Bentleigh Club … going, going, gone

[Freddy Fuschia 666]

Sold

 

[Blistering 493]

10 minutes ago, Freddy Fuschia said:

Sold

Not quite but there will be an expressions of interest campaign with a view to a sale.

Member Update | The Bentleigh Club

[see correction below]

Edited September 16, 2021 by Blistering
update

[Lord Nev 13,511]

2 minutes ago, Blistering said:

Not quite but there will be an expressions of interest campaign with a view to a sale.

Member Update | The Bentleigh Club

Yes, quite. It's gone.

Member Update | The Bentleigh Club

 

[Blistering 493]

1 minute ago, Lord Nev said:

Yes, quite. It's gone.

Member Update | The Bentleigh Club

 

Quite right - I saw the update when we put it on the market.

Apologies - sold to established local property developer, Metro, for $23.7 million.

[Mickey 4,179]

Just now, Blistering said:

Quite right - I saw the update when we put it on the market.

Apologies - sold to established local property developer, Metro, for $23.7 million.

Just think how many #positivelingers keepcups that could buy!

[Fritta and Turner 3,725]

Did we get involved with the bentleigh club in Joe Gutnick days?

 

[adonski 9,174]

The lengths we're going to in order to fund T Mac's contract is quite absurd it seems 

[Mickey 4,179]

Just now, adonski said:

The lengths we're going to in order to fund T Mac's contract is quite absurd it seems 

I've heard it just covers the first year of Cerra's contract 

[Stiff Arm 4,412]

Wow!

Is this what it feels like to support a successful, well run club?

Feels quite refreshing

I could get used to this

Edited September 16, 2021 by Stiff Arm

[Cards13 9,117]

Good sell, I hope we've invested it all in Tesla, Rivian and bitcoin.

[Whispering_Jack 28,010]

14 minutes ago, Jontee said:

Did we get involved with the bentleigh club in Joe Gutnick days?

 

Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

[daisycutter 28,606]

6 minutes ago, Whispering_Jack said:

Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

just glad he didn't invest it into a diamond mine 😂

[Cards13 9,117]

10 minutes ago, Whispering_Jack said:

Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

Sporting clubs are not for profit in Aust? If so does that mean they're exempt?

[BDA 20,254]

A tidy sum. I hope it is all tipped into the Home Base Development fund rather than used to cover the shortfall in revenues v running costs as a result of Covid. We had a $3m loss last year iirc correctly.

[BDA 20,254]

16 minutes ago, Cards13 said:

Sporting clubs are not for profit in Aust? If so does that mean they're exempt?

I've run my eye over the 2020 financials. An uplift was booked to reflect Bentleigh at market value last year. There's no provision for the future tax liability applicable to the uplift/gain in the event of disposal which means the sale is CGT exempt 

[Bitter but optimistic 21,330]

You can only sell an asset once.

Wisdom in spending the proceeds is key.

[Cheap Seats 3,303]

24 minutes ago, Bitter but optimistic said:

You can only sell an asset once.

Wisdom in spending the proceeds is key.

[DEE fence 4,506]

1 hour ago, Bitter but optimistic said:

You can only sell an asset once.

Wisdom in spending the proceeds is key.

Unless you find an Alan Bond 🤣

[Demonland 65,654]

 

[Damo 3,000]

YAY. Good Riddance!

[Binmans PA 26,261]

Had the place had a building permit, we'd have got a lot more from this, likely north of 30 mill.

But if the club is happy, I'm happy. 

[Demons11 6,404]

8 hours ago, COVID Dan said:

🤣🤣🤣🤣

[3183 Dee 2,608]

7 hours ago, Demonland said:

 

Why do people still use that dreadful logo? I have only bad memories of that era!

[Cheap Seats 3,303]

Can @Demonland start a poll with what to do with the money?

One of the options has to be monorail.

[Wells 11 4,819]

How many good news stories can I actually cope with?  flag favorites, brownlow favorites, record membership, financially flying, 5 x AA’s etc etc If we win the flag and then get a home base my karma may well be complete ….and i’ll be taken from this earth. But i’ll be happy as i go :-)