General Discussion Sir Owen Glenn to dish his Warriors shares out to fans

Discussion in 'General Warriors Discussion' started by ToiletDuck, Jan 30, 2015.



  1. ToiletDuck
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    ToiletDuck Dr Faggot Contributor

    Sir Owen Glenn wants to give up his half share in the New Zealand Warriors and end his legal battle with co-owner Eric Watson.

    Glenn has announced he will transfer his half share in the NRL club to a charitable trust for the benefit of the rugby league community, with the aim of developing the game at grass roots level.

    "It was always my intention to enhance opportunities for kids, who may not have otherwise been able, to participate in league for their own growth and development and hopefully the growth of the game", the multi-millionaire businessman and philanthropist said.

    Glenn has been in a bitter battle with Watson over his stake in the club for over a year.

    The two men haven't been able to work together in making decisions about the club and Glenn was furious when Matt Elliott was sacked as the club's coach last year against his wishes.

    Glenn had been interested at selling his half share in the club back to Watson but they weren't able to agree on a price.

    However, Glenn's move ends that battle and he would like the Warriors fans to have a say in the club from now on.

    "As a result of my involvement with the club I am now convinced this iconic New Zealand brand should belong to the NZ public and Warriors club members," Glenn said.

    In a statement, Watson expressed his support for the idea.

    "I'm delighted - this proposal looks to be a positive development and I'm looking forward to seeing further detail," he said.

    Glenn has asked his representative Bill Birnie to work alongside Jim Doyle, chief executive of the Warriors to bring the idea to fruition.

    Under the proposal being considered the trust would be administered by trustees acting on behalf of the members, league community and other stakeholders.

    The trustees to be appointed to the trust would be prominent within business and sporting sectors and Glenn hopes members will see they have a voice in the direction of the club through this initiative.

    Glenn believes by doing this it will increase membership numbers at the Warriors, which he felt was an area that needed improvement.

    "A strong club starts with a strong and loyal membership," Glenn said.

    A GOOD RELATIONSHIP GONE BAD

    In 2012, Glenn was on good terms with Watson as he invested $6.15 million in the Warriors for a 50 per cent share. They also started to invest in English property and other ventures, but over the next two years the pair began to fall out.

    Glenn claimed he was marginalised as an influence on the Warriors and it all came to a head when former head coach Matt Elliott was sacked in April, 2014.

    Link has been hidden. Please Register to view. He said his representative on the board was not consulted either, but Watson fired back by saying she was.

    Link has been hidden. Please Register to view.

    Glenn announced he wanted out of the Warriors, but the pair could not come to a mutual agreement about the value of the franchise, with Glenn wanting at least what he paid for the club and Watson saying it was worth far less than that.

    Glenn took his claim to the High Court at Auckland, but that action looks to have been nullified by today's announcement.

    The feud escalated to an even higher level in October when an overseas court decision revealed the pair were fighting over tens of millions of dollars worth of English property, and more than $200 million stashed in a Jersey bank account.

    The ruling from the British Virgin Islands quashed Watson's attempts to shut down Glenn's attempts to liquidate the pair's partnership.

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    - Stuff

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  2. eudebrito
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    eudebrito |-|

    Oh interesting, well good on OG for not caring about getting his money back, that’s a very noble gesture, doubt you'd see Watson walk away from $6M.

    Pretty significant news, a lot more significant than Trent Merrin having a look at the gym at penrose.

    Who’s going to appoint the trustees? The club? Doyle? The butcher? Watson??
     
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  3. Miket12
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    Miket12 Warriors 1st Grader

    Iron Lion
     
  4. Iron Lion
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    Iron Lion Banned

    On that note please send me your resumes for trustee positions. I am looking for a council of 12.

    Chocolate fish and milk bottle lollie bribes welcome.
     
  5. eudebrito
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    eudebrito |-|

    on a serious note, any chance this is the big news Doyle wants to talk about or is it definately a player to be named? feel free to hedge.
     
  6. Miket12
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    Miket12 Warriors 1st Grader

    Totally unrelated to this topic but I'm currently working on a proposal for a multi-townhouse develop which requires us to talk to 13 iwi groups in Auckland and we've been approached by a "consultant" who, for slightly more than chocolate fish and milk bottle lollies, will negotiate on my clients behalf - the "fee" he wants is to have one of the townhouses to be transfered into his family trust.
     
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  7. Iron Lion
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    Iron Lion Banned

    Nah, it was a player announcement
     
  8. Jay M
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    Jay M Warriors 1st Grader Contributor

    how many townhouses are in the development?

    Can we get a couple for the warriors off the books as well so our players get subsidised/free accomodation outside of the salary cap ;)
     

  9. Miket12
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    Miket12 Warriors 1st Grader

    Time to start up the "ThisHasNothingToDoWithTheWarriorsOrTheSalaryCapTrust" - that should keep the NRL auditors away ;)
     
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  10. Jay M
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    Jay M Warriors 1st Grader Contributor

    well if we allocated a couple to OG's help the development of grass roots rugby league trust... we could slot a couple of warriors players in there on the quiet right? ;)
     
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  11. Miket12
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    Miket12 Warriors 1st Grader

    Kerry Foran and Terry Merrin and Stuart Matai
     
  12. brightman
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    brightman 1st Grade Fringe

    The real question would be 'who is the settlor?'
     
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  13. mrblonde
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    mrblonde 1st Grade Fringe

    I'm in if there's free helicopter rides and loads of champagne involved. Hey, if it was good enough for Tainui...
     
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  14. Miket12
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    Miket12 Warriors 1st Grader

    and Spa treatments at Huka Lodge ;)
     
  15. Wellington Warrior
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    Wellington Warrior Warriors 1st Grader

    Back on topic... OG looked slim on one news.... I actually wondered whether he was ill and whether that was the motivation to get out of the Warriors... Bigger things to worry about than fighting with Watson. Timing of course on the eve of the nines was rather well planned!
     
  16. gREVUS
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    gREVUS Long live the Rainbows and Butterflies

    Wonder how many people still think he is the devil?

    Also this doesnt really resolve anything as Watson has 50% shares and OG has 50% shares but Watson doesnt play nice with others. Unless someone sells 1 share to the other then the whole situation is still tits up and will continue to come up again and again.

    Also these are Warriors shares and his intention is to improve rugby league at grass roots level. Unless the Warriors fund a comp of there own at school boy level, they will need to involve NZ Rugby League. I can only see Watson at loggerheads with both the new trust and NZ rugby league as to how the warriors money is spent. After all, words aside, his interests are in the Warriors and any bleeding moneys away from that would be against his best interests. (i dont believe he is as altruistic as OG).
     
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  17. jonno
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    jonno Warriors 1st Grader

    Gee it'd be nice to have the option of walking away from 6 mill....

    I guess this makes Glens intentions for the club clear. He just want's to help us into a better position...

    But I'm a little confused about how a charitable trust, owned by us fans (who exactly again? does this include me or not?) is going to achieve a more stable ownership situation...

    So in all reality he's not going to be the owner but he's still keen to have his vision for the club enacted, a vision that Watson probably isn't too fond of (going on their previous history)...

    So on and on it goes.....

    I thought this sports club ownership buzz is supposed to be fun for them, a friendly aside from their normal day to day cut throat business dealings... Maybe it's not like that at the top after all....
     
  18. Sup42
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    Sup42 "Dave"

    As Harvey Keiltel said of the character Nicolas cage played in the movie National treasure...

    "Smart fish"


    Owen wins.

    Eric you lose.
     
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  19. InsideBall
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    InsideBall Warriors 1st Grader

    It'll be interesting to see how it pans out...

    Glenn really is a bit of a master of perception manipulation through the media - if his motivations are anything other than sincerity, it's a very cunning move... Glenn comes out of this appearing to smell like roses and Watson gets a better outcome than he could have dreamed of... Everyone walks away (seemingly) winners. Smart move.

    Doyle perhaps the mind behind this? The resolution seems to have come fairly swiftly under his watch... No doubt he could exude an aura of neutrality that for the previous CEO was an impossibility.
     
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  20. Blindside
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    Blindside 1st Grade Fringe

    This is all about OG shafting EW.
    There are no benefits at all for the Warriors; in fact this move may well hamstring the Warriors.
    Is EW going to put more funds in if the 50% partner doesn't? Not likely.
    Is a charitable trust going to put up funds to match EW? No; that's not what a charitable trust does.

    I think this will prove to be a black day for the Warriors.
     
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