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SEN owner Craig Hutchinson receives financial lifeline after bank loan runs down to last $1.25 million​


'Craig Hutchison has received a lifeline from one of his radio presenters, as his company’s Commonwealth Bank loan has run down to its last $1.25 million. Documents reveal Hutchison has drawn down almost all of his $28.7 million loan with the bank.
The loan has only $1.252 million remaining, with refinance or repayment in full due by August 31.
The details were contained in the Sports Entertainment Group’s quarterly report to the Australian Stock Exchange this week.

Documents also revealed three white knight investors have propped up the company, paying $1.5 million for a 3.75 per cent share of his sports teams. The teams include the Perth Wildcats, three other basketball franchises and a netball team that the Collingwood Football Club walked away from after losing millions.

SEN’s Sunday morning presenter David “The Chief” Alcaro put his money where his mouth is by pouring $1 million into Hutchison’s company. David Alcaro, known as The Chief, has paid $1 million to invest in Sports Entertainment Group. Picture: Facebook
The New York-based share trader has updated his Twitter handle to reflect his new found basketball team ownership. “Futures Trader, Chief Horse Futures, SEN Teams, Perth Wildcats,” his profile page now says.

Alcaro was also known as a producer on the 2013 film Farewell to Hollywood. He appears each week on SEN with Jordan Kounelis, with the timeslot rating 1.7 in Melbourne according to the latest GFK radio report.

Perth Wildcats superfan Bill Bloking, who is often seen courtside at the NBL club’s games, has also tipped in $400,000. Bloking has been well known to the Wildcats family and had regularly travelled with the team. The retired mining company executive was president of Australia/Asia gas division at BHP Billiton until 2007.

Beauty industry entrepreneur Jodi Millhahn, who previously worked for Elle McPherson’s WelleCo, also invested $100,000.
The Perth identity returned to WA after a decade in New York to start her company Wildhood, which makes “clean, natural and sustainable deodorants for tweens and teens”.

The investment values the teams at $40 million, which will assist with dealing with the Commonwealth Bank. Hutchison’s company had breached its banking covenants, meaning the CBA could call the loan in at any time because its debt to value ratio was too high.
SEG company documents also state it has $5 million cash at hand. Revenue was $42.6 million in the December quarter, with “net operating cash inflows of $2.6 million.”

Hutchison declined to comment on Friday on a detailed list of questions about the company’s finances. But he did speak with The West Australian, saying: “We’ve been open to the possibility of a minor share holding group joining us. “We think there is incredible value in the SEN Teams world that we are building that can continue to be reinvested in the respective clubs.

“We will have more to say about that at the end of the month.” Hutchison said he would continue to hold a majority investment in the sporting teams.
 
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Registered User said:

SEN owner Craig Hutchinson receives financial lifeline after bank loan runs down to last $1.25 million​


Craig Hutchison has received a lifeline from one of his radio presenters, as his company’s Commonwealth Bank loan has run down to its last $1.25 million. Documents reveal Hutchison has drawn down almost all of his $28.7 million loan with the bank.
The loan has only $1.252 million remaining, with refinance or repayment in full due by August 31.
The details were contained in the Sports Entertainment Group’s quarterly report to the Australian Stock Exchange this week.

Documents also revealed three white knight investors have propped up the company, paying $1.5 million for a 3.75 per cent share of his sports teams. The teams include the Perth Wildcats, three other basketball franchises and a netball team that the Collingwood Football Club walked away from after losing millions.

SEN’s Sunday morning presenter David “The Chief” Alcaro put his money where his mouth is by pouring $1 million into Hutchison’s company. David Alcaro, known as The Chief, has paid $1 million to invest in Sports Entertainment Group. Picture: Facebook
The New York-based share trader has updated his Twitter handle to reflect his new found basketball team ownership. “Futures Trader, Chief Horse Futures, SEN Teams, Perth Wildcats,” his profile page now says.

Alcaro was also known as a producer on the 2013 film Farewell to Hollywood. He appears each week on SEN with Jordan Kounelis, with the timeslot rating 1.7 in Melbourne according to the latest GFK radio report.

Perth Wildcats superfan Bill Bloking, who is often seen courtside at the NBL club’s games, has also tipped in $400,000. Bloking has been well known to the Wildcats family and had regularly travelled with the team. The retired mining company executive was president of Australia/Asia gas division at BHP Billiton until 2007.

Beauty industry entrepreneur Jodi Millhahn, who previously worked for Elle McPherson’s WelleCo, also invested $100,000.
The Perth identity returned to WA after a decade in New York to start her company Wildhood, which makes “clean, natural and sustainable deodorants for tweens and teens”.

The investment values the teams at $40 million, which will assist with dealing with the Commonwealth Bank. Hutchison’s company had breached its banking covenants, meaning the CBA could call the loan in at any time because its debt to value ratio was too high.
SEG company documents also state it has $5 million cash at hand. Revenue was $42.6 million in the December quarter, with “net operating cash inflows of $2.6 million.”

Hutchison declined to comment on Friday on a detailed list of questions about the company’s finances. But he did speak with The West Australian, saying: “We’ve been open to the possibility of a minor share holding group joining us. “We think there is incredible value in the SEN Teams world that we are building that can continue to be reinvested in the respective clubs.

“We will have more to say about that at the end of the month.” Hutchison said he would continue to hold a majority investment in the sporting teams.
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Registered User said:

SEN owner Craig Hutchinson receives financial lifeline after bank loan runs down to last $1.25 million​


'Craig Hutchison has received a lifeline from one of his radio presenters, as his company’s Commonwealth Bank loan has run down to its last $1.25 million. Documents reveal Hutchison has drawn down almost all of his $28.7 million loan with the bank.
The loan has only $1.252 million remaining, with refinance or repayment in full due by August 31.
The details were contained in the Sports Entertainment Group’s quarterly report to the Australian Stock Exchange this week.

Documents also revealed three white knight investors have propped up the company, paying $1.5 million for a 3.75 per cent share of his sports teams. The teams include the Perth Wildcats, three other basketball franchises and a netball team that the Collingwood Football Club walked away from after losing millions.

SEN’s Sunday morning presenter David “The Chief” Alcaro put his money where his mouth is by pouring $1 million into Hutchison’s company. David Alcaro, known as The Chief, has paid $1 million to invest in Sports Entertainment Group. Picture: Facebook
The New York-based share trader has updated his Twitter handle to reflect his new found basketball team ownership. “Futures Trader, Chief Horse Futures, SEN Teams, Perth Wildcats,” his profile page now says.

Alcaro was also known as a producer on the 2013 film Farewell to Hollywood. He appears each week on SEN with Jordan Kounelis, with the timeslot rating 1.7 in Melbourne according to the latest GFK radio report.

Perth Wildcats superfan Bill Bloking, who is often seen courtside at the NBL club’s games, has also tipped in $400,000. Bloking has been well known to the Wildcats family and had regularly travelled with the team. The retired mining company executive was president of Australia/Asia gas division at BHP Billiton until 2007.

Beauty industry entrepreneur Jodi Millhahn, who previously worked for Elle McPherson’s WelleCo, also invested $100,000.
The Perth identity returned to WA after a decade in New York to start her company Wildhood, which makes “clean, natural and sustainable deodorants for tweens and teens”.

The investment values the teams at $40 million, which will assist with dealing with the Commonwealth Bank. Hutchison’s company had breached its banking covenants, meaning the CBA could call the loan in at any time because its debt to value ratio was too high.
SEG company documents also state it has $5 million cash at hand. Revenue was $42.6 million in the December quarter, with “net operating cash inflows of $2.6 million.”

Hutchison declined to comment on Friday on a detailed list of questions about the company’s finances. But he did speak with The West Australian, saying: “We’ve been open to the possibility of a minor share holding group joining us. “We think there is incredible value in the SEN Teams world that we are building that can continue to be reinvested in the respective clubs.

“We will have more to say about that at the end of the month.” Hutchison said he would continue to hold a majority investment in the sporting teams.
Click to expand...

Sadly the more that comes out, the less hopeful I am that the stations will survive by the end of the year

Barring a miracle
 
They still have the lever to raise capital via an ASX placement, last resort as Hutch won’t want to dilute.

Might be able to scrape through with asset sales & cost cutting.

Inflation stabilisation is a good sign for them
 
I think l mentioned last year that I thought SEG might sell a share in the Perth Wildcats, which is their strongest team asset. Actually thought the slice could've been larger - might still, but that would send a poor signal. If I was a Belgian dentist, I'd much rather buy a stake in the Wildcats than a private placement in SEG.
 
I gather some of this is rehashed



Craig Hutchison sells $1.5m worth of shares in sporting teams as debt drama continues​

Craig Hutchison has reportedly sold off a stake in his Sports Entertainment Group (SEG) sports business, a portfolio including the NBL’s Perth Wildcats and the new Melbourne Mavericks Super Netball team. The company is reportedly looking to reduce its $28.7 million debt as repayment deadlines to the Commonwealth Bank loom in August. The Herald Sun reported the business had raised $1.5m for a 3.75 per cent share in the teams between October and December, with the money put towards repaying the bank.

SEN Teams, which also includes WNBL team Bendigo Spirit and NZNBL teams Otago Nuggets and Southern Hoiho is valued at a reported $40m with 4200 shares sold. “SEG is seeking to raise further funds for a share in its sports teams business, unlocking the strategic value created through its ownership of four professional basketball teams and one professional netball team,” the filing said.

SEN Sunday morning presenter and New York-based share trader David Alcaro paid for $1m worth of shares, Perth Wildcats superman and retired BHP Billiton mining executive Bill Bloking invested $400,000, and beauty entrepreneur Jodi Millhahn contributed $100,000, according to the Herald Sun report. The report added that the Commonwealth Bank could call in the loans at any time after SEG had breached its banking covenants, as its debt to value ratio was too high.

Hutchison spoke with The West Australian, revealing: “We’ve been open to the possibility of a minor share holding group joining us. We think there is incredible value in the SEN Teams world that we are building that can continue to be reinvested in the respective clubs. We will have more to say about that at the end of the month. SEN Teams is not for sale. Not at all. Not even in the slightest. We’ve been building that business – that arm of the business. We’ve been investing in more teams. We’re excited about netball coming on board and we’re off to a fantastic start with announcements we have made on various partners and sponsors. We’re very excited about where Perth Wildcats is heading and where we have got to."

“There is an opportunity to, like some of the other sporting teams have done around the NBL, in having some other like minded investors who share that vision and share that journey in a minor perspective. But we will maintain our majority ownership in all teams.”

However, SEG added in the filing to the ASX that they would continue to look for investors. Hutchison added that adding owners wouldn’t affect the teams’ performance. It comes after SEN posted a $9.2m financial loss last financial year. By November, reports were emerging that there was “material uncertainty” with significant doubts about its ability to continue to operate as the company looked for new investors. It also saw SEN sell off its New Zealand radio stations bought just two years earlier back to New Zealand TAB.

Hutchison, the company’s managing director and second-largest investor, hit out at the reports the company was in trouble, calling them “laughable” on his podcast The Sounding Board in November. Barrett branded the situation “a two-month, sustained, personal attack” on Hutchison: “The facts haven’t changed. Let me run over them again. Our business made less than $5 million profit and … our debt has become quite famous, it’s $28 million or about 12 weeks of turnover. That’s on the public record and we’ve been very public since June that we’re seeking to reduce that.”

When asked if it was a financially crippling situation, Hutchy quickly responded: “That’s quite laughable. It’s really laughable. And the way it gets covered and portrayed is like I’m the bank and it’s my money and I’m overspending. The reality is I’m the second largest shareholder in the business. The largest shareholder is Viburnum, which is a strategic, financially rational company with a great track record and success story and is a more than $500 million fund."

“Would we like to get our debt down a bit? Yes, we’ve been public about that. A lot of the numbers you read, in fact all of the numbers I read on Sunday [in an article] were inaccurate bar none. We didn’t pay $11.2 million for the station in Sydney.
To be fair it’s been fairly widely reported these numbers over a long period of time. It wasn’t the first time. It’s nothing personal.”
 
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bedford said:
The cricket commentators very good today , White , Fleming and new boy Donohoe who is a rising star at SEN and Chuck Berry later . No i am's like Lalor and Collins
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I like White but his play by play was poor. Too many times he didn’t mention which part of the ground the ball was hit. Almost always when a shot went deep it was …”and he’s hit that deep” or “oh he’s skied it and is caught out in the deep”.

Where?? Deep point? Deep cover? deep square? Third man? Fine leg? Longon/off? Surely he’s been involved in cricket long enough to know where in the field the ball is?
 
You have to wonder how long he can continue.
Basing a business around known money losers
  • Australian and NZ basketball and netball teams
  • Australian and NZ AM radio stations that rate zero to 1
All to bignote himself, and then blame any media outlet that simply reports the financial reality of his disastrous decisions.
 
TheGreatBarryB said:
I like White but his play by play was poor. Too many times he didn’t mention which part of the ground the ball was hit. Almost always when a shot went deep it was …”and he’s hit that deep” or “oh he’s skied it and is caught out in the deep”.

Where?? Deep point? Deep cover? deep square? Third man? Fine leg? Longon/off? Surely he’s been involved in cricket long enough to know where in the field the ball is?
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I listen to a lot of cricket on the radio with tvs on in the background while I'm potting around. Most play-by-play guys are routinely a little loose with the truth. I've busted them many times. It's just small things, like, they'll say a shot was an edge, which was actually a square drive; or, "oh, I that was a chance!", when the ball bounced a metre in front of the fielder. etc. I suppose they know it doesn't really matter, so they don't give a stuff
 
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Registered User said:
I listen to a lot of cricket on the radio with tvs on in the background while I'm potting around. Most play-by-play guys are routinely a little loose with the truth. I've busted them many times. It's just small things, like, they'll say a shot was an edge, which was actually a square drive; or, "oh, I that was a chance!", when the ball bounced a metre in front of the fielder. etc. I suppose they know it doesn't really matter, so they don't give a stuff
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Isha Guha commentating on the cricket said something wrong so i let her know on twitter and then got a PM from her and fell in love even more
 
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The Golden Glenferrie said:
Thanks Craig
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The fact is where would we be without the station , we all have our fav's and one's we can't stand . Most of us would love KB and Finey back , but every station moves people on or they leave.
What is the alterative to SEN ? if it's not there
 
bedford said:
The fact is where would we be without the station , we all have our fav's and one's we can't stand . Most of us would love KB and Finey back , but every station moves people on or they leave.
What is the alterative to SEN ? if it's not there
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Agree.
I started listening from day 1 and although i have a love/hate relationship with SEN, I'd much rather it be there than not.
 
bedford said:
The fact is where would we be without the station , we all have our fav's and one's we can't stand . Most of us would love KB and Finey back , but every station moves people on or they leave.
What is the alterative to SEN ? if it's not there
Click to expand...
There's just no alternative. If there was a better program with enough on air talent, I'd up and go in a heartbeat. But there's not. If 3AW was a 24.7 dedicated sports station they wouldn't have the money or audience they have now. If RSN had more backing they could have been something decent by now. Were tracking ok for awhile. No idea what's going on if they exist, does mark and ox work there?
 
bedford said:
The fact is where would we be without the station , we all have our fav's and one's we can't stand . Most of us would love KB and Finey back , but every station moves people on or they leave.
What is the alterative to SEN ? if it's not there
Click to expand...
I just wonder why they continue with so many broadcasters who the majority don’t like listening to. Cornea and Maher at the top of the list.
 
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bedford said:
The fact is where would we be without the station , we all have our fav's and one's we can't stand . Most of us would love KB and Finey back , but every station moves people on or they leave.
What is the alterative to SEN ? if it's not there
Click to expand...
It's like some are barracking for SEN’s demise because they don't like Hutchy or some of the presenters.

What happens if SEN goes bust? Great, no sport on the radio anymore. The miserable losers win.
 
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