Storm chiefs were given huge salary boosts
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PurpleBlooded
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Rebecca Urban
From: The Australian
April 27, 2010
TWO club officials at the centre of the Melbourne Storm salary-cap scandal were last year awarded hefty pay rises.
The combined salaries of the club's former chief executive officer, Brian Waldron, and former chief operating officer, Matthew Hanson, jumped 60 per cent from $422,273 to nearly $700,000, the Storm's latest accounts show.
Mr Hanson, promoted to the top job following Mr Waldron's resignation in January to join rugby union start-up, the Melbourne Rebels, was stood down last Thursday and later resigned.
Mr Waldron, named as the architect of the scam funnelling $1.7 million to players, has resigned from the Rebels.
The pay rise, which coincided with the club winning its second premiership in three years and reporting its first profit since 2004, was sanctioned by the Storm's board, which is chaired by former VicHealth chief executive Rob Moodie.
The Storm's annual financial report, which was released to the Australian Securities &Investments Commission in February, reveals that recorded payments to suppliers and employees rose from $16.9m to $19m during the year ending October 31, 2009.
"Other significant increases were in remuneration to key management personnel, increased coaching wages due to the renegotiation of the senior coach's contract and the addition of a development coach, and an increase in match payments and player bonuses," the report says.
According to the report, Mr Waldron and Mr Hanson were considered "key management personnel" as a result of their having "the greatest authority for the strategic direction and management of the entity during the financial year". While Dr Moodie did not return calls yesterday, the report says all directors were responsible for determining and reviewing the compensation arrangements for key staff.
By contrast, the Brisbane Broncos paid its two senior executives a combined $550,000 last year.
Despite Melbourne Storm's recent on-field success, it is understood that it remains heavily reliant on the support of its owner, News Limited, which also owns the entity responsible for the club's income-generating operations, Valimanda.
"The ability of the club to continue as a going concern is dependent upon the ongoing support of its ultimate stakeholders and its ability to assume profitable operations," warn the notes to the Melbourne Storm's financial statements.
http://www.theaustralian.com.au/news/sp ... 5858536102
From: The Australian
April 27, 2010
TWO club officials at the centre of the Melbourne Storm salary-cap scandal were last year awarded hefty pay rises.
The combined salaries of the club's former chief executive officer, Brian Waldron, and former chief operating officer, Matthew Hanson, jumped 60 per cent from $422,273 to nearly $700,000, the Storm's latest accounts show.
Mr Hanson, promoted to the top job following Mr Waldron's resignation in January to join rugby union start-up, the Melbourne Rebels, was stood down last Thursday and later resigned.
Mr Waldron, named as the architect of the scam funnelling $1.7 million to players, has resigned from the Rebels.
The pay rise, which coincided with the club winning its second premiership in three years and reporting its first profit since 2004, was sanctioned by the Storm's board, which is chaired by former VicHealth chief executive Rob Moodie.
The Storm's annual financial report, which was released to the Australian Securities &Investments Commission in February, reveals that recorded payments to suppliers and employees rose from $16.9m to $19m during the year ending October 31, 2009.
"Other significant increases were in remuneration to key management personnel, increased coaching wages due to the renegotiation of the senior coach's contract and the addition of a development coach, and an increase in match payments and player bonuses," the report says.
According to the report, Mr Waldron and Mr Hanson were considered "key management personnel" as a result of their having "the greatest authority for the strategic direction and management of the entity during the financial year". While Dr Moodie did not return calls yesterday, the report says all directors were responsible for determining and reviewing the compensation arrangements for key staff.
By contrast, the Brisbane Broncos paid its two senior executives a combined $550,000 last year.
Despite Melbourne Storm's recent on-field success, it is understood that it remains heavily reliant on the support of its owner, News Limited, which also owns the entity responsible for the club's income-generating operations, Valimanda.
"The ability of the club to continue as a going concern is dependent upon the ongoing support of its ultimate stakeholders and its ability to assume profitable operations," warn the notes to the Melbourne Storm's financial statements.
http://www.theaustralian.com.au/news/sp ... 5858536102
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Storm Spirit
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Oh dear..........no wonder the Storm lose so much money each year with fat suit salaries like that.... 
Remember this day, men, for it will be yours for all time
Read the article again, in the year they got the fat suit salaries we actually made a profit!Storm Spirit wrote: Oh dear..........no wonder the Storm lose so much money each year with fat suit salaries like that....
The pay rise, which coincided with the club winning its second premiership in three years and reporting its first profit since 2004
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Storm Spirit
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I did read it Surandy but I also read this part as well.
Immaterial that Storm made a profit IMO.....living beyond their means is not a good thing...
Immaterial that Storm made a profit IMO.....living beyond their means is not a good thing...
FinchyBoy wrote:
By contrast, the Brisbane Broncos paid its two senior executives a combined $550,000 last year.
http://www.theaustralian.com.au/news/sp ... 5858536102
Remember this day, men, for it will be yours for all time
Immaterial? You stated that it was "no wonder the Storm lose so much money each year with fat suit salaries like that".Storm Spirit wrote: I did read it Surandy but I also read this part as well.
Immaterial that Storm made a profit IMO.....living beyond their means is not a good thing...
The year they gave themselves huge increases in salary was the year we made a profit, not a loss.
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Storm Spirit
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Just my opinion.
They could have paid themselves $550k like the broncos.
would rather see that $150k in the Storm coffers rather than Waldrons and others pockets.
They could have paid themselves $550k like the broncos.
would rather see that $150k in the Storm coffers rather than Waldrons and others pockets.
Remember this day, men, for it will be yours for all time
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Storm Spirit
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i do take your point Surandy about profit....i thought it was profit on paper after we'd lost the usual 6 mill...probably meant profit after what was spent.
anyhoo....i think my point should have been that $150k would represent nearly 10% of the NRL fine...
anyhoo....i think my point should have been that $150k would represent nearly 10% of the NRL fine...
Remember this day, men, for it will be yours for all time
Man, nightshifts killing me I read that whole thing and by the end realised I learnt nothing!
Basically Wally and his sidekick Hanson gave themselves payrises yes?
Wish I could do that.
Basically Wally and his sidekick Hanson gave themselves payrises yes?
Wish I could do that.
"Better to have Won then Lost, than to have never won at all" Arrogant, but true hahahaha
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