Tandy
Norm Smith Medallist
Is off the bench on tomorrow. Will Hutchy show up and will pickers ask him the questions? Usually does
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Pickers usually brings it up and Hutchy laughs it off as if everyone has it wrong.
Tandy
Norm Smith Medallist
Assuming he will do just that. But keen to hear him Riggle out of it.
- May 22, 2006
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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.
The Golden Glenferrie
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Thanks Craig
I gather some of this is rehashed
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.”
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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- May 22, 2006
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There is definitely a lot of rehashing now, on pretty modest "news". More significant news for them will emerge in coming months.
In other news. Hutchy fell off his chair on OTB this morning, Pickers lost it! Not sure if it was a fall, or the chair just buckled under the strain.
In other news. Hutchy fell off his chair on OTB this morning, Pickers lost it! Not sure if it was a fall, or the chair just buckled under the strain.
TheGreatBarryB
Hall of Famer
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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You have to wonder how long he can continue.
Basing a business around known money losers
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
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 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
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.
Tandy
Norm Smith Medallist
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?
The Golden Glenferrie
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I want it to improve.
We all do that's why we are posting about it . But as Pickers said yesterday this turd at the HS has some agenda
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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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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Whateley had Phil Davis on during the week for an hour.
Davis was a bit much for me when he first appeared in the media, with the hipster man bun and moustache, but I thought he was excellent.
If I was Hutchy, that is the model I am trying to build across the main station from 7am to 9pm. A good host, that essentially interviews an interesting opinionated guest.
You can have your boring talkback callers and interviews with AFLW players outside of those hours.
Davis was a bit much for me when he first appeared in the media, with the hipster man bun and moustache, but I thought he was excellent.
If I was Hutchy, that is the model I am trying to build across the main station from 7am to 9pm. A good host, that essentially interviews an interesting opinionated guest.
You can have your boring talkback callers and interviews with AFLW players outside of those hours.
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I must say wayne can be annoying but sometimes his interviews are good . Also concur with you on Davis , always thought he was a #anker but he was good . Need more of this stuff and not content crap.
Also DeStoop should have a couple of hours somewhere , maybe swap him and Gaze a couple of times during the week .
Cornes for headlines, Maher because he's a fairly genial type of guy that knows something about AFL and has been in the business a long time.
FWIW, although I'm not huge Cornes fan, I can see exactly what his intentions were when he entered the business. Share a bold opinion regardless of whether it's popular, double down on that opinion when challenged and ensure you remain controversial.
The AFL media would be a lot more boring if he wasn't in it to be truthful
Cornes is an asset for SEN. But he isn't a good host of a radio show because he isn't a good interviewer.
If I was running the station, I would move him to having a permanent hour with Whateley every morning like the old KB/Patrick Smith hour ... but a bit more modern.
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I echo the thoughts about needing SEN to continue regardless of its imperfections. It's our equivalent of talkSPORT.
Has SENZ effectively replaced Radio Sport NZ or do the two co-exist? Difficult you'd think in such a small market.
How does the ABC cover sport? I know they have the Grandstand branding and ABC Sport on my DAB car radio but is sport ever broadcast on Radio National or their main 774 station here in Victoria?
BBC Radio 5 is news during the day (though not as highbrown as Radio 4 or World Service) and sport from 7 in the evenings and through most of the weekend until late Sunday evening.
Has SENZ effectively replaced Radio Sport NZ or do the two co-exist? Difficult you'd think in such a small market.
How does the ABC cover sport? I know they have the Grandstand branding and ABC Sport on my DAB car radio but is sport ever broadcast on Radio National or their main 774 station here in Victoria?
BBC Radio 5 is news during the day (though not as highbrown as Radio 4 or World Service) and sport from 7 in the evenings and through most of the weekend until late Sunday evening.
