http://www.couriermail.com.au/sport/football/a-league-brisbane-roar-players-set-to-receive-rest-of-overdue-wages-on-monday/story-fnk6pqhe-1227495512332

Edited by Buggalugs - you should have listened... : 15/12/2015 02:01:11 PM

Edited by Buggalugs - you should have listened... : 16/12/2015 11:20:58 AM

Edited by Buggalugs - you should have listened... : 17/12/2015 11:17:02 AM

Edited by Buggalugs - you should have listened... : 21/12/2015 11:52:10 AM

Edited by Buggalugs - you should have listened... : 22/12/2015 10:48:45 AM

Need to push through the Jets sale before they'll even consider taking the Roar off the Bakries.

I imagine the sale may be more concrete than we think, and FFA are allowing them the time to do this without the black mark of another stripped licence.

Maybe we can have one thread for this?

why do banks so often process payroll late, it's always the banks.

:lol:

'Cheque is in the mail, I swear!'

:shock:

So, technically, the owners of Roar would be in breach of players' contracts.

Does that then mean the players could walk?

That's pretty funny. The "power" that the FFA wields must be immense!

Just a titbit so you might be just a little informed of where the Roar and the FFA sit in the Bakrie world:


http://www.reuters.com/article/2014/10/31/us-indonesia-bakrie-idUSKBN0IK09X20141031

Indonesia's mining-to-telecoms conglomerate Bakrie Group will negotiate with creditors to restructure part of its $8 billion in debt rather than sell major assets, people familiar with its strategy say.

They say the group, which has gone through two financial crises since the 1990s, will opt for the tested approach of restructuring debt, even though that risks frustrating increasingly impatient creditors.

Bakrie companies have missed principal or interest payments at least four times in the past two years, and creditors would prefer them to sell assets to raise funds faster.

Some creditors sued one Bakrie company in New York while a Jakarta supplier has asked an Indonesian court to supervise a debt restructuring. Other creditors of another Bakrie firm have refused a proposal to convert its debt into shares.

Companies from Japan, Malaysia and Indonesia have expressed interest in palm and rubber assets owned by PT Bakrie Sumatera Plantations Tbk but the group wants to keep them, said a source familiar with the Bakrie Group strategy, who declined to be named.

Another person close to the group said that with debt levels as high as they are, "in a way you have to come up with a plan to restructure even if it's a long-term game."

Judgments in foreign courts are not enforceable in Indonesia, so foreign creditors would do better to leave Bakrie to work out its debt problems rather than try to enforce claims against it, the second person said.

The Bakrie Group has long carried a heavy debt load and creditors have been tolerant, in part because of generous yields and a belief that the companies could tap rich mining resources to come up with cash.

COAL-PRICE PLUNGE

But the coal business - pivotal for Bakrie - has been hard hit. The price of thermal coal is now about $65 a tonne, compared with a peak of nearly $195 in 2008, before Bakrie took on a lot of new debt to expand.

The Bakrie Group was founded by Achmad Bakrie in 1942 to trade commodities such as cocoa and coffee in Sumatra. Today, it is led by one of his sons. Aside from coal, Bakrie has expanded into oil and gas, plantations, property and other businesses, mainly through debt-funded acquisitions.

Ten Bakrie-linked listed companies had total debt of $8.1 billion as of June, with flagship coal miner PT Bumi Resources Tbk owing $4.3 billion alone, according to Thomson Reuters data.

When asked about the Bakrie Group's strategy to service its debt, spokesman Christopher Fong said that companies associated with the group are independently managed and in some cases the Bakrie family does not hold a majority stake.

"They are not under one umbrella and need to be viewed as stand-alone entities," he said in an email. Bakrie sees coal prices rising above $80 next year and it maintains strong relationships with its banks, he added.

Three bondholders have sued PT Bakrie Telecom Tbk in a New York court and Indonesia's PT Netwave Multi Media, one of Bakrie Telecom's local vendors, has requested a court-supervised debt restructuring process in Jakarta.

Netwave is worried that the interests of several big, foreign creditors will be prioritized over others, Sandra Nangoy, a lawyer representing Netwave, told Reuters.

"We are not asking Bakrie Telecom to sell its assets right now, but Bakrie Telecom has to give certainty and guarantee that it will pay its debt," she said.

Bakrie Telecom said on Tuesday it has received an official notification from the Jakarta commercial court and it will "take the appropriate steps to respond...while paying attention to the interests of all our creditors and business sustainability."

SWAP OFFER DECLINED

Earlier this month, Axis Bank Ltd, Credit Suisse, Deutsche Bank, UBS AG and China Development Bank declined Bumi's proposal to exchange $275 million of its debt for new shares. Bumi shares have lost more than half their value so far this year.

"I think investors are somewhat resigned to the fact that they are dependent on the company to initiate the next stage. But yes, the level of frustration is rising but I think at this point investors have yet to organize themselves," said a Bumi bondholder who declined to be named due to the sensitivity of the matter.

Even after completing an agreed $1.36 billion debt-to-equity swap with China Investment Corp [CIC.UL], Bumi will not have the internal capacity to fund more than $1 billion maturing over the next 18 months due to its weak liquidity and over-leveraged balance sheet, Moody's Investors Service said in August.

Brian Grieser, senior analyst at Moody's, said that Bumi has faced "the perfect storm of high-interest debt and a fall in coal prices."

Some executives close to the Bakries believe that the group will be able to ride through its latest challenge.

"I do not have even the smallest doubt that they are managing this well, and will make a strong comeback," said Samin Tan, an Indonesian coal mining magnate who bought the Bakries' stake in Bumi Plc, now known as Asia Resource Minerals Plc. "History has proven this time and again."

(Additional reporting by Umesh Desai in HONG KONG, Lianting Tu from IFR, Patturaja Murugaboopathy and Tripti Kalro in BANGALORE, Fransiska Nangoy in JAKARTA; Editing by Emily Kaiser and Richard Borsuk)

Edited by SWandP: 24/8/2015 12:40:09 PM

AFAIK, they were in breach in June pays, but I think the players have to wait 14 days to lodge paperwork.

I'm assuming the Bakries are trying to stop some of their few assets (contracted players they can sell) from getting away for free.

There must be a real reason why they're prioritising the players over other staff.

I work in Coal, if they think Thermal coal will fetch $80 a tonne next year they are is kidding himself, we are forecasting MET coal prices below $80.

I hope the roar can get taken over by FFA and soon to sort this mess out.

If it was related to Melbourne Victory Pala would have shut it down in an instance or have it moved.

The article's 10 months old

Surely the awful pay conditions are a breach of contract. Based on that alone, the players should walk and leave this Roar organisation. The FFA would step in then that is a guarantee cause they have to honour their agreements with fox in particular. A good lawyers as advisory is needed, anyone to take this on??

Come back to Perth Jado!

This confirms what I said, this money is from the membership money coming in which is coming in continously not from the Bakries.
So they say the cheque is in the mail and then wait for more membership money to come in.
You would think if they were smart they would prioritise payments to Borrelo who is stuck on a low wage, and not pay McKay and Broich, becuase there is no way those two would be leaving on their generous salaries.
The point of no return will be coming soon, so the Bakries then have to decide are they going to put more money in the hope they can sell the club in the future or let it go.

Grim for all commodities (except perhaps alumina) for the next 2 - 3 years at least. Not even studies are being picked up at this stage so we have to look beyond mining magnates. There is no future under the current ownership.

I don't believe there's any memberships being bought.

Anyone with info on their current membership level ?



Although McKay and Broich might be sellable, plus whoever they're using as Assets in the 'Sale Negotiations'

Brattan might be on a bargain rate

Their players are worthless. No-one is going to pay a transfer fee for McKay or Broich. All they can do is release them for free.

You under-estimate MV's poaching ability.

You over-estimate the quality and value of an aging McKay and Broich if you'd even consider the possibility of MV taking a whiff of either.

This lol. We got what we wanted. Enjoy your rubbish scraps and inability to utilise youth football appropriately.

Oh and Aloisi.:lol:

Not sure on numbers but I know my brother and I were hoping that the sale would have been done by now, as the option for a membership on payment plans has now lapsed.
It's only affordable for me to buy a membership on a payment plan so now I'll just buy tickets on the day I guess.

MV had to poach Geria from our youth team as well. We've gone over this before, you guys dont actually havd the ability to produce good young players.

Current number of u23 players in your starting XI? 0? Condom maybe?

We have 4-5.

Enlighten me on your youth football utilisation....

Foxsports saying the players got their catch-ups today, but no-one else

Egg on M80 faces :lol:

Edited by paulc: 24/8/2015 06:01:27 PM

Still worthless. Can't get any money for A-League clubs.

This is why you were nominated for worst troll =d>

You may be right, especially if SBSs story today is true "It’s been mooted that the mystery potential investor could be Belgian billionaire Roland Duchatelet, who paid $28 million to add English championship team Charlton Athletic to his portfolio of clubs in February 2014.

The former owner of Standard Liege, Duchatelet built his wealth through an electronics empire and is Belgium's richest man. He also controls fourth tier German club FC Carl Zeiss Jena and second tier Spanish club AD Alcorcon."