Buzz weekend highs and lows: Financial threat to Phil Gould’s Canterbury Bulldogs rebuild

Phil Gould’s Bulldogs rebuild is putting significant financial strain on the club, with cashless gaming cards set to have a devastating impact, writes PHIL ROTHFIELD.

Phil Gould is relying on poker machine money that won't come forever.

At first glance Gus Gould’s multimillion-dollar knock down and rebuild of the Canterbury Bulldogs is looking good.

The great man is quickly assembling a roster that will challenge the premiership heavyweights.

It is, however, putting a considerable strain on the club’s finances.

The Bulldogs needed a $5.8 million cash grant from their licensed club last season just to break even.

This is almost unheard of in modern-day rugby league.

Every other Sydney based NRL club is now self-sufficient.

Canterbury Bulldogs general manager of football, Phil Gould. Picture: Kevin Farmer

Manly and Souths haven’t had poker-machine support for years.

The Panthers, Eels and Roosters are now running profitable or break-even football operations without support from their licensed clubs.

Increased funding from the NRL for all 17 clubs obviously helps.

The Bulldogs are a different proposition.

It cost them $1 million a year to hire Gus. They had to pay out coach Trent Barrett then hire Cameron Ciraldo on big bucks.

Last week they sent the Broncos a $500,000 cheque as a transfer fee for untried 18-year-old halfback Karl Oloapu.

Changing coaches to Cameron Ciraldo was an expensive exercise. Picture: Justin Lloyd

While most companies are cutting back, the Bulldogs have increased staffing levels by almost 50 per cent in the last 18 months.

The problem for Canterbury fans is that this is unsustainable spending.

And here is why …

The state government is soon to introduce the controversial new cashless gaming cards.

For clubs like Canterbury League it could have a devastating effect.

“It could cripple us,” said one club director I spoke to last week.

Last year the licensed club made an $11 million profit and gave the footy club $5.8 million.

That money won’t be there in future years with these new gaming cards.

Like other responsible NRL clubs have done, the Bulldogs will have to slash costs if they are to survive long term. Quick fixes don’t work.

You look at the Panthers as an example under their CEO Brian Fletcher.

The football club itself has made a profit of around $16 million in the last three years – without a penny from poker machines.

Gus Gould splashed the cash for former Brisbane prodigy Karl Oloapu. Picture: Zak Simmonds

It comes from sponsorship, merchandise, membership, sellout crowds, winning two premierships and increased NRL funding.

Before that, while Gus was at Penrith, the Panthers were losing an average $5 million a season.

The Canterbury Bulldogs – and their success-starved fans – will no doubt have something to cheer about in the not-too-distant future.

Whether it can last under their current business model is the big question.

Phil Gould’s spending is under the microscope. Picture: Mark Kolbe/Getty Images

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