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Discussion in 'General Warriors Discussion' started by ToiletDuck, Feb 17, 2013.
I doubt it - unless a player told him.
I recall Navman sold for over $100 million. Doyle was one of three shareholders although he was not the inventor, that was Sir Peter Maire. Maire was on the rich list with over $50 million once so he may have got the lions share of the sale.
On that basis JD might be worth $10 - 20 million.
You raise a great point about having an owner in the same location. It is pretty obvious Watson has wanted the club to take care of itself and not take much of his time. He can then when he returns home catch a few games in the owners box. We only hear from things when things don't work out and often they have to get really low for him to comment or intervene.
Like a lot of things in sports Watson's approach isn't a problem when the side is winning. But when you are struggle everything gets magnified.
A change of ownership as rumoured to Doyle and a few friends of his could help shake things up a bit with having owners close by and more hands on with the club. This is assuming the other guys in Doyle's consortium are based locally.
Doyle is well off financially and at an age were he isn't off running multiple businesses so the club would have more of his focus. The other guys might be to make things less of a burden on himself financially or it could be to help with investing more into the club.
Someone also mentioned about the Auckland Racing CEO being hired and him being overly qualified for his current role so most likely being groomed as the next CEO. That could be Doyle moving on or as that person suggested moving up to a Chairman role. Anyway I've seen a few times in my working life someone overly qualified as a 2IC either for a department role moving up to a head of department or a former country head coming back home as a deputy in NZ before conveniently moving up. So there is a good chance that is what we will see.
Somebody posted that Cameron George was not up to the task of CEO. Maybe JD has somebody else in the frame.
I wouldn't be surprised if he could get more than $12 million as they were talking on NRL 360 for Balmain talking of selling their half of the Tigers for that amount so effectively valuing the club at $24 million. The NRL is a much bigger business compared to when Watson originally bought the club. We have had a few clubs change hands the last few years but that was usually a struggling club either being sold or taken over by the NRL or Tinkler coming in to save the Knights (well he intended to). It is something I have thought would be interesting if one of the clubs changed ownership not due to the club being in a bad state financially but the owner wanting out for any given reason.
I wouldn't be surprised if he walks away with a reasonable amount. Mind you he may have picked it up cheap but how much has he sunk in over the years?
How much he has invested can be looked at as keeping afloat or enough to keep the lights on. Or not enough as although sports clubs don't typically make a lot of money they do drain a lot. I have said a few times on the sports science thread the NRL is in a bit of an arms race off the field with clubs spending up to $20 million a year on their football department with coaching, nutrition, training gear and sport science.
Like you said the rumour has been around a while. It has probably worn on him a bit as he probably wanted something that doesn't require much attention. But being a sports club it has the media interested it every week. Doyle took part ownership which didn't get a lot of media attention but is interesting and adds weight to the current rumours. Now looking at the reports of Glenn getting a good payout from Watson it adds up as he'll need to find the money, most rich guys don't just pay they sell assests and then pay. So he may sell off a few businesses and the sports club is a prime target.
He had a decent run starting off quite well before some stability in the Cleary years. Also loved the semi finals where if you had a NZ passport turn up and support the Warriors as your ticket is sorted.
My information was he picked it up for free.
Just say a house was worth $450,000 k and the owner had little cash but lost a courts case for $228,000 k, with costs and a further award to be made. Most house owners would be shitting themselves. I doubt Watson is shitting himself, he will have been working on this for quite a while now, but I think it shows his plight.
My guess is that JD and his mates would do what he did to Owen Glenn. There will be no other bidders, they would want it for free, just like he got it. He has other assets he can sell more quickly. All they have to do is wait.
Probably to pay the legal fees, the lawyers will have had his eyes out on this case.
12 mill was in 2012, when the club was in a much better place and making profits. I have no idea if they are still making profits, but I suspect 2018 memberships will tank, which must have a pretty big affect on the value of the club.
This doesn't quite add up Imo...
If Glenn put the 200 million into the investment that doesn't count as a part of Watson's 400 mil net worth. That's still a part of Glenn's 1 billion net worth isn't it? So when Watson gives that back it's not costing him anything.
And shouldn't Watson be pulling 6 to 8 % on his 400 mil net worth, which is around 25 to 30 mill a year... What court case costs more than 30 mil. If that's the price I need to get my self to law school...
Watson must be in some other kind of trouble as well for this to be costing him his house imo... Is Glenn taking him to the cleaners?
Lowe was merely a mouthpiece for the club. Him and Boyle invested $50,000 each for one third of the club but with no responsibility of paying any of the ongoing costs the club incurred. That was all on Tainui. Try Google what they went through in the early 2000's and come back to me.
Fact is they walked away from the club and werent willing to put another cent into the place. Ask the players and vendors who werent paid how good to Warriors imaginary cash flow was.
As much as you hate Watson the fact is he saved the club. Get over it...
There was cash flow, where did it go?
Watson paid nothing for the club, myself and others were told he only had to underwrite it. I did not detect any rejoicing within the NZRL when it was announced he was the new owner.
How much did he have to pay in that first year? The tickets to the finals were paid for by Vodafone. The new gym was paid for by Glenn.
Saved the club, yeah right.
I hope these rumours are true. Many people who lost money in Hanover who would be happy to see Watson get his arse kicked.
Only going on what the press says.
Watson is worth $450 million in assets (apparently). That is just guesswork by the press.
Counted in those assets are half of the company owned with Glenn.
The court has said so far Glenn is entitled to $228 million back for what he put into the company. That looks like Watson has to pay all of it, because the word used was settlement.
However when the trial started there was $200 million sitting in a bank account, that makes it look like it will all be going to Glenn plus $28 million. So Watson might not have to pay all of the settlement.
None of this is clear.
There are also substantial property holdings owned by the company that are in dispute.
However the case hasn't finished, there must be more to be claimed, and costs to be awarded.
bruce, you seem to have some very strong opinions on Watson.... so I know how much value to place on your opinions, which league club you have owned?
Also, you have very strong opinions on Kearney as a coach - which NRL club have you coached?
And, of course, since you also like to tell us about Doyle, you have obviously been CEO of the an NRL club as well. Which one?
After all, I've noticed you've asked a few of us lately about how much league we've played - I can only think that's to see if you value our opinions or not based on what we have done.
2007 Watson is listed as being worth $485 million by Forbes..
2015 he's listed as being worth $500 million by TVNZ.
6 days ago he was listed as being worth $420 million by The Herald
So if he's now owning Glenn $200 million, out of his $420 mill, he's lost a shit tone of money somewhere.
The other thing I'm thinking is a business deal went sour and Glenn is trying to get Watson to pay him out of his own pocket for the losses. The other possibility is Watson was trying to rip Glenn off to the tune of $200 mill and has failed in this endeavor to make himself $200 million richer.
Looking at Glenns frustration about losing control over his family trusts, he might have looked like an easy target for some plundering.
I am not the only one with strong opinions on Eric Watson, in case you haven't noticed.
Yes, but you seem to be the only poster who asks others if they've played league - as if that means the higher level we've played, the more value you place our opinions.
That seems to be Glenn's side of the story.
That is common on the rich list, because these guys do lose a lot of money. Watson's PRG of which he owned 75% lost over $300 million on their deal over the Powerhouse Chain in the UK. It is amazing that he could bounce back from that loss to be worth over $400 million now.
You would have to ask WTF he hasn't been more successful in his management of the Warriors?
I found this from the Otago Daily Times in a 2010 article describing Watson's business ventures. It wasn't flattering:
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One part that caught my attention was this.
"Mr Watson - who could not be contacted for comment for this article - is a business enigma who draws as much awe as ire.
The flip side to the wrath over Hanover, for example, is the loyal bunch of Warriors fans, who see Mr Watson as a saviour for rescuing the financially strapped league team from almost certain oblivion by taking a 75% stake a decade ago."
What a load of bullshit. Apart from Mount Wellington what Warriors fan regards Watson as the saviour of the club?
What does that have to do with this thread? and no I don't, I have never asked you that question. Would you like me to?
I remember hearing Watson say a few years back he put $1m into the club each year to cover expenses. Had said it was a drain and he would prefer not to anymore. A couple years later he scammed Glenn into buying in.
why fork out $1m every year when you can get someone else to do it for you?
He didnt stop at $1m didnt Glenn invest another $6m on top of his buy-in price on year 1?