Concern as Storm salary-cap hunt lags
Posted: Wed Jun 23, 2010 8:47 am
http://www.heraldsun.com.au/sport/conce ... 5882971354
So it would appear that even the forensic auditor haven't got a clue how far over the cap we'll be next year (or a clue about the salary cap in general it would also appear), so what ever figure they come up with should be treated as a guesstimate? Maybe the independant directors should engage their own forensic auditors to stop the club being shafted?
Nice to see a News Ltd paper reproting the F*%K up though!!!
Strangely though, the Telecrap haven't reported this on their website!!!
Here's a question for you - Could this become any more of a farce than it already is? And the answer - it looks that way!!!Concern as Storm salary-cap hunt lags
* Russell Gould
* From: Herald Sun
* June 23, 2010 12:00AM
MELBOURNE Storm's independent salary-cap investigators have been forced to regularly seek help from the NRL, as grey areas in league rules continue to prolong the process and frustrate clubs.
The investigation by accounting firm Deloitte has been going for two months, holding up list management at Storm and other clubs.
But plans for a $100,000 salary-cap increase and a $300,000 marquee player allowance, which could help Storm retain players and stay under the cap next year, moved a step forward with support from all 16 club chief executives.
As the investigation drags on, however, club officials aren't getting excited about the new plans because their budgets are unclear while lists remain in limbo.
Meanwhile, Storm players are yet to be interviewed or provide financial documents to Deloitte. Player worries about handing over pay details also are holding up the process.
Their managers have received confidentiality agreements amended to address these issues, but still haven't granted interview requests.
The interaction between Deloitte and the NRL has raised questions about the investigators' knowledge of complicated salary-cap rules and their capacity to determine how far over the cap Storm would be next year.
It's believed, at one stage, investigators included estimates of player bonuses for those unlikely to get them, such as representative pay.
It's also unclear how many player contracts had been used to reach reported breach totals of about $1.2 million, with only 18 first-grade players contracted for next season.
And it's believed a recent update given to Storm's owners News Limited - publisher of the Herald Sun - put the club $2 million over the cap, until further scrutiny revealed that figure should have been only $1 million.
That allegation was dismissed by News spokesman Greg Baxter, but he said the investigation was taking longer than hoped.
"We would like them to be going faster, but it is a very laborious process," Baxter said. "Given the volume of material they have had to wade through, and when they find something of interest they have to set about pursuing it. That takes time.
"However, suggestions by some that Deloitte doesn't understand the cap system are incorrect.
"But where they have come across things that are grey, or it is unclear how an item need be treated, they'll contact the NRL and get a view on it."
Calls and emails to Deloitte for investigation updates have not been returned.
So it would appear that even the forensic auditor haven't got a clue how far over the cap we'll be next year (or a clue about the salary cap in general it would also appear), so what ever figure they come up with should be treated as a guesstimate? Maybe the independant directors should engage their own forensic auditors to stop the club being shafted?
Nice to see a News Ltd paper reproting the F*%K up though!!!
Strangely though, the Telecrap haven't reported this on their website!!!