That's Paul Bell's management business.

I hope they are successful in their bid. Fresh ideas, basketball knowledge and business know-how. Great combination. Would do wonders for the game I'd imagine.

Good on ya Belly, someone had to do it!

Sounds like its a real winner for everyone concerned.

Sell the sixers and then what does BASA do for money?

They can not pay the debt now with the sixers making money how will they pay for it if they sell the farm?

But the $$ is owed to the govt. Who will pick up the debt? If it stays with BASA, I'm slightly jubious .....

My mum always said "if it sounds too good to be true, then it isn't true". Someone please, read the fine print carefully!

On first glance, I'd be signing this one quickly. Interestingly though ..... I thought the Libs privatised everything yet now, Labor are offering us $20m (or so) if we privatise the 36ers.

To quote the 12th Man (Billy Birmingham) - Smellabitofa Ratanyaka.

Then again, if Belly's involved, maybe the only loophole is that the Bearcats get reinstated as our second NBL team! ;-)

If the sixers are to be sold, shouldnt they be put on the open market to find the best possible result for all of basketball. The sixers as an individual entity are worth a lot of money. If this is more than a rumour this looks like an in house deal, not the way to go
for something of such importance.

Depends how much you have to pay for the license. The best franchise in the league, why undersell it.

Anon 56005, which would you consider better, taking into account longterm performance crowd attendances and recognisable brand name.

Anon #55990...

"A deal done with the Government" and you trust them???? Next thing we'll see Rann and Wright kissing the centre circle at the Dome like it was a newborn baby.

Rule 1: never trust a politician,

Rule 2: Never trust a group of politicians.

Rule 3: Never trust a Government

Can you really see the SA Government walking away for whatever the outstanding amount is???

Something isn't just sitting right with this, and it isn't the wicked curry I had for lunch......

am i the only one that feels this could go all wrong. What if the private big runs low on cash? do they fold, not resign ou big $$$ players? i assume they would still play at the powerhouse but the could move from there to save cash again. I just think there is so many things that could go wrong, at least while they are with the BASA its a big corp thats harder to bring down, i do understand the stress the BASA and the 6ers place on each other but i think it could go really bad.

gov will not erase the debt i can assure you that, after speaking with a mate of mine in the auditor generals dept.

in fact what i understood is that they would not look kindly on it being sold unless it incured at least 50% of the debt

im a big fan of basa and 36ers splitting but this just seems to good to be true which usually means it is unfortunetly i can see the 36ers folding if this where to occur

and the nbl has openly stated 12 teams is its ideal no. and from the commish mouth 2 teams in adelaide is not in there planning or viable

Why is this under the heading 'KG & Cornesy'?

Boti Nagy has an article in the paper today. States that an unnamed backer is behind the bid, who at this stage only want to look at BASA's finances.

Who's George F ?

I know who Pickard is .

http://www.nbl.com.au/default.aspx?s=newsdisplay&aid=2491

For story on nbl.com

Do not forget that there is a State election happenning in March next year. Governments looking for reelection become more generous in the run up to the poll and if they perceive the change as being popular may end up doing some good deals.


Isaac why not change the Title of this topic to relate to its content?

Yes, But WHO IS GEORGE F ?

Fiacchi ?

Probably George Flourentzou from Distinctive Homes.

Well well well.

It looks like Anon #49299 was spot on the money when they questioned the motives of Belly and the Academy. This sort of deal would have been in the works for a while, hence Belly's refusal to answer some questions in the Basketball Academy Thread had founding.

I wonder if anon 49299 will appear again...

Someone asked who George F was referring to. I took a guess. Wasn't suggesting it was George who was behind the bid.

I know who the buyer is, and it's not Flourentzou or Pickard.

if you read the thread (the link is posted for your convience)

post (#49845) by #49299 "Which makes me think that then the motives are not what are seen."

post (#49870) by Anonymous "Can someone who knows Belly please ask him to answer those questions of #49299, as a further avoidance will only strengthen #49299's claim that he is hiding something, or has other motives"

If there is no link, or its a purly a coincidence, or i am reading into these threads too deep, just say so without resorting to name calling.

It's a coincidence. I suggested to the buyer that he talk with Belly about his interests in the club and they went from there.

Nothing to do with The Academy.

easy. Thanks for clearing that up.

So Madonnacant Singh and Rubbish Binny aren't part of the buying group? Shame that - would've looked forward to seeing Olaf Slimdusty and Harfaduzzen Marzbarz in the board room with them!

'I suggested to the buyer that he talk with Belly about his interests in the club and they went from there"

So you are the missing link in the grassy knoll, Isaac???

Google for Singh and there are 25.3 million results. I'm sure there are a few Singh's servicing businesses around the world.

The one you're after is a guy in Adelaide. Nothing dramatic to reveal there, sorry!

They've requested financial information that the Sixers haven't provided in the past. That has to get approved at some executive-level meeting. They'll go through that when they receive it.

I imagine that they'd have more of an idea as to the feasibility over the coming months.

Not very exciting yet. For now, keep the focus on the current team and the 2005/06 campaign, IMO.

but my worry is once its private the ability for the club to get into a situatin where it could fold is a lot higher. How many people say we are aware we will make a loss for a while but the cash is just too much and they fall apart.

Isaac, its not you the secret bidder for the Sixers is it? It wouldn't take much to come up with 1 million. A talented, wealthy business man like you could easily do it. If you need some financial assistance I wouldn't mind going into partnership with you. We have 2 things in common, a passion for the Sixers and lots of money. Lets do it.

(Mod: I don't have "lots of money"! Don't buy into that joke about the Ferrari, though it is a funny running joke.)

i think its a big concern that if made private it could fold within 5 years,

people forget its going to have incur a substantially large portion of the BASA debt,

also believe that basa would have to gain approval from the Auditor generals department on any sale - remember reading this in the report last year,

understanding is debt that would be transfered would be in the order of 50% plus

even though i have doubts, mainly because have seen other clubs fold that have been successfull , eg cannons

but i still believe a new owner is needed maybe another option can be attempted like the on banted around last year, basa sixers split become seperate entities but government still has partial ownership of each organisations until debt can be repayed - now that scenario would add stability to a new owner as the gov would not demand that initial debt up front like if it was just sold off therefore giving the new owners time to set up and establish there practices and structure whilst not worrying about the immediate financial concerns that it would carry,

on the other side BASA would still have the government as a partial controlling body ,like it does now, and with a substancially lowered debt it will have freedom to do more whilst like the sixers not worrying about the debt immediatly but be able to put forward new strat and plans to not only improve the game but also reduce the debt

either way i think the next days weeks will be exciting

but i think we all need to think about 3 - 5 years which will be critical for the new owners

any one who hasnt readt the auditors report do so it can be found on the gov site

its worth a read cause there is a provision in there on new ownership and what must happen

Cheers

Anon, have emailed friend in the relevant department should have a rough guestimate figure shortly

Selected quotes:

On 14 August 2000, Cabinet approved a partial writeoff of BASA's loan... culminated in a partial writeoff and restructuring of the original inflation indexed loan to a credit foncier loan of $11 million, with instalments payable half-yearly over 20 years to 30 June 2020.

(proposal:) effective 30 June 2002 the Association be completely relieved of its debt obligation to the Government ($10.595 million)

Under the August 2000 Cabinet approved arrangement, BASA would receive $500 000 in ongoing grant assistance. Under the revised offer arrangement, BASA, for the ensuing five years from 2002-03, would receive $1 million in financial assistance, comprising annual waiver of interest on the Findon Basketball Stadium loan of around $750 000 and the continuation of the concert compensation grant of $250 000. In addition, deferral of principal payments on the loan until its maturity in 2020 would result in an additional $250 000 per annum cash flow available to BASA.