.
March 5th, 2010 at 2:22 pm
Reply to Deon @ 2:19 pm:
verbrande pere
=========
Pleks dat iemand Zuma
se pere verbrand het.
March 5th, 2010 at 2:36 pm
Reply to Deon @ 1:56 pm:
One thing I must say about Suncorp though. Brilliantly designed stadium. Even if you sit on the rows next to the field, you are still looking down on the pitch. Not a bad seat in the house.
March 5th, 2010 at 2:37 pm
Reply to Boertjie @ 2:22 pm:
Ek wou die regte een (gebakte pere) gebruik, maar in daai geval sal hulle nie omgee nie en dit eet.
March 5th, 2010 at 3:36 pm
Reply to Deon @ 1:56 pm: Australia rugby is a bad business decision
March 5th, 2010 at 7:55 pm
Reply to Jacques(Bunny) @ 3:36 pm:
Union rugby