Ex-director may challenge Tiger boss
By Caroline Wilson, Jake Niall
March 26, 2004
Embattled Richmond president Clinton Casey.
Picture: Getty Images
Former Richmond vice-president Brendan Schwab has left the door open to join a challenge against beleaguered president Clinton Casey and his board, which has lost another member.
While Schwab last night denied he was part of a formal ticket pushing for an extraordinary general meeting in a bid to throw out the Tiger directors, he would not rule out any future involvement in the club.
And The Age believes that an influential group of Richmond backers have been working to form a ticket to challenge Casey as the club prepares for the launch of its 2004 season.
Michael Daddo last night confirmed his resignation as a director, saying he had quit due to "differences of opinion on how the board was being led and managed" and to spend more time on business and family commitments.
Daddo is the third director to quit in the past two weeks.
Casey said he was aware of a potential challenge. "If someone wants to do that and thinks they can do a better job than the current board, then let them do that," said Casey, who met a small group of his directors at Tigerland late yesterday.
Schwab said he was not a part of any ticket to challenge Casey's board at this stage. But he said: "Given my lifelong commitment to the club, I would never rule out being involved in Richmond in any productive capacity.
"However, I would not contemplate being involved unless those matters which provoked my resignation are addressed and any future involvement would be a matter for the club and its members.
"I stepped down from the board for a number of reasons which I feel very strongly about, not for any political purpose."
Conceding the club could lose $2 million in 2004 in a worst-case scenario, Casey said the club had now secured a new sponsor for coach Danny Frawley and was $150,000 ahead of budget on ticket sales for tonight's season opener against Collingwood.
"I can tell you I've had a lot of calls of support in recent days and already our financial position looks brighter than it did at the start of this month," Casey said.
Responding to claims in yesterday's Age that the board had breached corporate law by not correctly signing off on its 2003 accounts, Casey said: "Brendan Schwab believed the accounts required a full board meeting to rectify that decision. The board did not see it that way.
"I understand where Brendan is coming from but that is just Brendan's view."
Schwab, a lawyer, sought two independent legal opinions on the issue, which backed his view, before resigning from the board.
The Tigers' major sponsor, the Transport Accident Commission, is believed to have been made aware of Schwab's accusations and is monitoring the club's corporate governance responsibilities.
Casey also has underwritten the club to the tune of $1.7 million in recent months. The AFL has refused to comment on the corporate law issue.
Casey said the club's present cash-flow crisis was caused in part by a new agreement with the AFL Players Association, which stipulated footballers must be paid monthly.
Suddenly, the Tigers have been faced with a wages bill of more than $1 million, which must be paid immediately.
Casey said this meant that the club's request for a redirection order from the AFL - effectively a guarantee from the league to the ANZ Bank - had risen from $2.3 million to $3.5 million.
http://www.realfooty.theage.com.au/realfooty/articles/2004/03/25/1079939785626.html?oneclick=true
By Caroline Wilson, Jake Niall
March 26, 2004
Embattled Richmond president Clinton Casey.
Picture: Getty Images
Former Richmond vice-president Brendan Schwab has left the door open to join a challenge against beleaguered president Clinton Casey and his board, which has lost another member.
While Schwab last night denied he was part of a formal ticket pushing for an extraordinary general meeting in a bid to throw out the Tiger directors, he would not rule out any future involvement in the club.
And The Age believes that an influential group of Richmond backers have been working to form a ticket to challenge Casey as the club prepares for the launch of its 2004 season.
Michael Daddo last night confirmed his resignation as a director, saying he had quit due to "differences of opinion on how the board was being led and managed" and to spend more time on business and family commitments.
Daddo is the third director to quit in the past two weeks.
Casey said he was aware of a potential challenge. "If someone wants to do that and thinks they can do a better job than the current board, then let them do that," said Casey, who met a small group of his directors at Tigerland late yesterday.
Schwab said he was not a part of any ticket to challenge Casey's board at this stage. But he said: "Given my lifelong commitment to the club, I would never rule out being involved in Richmond in any productive capacity.
"However, I would not contemplate being involved unless those matters which provoked my resignation are addressed and any future involvement would be a matter for the club and its members.
"I stepped down from the board for a number of reasons which I feel very strongly about, not for any political purpose."
Conceding the club could lose $2 million in 2004 in a worst-case scenario, Casey said the club had now secured a new sponsor for coach Danny Frawley and was $150,000 ahead of budget on ticket sales for tonight's season opener against Collingwood.
"I can tell you I've had a lot of calls of support in recent days and already our financial position looks brighter than it did at the start of this month," Casey said.
Responding to claims in yesterday's Age that the board had breached corporate law by not correctly signing off on its 2003 accounts, Casey said: "Brendan Schwab believed the accounts required a full board meeting to rectify that decision. The board did not see it that way.
"I understand where Brendan is coming from but that is just Brendan's view."
Schwab, a lawyer, sought two independent legal opinions on the issue, which backed his view, before resigning from the board.
The Tigers' major sponsor, the Transport Accident Commission, is believed to have been made aware of Schwab's accusations and is monitoring the club's corporate governance responsibilities.
Casey also has underwritten the club to the tune of $1.7 million in recent months. The AFL has refused to comment on the corporate law issue.
Casey said the club's present cash-flow crisis was caused in part by a new agreement with the AFL Players Association, which stipulated footballers must be paid monthly.
Suddenly, the Tigers have been faced with a wages bill of more than $1 million, which must be paid immediately.
Casey said this meant that the club's request for a redirection order from the AFL - effectively a guarantee from the league to the ANZ Bank - had risen from $2.3 million to $3.5 million.
http://www.realfooty.theage.com.au/realfooty/articles/2004/03/25/1079939785626.html?oneclick=true
