Cashed-up Dragons have financial clout to compete
St George Leagues Club chief executive Danny Robinson has hit out at suggestions the Dragons lack the financial muscle.
St George Leagues Club chief executive Danny Robinson has hit out at suggestions the Dragons lack the financial muscle to move on Paul McGregor, let alone compete on an even keel with other clubs.
“Every time I see that it irks me because it is not true,” Robinson told The Australian.
“The football club have a decision to make and it is not based on whether the leagues club can afford it or not. It has nothing to do with St George Leagues Club’s financial ability.
“I can tell you this, St George Leagues club is extremely financially secure.
“We have no bank debt. In fact, the bank owes us.
“We have investments, we are trading well now the club is back open. The only comment I can tell you is that St George Leagues Club is financially secure. The decisions that have to be made by the football club don’t concern the leagues club financial ability.”
The Dragons are 50 per cent owned by St George District Football Club and 50 per cent owned by WIN Corporation, controlled by the Gordon family.
The leagues club, which funnels money into the district football club and in turn the Dragons, has more than $19 million cash in the bank according to their latest financial report.
Little surprise then that Robinson is frustrated by constant speculation the Dragons don’t have the money at their disposal to compete with the best teams in the premiership. Combine their financial power with that of WIN patriarch Bruce Gordon, worth more than $700 million, and the Dragons are one of the richest clubs in the competition.
“We finally have a partner who can pay their way,” Robinson said.
“St George Leagues Club used to make up the difference. Now, it is 50-50 with WIN Corporation.”
Robinson’s comments come as Dragons officials and supporters endure yet another traumatic week for the club.
The club’s board on Tuesday met to discuss the future of McGregor and emerged to confirm he would remain in charge of the Dragons for the foreseeable future.
Dragons chief executive Ryan Webb is only new to the job but in an attempt to get himself up to speed with the club’s machinations, he is attempting to get his hands on the review conducted late last year by Phil Gould into their operations.
It is understood only a handful of people have a hard copy of the review, which was delivered to the board verbally.
Webb wants to read it himself so he can gain a greater appreciation of the challenges facing McGregor.
“I understand the majority of it has been implemented but I’m searching for a copy so I can get the details and a greater understanding of whether Mary is getting all the support he should be,” Webb said.
Webb also rejected suggestions the club didn’t have the financial wherewithal to compete with their rivals.
“I feel like that has been around the club because of the debt that had been carried over,” Webb said.
“But WIN came in and cleared the debt.”
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