Edgewater

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Our Annual report says we have about $4.8m of gaming entitlements (with about $2.9m still payable to the Gaming Authority). Some of these are attached to the Peninsula Club (20) and Club Leeds (25). However the rest (70) were purchased for this project which was meant to be up and running three years ago. My rough estimate is that their value is (or more accurately was) around $3m.

I hope we have better lawyers than Essendon on this matter and that Prizac are not a straw company.
 

Bont2Boyd

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Yep Builders often don't have much capitial
The club's statement that Prizac possibly could not meet its obligations to build the venue also makes me worried about their financial position.

Getting into bed with these guys and purchasing around $3m of gaming entitlements on the hope they would deliver is really the worst decision of the Smorgon/Rose era.
 

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go you pups

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Getting into bed with these guys and purchasing around $3m of gaming entitlements on the hope they would deliver is really the worst decision of the Smorgon/Rose era.
This :(

At least the clubs direction is moving towards a better place now

Typically, it had to happen to us this sort of thing though
 

Ant_

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The club's statement that Prizac possibly could not meet its obligations to build the venue also makes me worried about their financial position.

Getting into bed with these guys and purchasing around $3m of gaming entitlements on the hope they would deliver is really the worst decision of the Smorgon/Rose era.
Yeah no argument from me. Won't be surprised if the pricks bankrupt then phoenix elsewhere under a different name
 

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Dog Rising

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Gaming licences aren't specific to a venue are they? If you have a licence could it be used at a different venue if this one doesn't find a new investor.
 

womble54

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It was a stupid size from the beginning. Never understood how they thought they could nett a profit (the developers that is) and managing it for a reasonable profit balancing customers service v wages/costs for the scale it was would have been bloody difficult. I've been involved in working across developments for 15 years and it never made sense to me. Rose took some bad advice from the wrong people and I think this is the best outcome we could have achieved. You'd think Slater and Gordon might get the case to hunt Prizac into oblivion. With $800k in annual revenue you would think they'll declare bankruptcy which means f'all for us most likely. Anyhow - we move on!
 

Doggy Dan

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It was a stupid size from the beginning. Never understood how they thought they could nett a profit (the developers that is) and managing it for a reasonable profit balancing customers service v wages/costs for the scale it was would have been bloody difficult. I've been involved in working across developments for 15 years and it never made sense to me. Rose took some bad advice from the wrong people and I think this is the best outcome we could have achieved. You'd think Slater and Gordon might get the case to hunt Prizac into oblivion. With $800k in annual revenue you would think they'll declare bankruptcy which means f'all for us most likely. Anyhow - we move on!
If they bankrupt and go into liquidation, will another developer purchase the project and continue with it?

Maybe just turn it into a pub and call it The White Elephant!
 

Mutt

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If they bankrupt and go into liquidation, will another developer purchase the project and continue with it?

Maybe just turn it into a pub and call it The White Elephant!
There is a lot of property development money looking for a good home in Melbourne at the moment (if the return is superior, there always is plenty of money looking for a home.)

If these developers can't deliver, the sharks will circle and someone will take it over and complete. There may be an opportunity for us to re-enter with a different developer. Lots of water yet to go under the bridge I'd suspect.
 

paul scholes

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Pity they didn't pick up one of the many Footscray pubs that have been sold to developers recently.
Problem there is that most fans are scattered all over the place . Probably best bet is in areas populated by our fan base.
Bit of a black eye for the previous administration
 

dogwatch

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Whatever the club's and/or the developer's failings in this venture I've got to hand it to PG in the way this announcement was handled.

Not a whisper or a hint of a leak until the MEMBERS were informed first. I don't know about anybody else but I feel I am not being marginalised or taken for granted as a member (so easy to do) when I hear about it at the same time - or even before - all the journos and know-it-all commentators and gossips in the industry.

PG is a class act. :thumbsu:
 
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