I'll post this in here as it kind of covers the old deal buying the club off Watson and the partnership with the
Chanel Harris-Tavita.
This Stuff article is a good read.
Rob Croot and Mark Robinson knew they had to own the Warriors totally, or get out.
www.stuff.co.nz
Some interesting quotes covering some of the discussions we have had like Autex getting a 50/50 say and them knowing it needed more investment but as only 1/3 owners they only needed to put in part of the capital.
"Fortunately for us, they took the deal that I wanted, which was a 50/50 say."
"After spending a year being around the club and seeing what I think needs to happen, I said we couldn't work with these people.
"Now I can see the potential in the club and what it can be if it's done properly."
Robinson said he knew they were all paying overs to buy the Warriors, but felt the offer from the Trust, where he would get half of the voting rights, despite having a minority share, was too good for him to turn down.
"If you can have a 33 per cent share in a business, have a 50 per cent say and the chairman had no casting vote, you'd be an idiot not to buy that," Robinson said.
"So I could go along for the ride for half the price it cost them. Then, if the club needed money I'd only have to put in a third and they'd need to put in two thirds.
"When they made that choice and signed the paper to give me those rights, it was probably the time they made a mistake to be honest."
Can see where things broke down. The minority owner being businessmen want to invest in the club to turn things around. The majority owner want to use the club to pour money elsewhere.
The 50/50 deal they would of loved that when it was agreed. We do have to remember the
Chanel Harris-Tavita were in a competitive situation to buy the club last year and were needing a partner.