Parramatta Eels members kept in dark over secret fund for salary cap fine

And another article:http://m.smh.com.au/rugby-league/parramatta-eels/parramatta-eels-members-kept-in-dark-about-secret-fund-for-nrl-salary-cap-fine-20160309-gnew3j.htmlParramatta's members went to the club's last volatile election unaware their board had squirrelled away $168,000 for an anticipated salary cap fine.When the NRL struck last May the club was hammered, copping a $465,000 fine for breaches totalling $436,000 across the four salary cap bands while Parramatta also faced the prospect of being stripped of four 2016 premiership competition points if they didn't undertake an independent governance review.The Eels breached the NRL top-25 cap by $101,718, the second-tier cap by $233,036, the NYC top-20 cap by $60,915 and the NYC second-tier cap by $8277.While it was the first time an NRL club was found to have breached all four caps, the club was fined but ultimately not stripped of the points.Fairfax Media has sighted the minutes from Parramatta's meeting of the board of directors held in the leagues club's boardroom on January 27, 2015. The anticipated salary cap fine was mentioned on a number of occasions by the Eels then chief executive, Scott Seward."This overall result is primarily driven by the accrual of a provision for salary cap fine of $160K," Seward noted in his summary of business performance.In yet another instalment Seward advised his board: "NRL coaching expenses year to date include an accrual of $168K for a 2014 salary cap fine."The $168,000 fine was again mentioned - ironically above "laundry" - in a table for the financial forecast.However, rather than inform the club's members they were braced for the prospect of being slugged by the NRL with a hefty fine, the board did not mention it in the annual report before the election.Critics of the board have told Fairfax Media the failure to inform members about the fine when they went to the polling booth to retain the Steve Sharp-led board is not illegal but they said it did not allow for transparency.Fairfax Media understands that when Parramatta realised they were facing sanctions when the NRL sent regular correspondence informing them they were breaching the cap, chief financial officer Ed Farish displayed good corporate sense and advised the board they needed to make provisions for a substantial fine to be set aside and available in the club's accounts.It was discussed by senior club management and the board, it was noted in the club's minutes and forecasts but when the AGM was staged last May - one in which members of rival tickets were not allowed to stand because they had their memberships suspended or revoked - it wasn't mentioned.Sources have suggested in a club which is divided by factions and deep-seeded hatreds, the latest revelation is certain to anger some members. A Parramatta spokesperson declined to comment about the board's decision not to report the provision for a salary cap fine to club members.

"Ben Crooks, now that is a name. Then you have Lee Mossop who came here to have a shoulder reco then piss off back to England as NRL was too physical as the comp f***ed his shoulder again. Also his mrs apparently hated living in Sydney also."

Replies

Bradley Wardle March 9, 2016 at 11:00pm

A penny or $168,000 for your thoughts on this Muttman?
Yobz March 9, 2016 at 11:12pm

- Putting aside money in case you get fined? Perfect thing to do

I'm unsure if the article suggests this was not listed in the figures of the financial report, or just expects the club to put it in writing in an address to members.

- Not mentioning it, because you are committed to straightening things out and avoiding it? Unsure. Do you then list figures for every possible thing that may or may not go wrong?
Gray Fox March 9, 2016 at 11:12pm

The bashing continues. I don't like the very obvious agenda here but you can't defend the club. It shows there is just no way that Sharp can continue on while there are people hellbent on bringing him down. Sharp has to go.
christeel March 9, 2016 at 11:26pm

I hereby call onmy fellow members to to attend the next agm to vote on a no confidence vote in mr sharp and call for his resignation at once
- Turpy > christeel March 10, 2016 at 12:12am
  
  I hereby call on those same members to offer their semen to be your source of sustenance during the season proper.
  Thank you
Turpy March 10, 2016 at 12:18am

STFU Gol.
What the fuck do you know. As a member of the club for years we are all entitled to our say.
Where is the transparency? It's like you post with a proverbial incumbents testicle stuck in your throat.
Maybe you should stay on your feet during those fans council meetings