TOPIC:

After years of losses and trying to bail out of it, Sage has finally found a buyer, problem is its a very dodgy buyer, Crypto Currency Group London Football Exchange.

Sage lost 2.9 Million on Glory last year on the back of Millions over the last few years.

Can't see the outfit being worth much at all.

Serious concern with this new buyer and the clubs future.

Basically it looks like Sage is writing off his losses.

Can’t blame him. Makes you wonder why this crypto currency exchange wants to own money losing football clubs? Maybe a way of converting crypto currency into cash?

DD wrote: Can’t blame him. Makes you wonder why this crypto currency exchange wants to own money losing football clubs? Maybe a way of converting crypto currency into cash?

He must of lost a mint over the journey.

He openly admits he has lost at least $1 Million every year he has owned it, last year despite making Cup Final he lost 2.9 Mill...thats a massive mountain of debt that has built up over the years, think about this Sage will stay on as CEO of Glory and get a Chair of the new LFE Crypto Company , sounds to me someone is moving some debt around to wipe it off and get out.

FFA still has to approve deal, I don;t reckon they will, they tried to purchase a French Club and it feel over when the finance was not produced.

Is a worrying sign when an aussie or a well known buyer cannot be found. Instead there is a dodgy overseas buyer. Or if more partners came on board to lighten the load, although that hasn't happened. Whether through design or otherwise.
Of course the deal still needs official approval.
Apparently Sage looking at retaining 20% of his holding in the company.

westaussieguy wrote: Is a worrying sign when an aussie or a well known buyer cannot be found. Instead there is a dodgy overseas buyer. Or if more partners came on board to lighten the load, although that hasn't happened. Whether through design or otherwise.
Of course the deal still needs official approval.
Apparently Sage looking at retaining 20% of his holding in the company.

Yeah even so when he had been looking for 5 years or so, lets be honest who would take on a multi million dollar loser. The A League has just lost Hyudai as a major sponsor on top of declining attendance and putrid TV Ratings,and it looks like Foxtel will be dropping it as it cost more to broadcast than the rights are worth.

Tony has basically listed just about every other A League club as having billion dollar backers. Unless he finds a willing investor we might not have a club. He also stated he had discussions with the City football group who back Melbourne City but they are all about changing the name and the brand. Tony Sage said retaining the Perth Glory name and brand was his top priority so you got to hand it to the bloke.

At the end of the day the big money is in Europe and it's a case of sink or swim. Aligning the club and riding on the coat tails of the big money from European sources is a no brainier.

He'll obviously have to do his what if due diligence.

DD wrote: Can’t blame him. Makes you wonder why this crypto currency exchange wants to own money losing football clubs? Maybe a way of converting crypto currency into cash?

This should be OK a I keep getting emails that Twiggy Forrest & Kochie are making millions from it.. Unfortunately I think Crypto Currency is a ponzie scheme & haven't made millions ( or been burnt)

DD wrote: Tony has basically listed just about every other A League club as having billion dollar backers. Unless he finds a willing investor we might not have a club. He also stated he had discussions with the City football group who back Melbourne City but they are all about changing the name and the brand. Tony Sage said retaining the Perth Glory name and brand was his top priority so you got to hand it to the bloke.

At the end of the day the big money is in Europe and it's a case of sink or swim. Aligning the club and riding on the coat tails of the big money from European sources is a no brainier.

He'll obviously have to do his what if due diligence.

Don't really see it that way tbh, Sage has a long history as a BS artist, how many times did he crack the shits and say he was walking away only to do the opposite..

As far as saving the colours and name is concerned, firstly the only one thats come out with that story is Sage himself, no other body has confirmed they were interested, secondly if it was a big finance deal and meant a change of colour and name, and saving the club or it folding, give me a break you would always save the club, so I smell BS.

But as you say, there's really nobody around who wants to take on a 30 Million buck loser that is effectively insolvent in its present form.

This article I found scrolling through Google News from some digital crypto news source sheds a bit more light on their motivations. They plan to sell tickets and merchandise at a discounted price using crypto currency.

Sounds like a smart way of getting people to use crypto currency.

decrypt.co/19052/cryptocurrency-company-...stralian-soccer-team

Just wonder what size crowd ,Glory need to get this club into the Black.A rough guess would be around 15,000 per game .They average around half of that.
Last year hosting a home Grand Final.Being on top all season.And still losing almost 3 million. His best result since ownership is -2.5 million.Is the A League the only soccer competition in the world with a salary cap--the marquee player.
Local Soccer use to be great in the 60's+70's+80's with Azzuri ,Athena,Windmills,Kiev.Tri Colour,Dalmatinac. Reminds me of a competition called the Wafl.
Pretty sure Azzuri might of done a Subi a few times.Unbeaten in a couple of seasons over the journey.