Titans' money woes worsen
THE Gold Coast Titans' dire predicament has become even grimmer, with accountants telling the ARL Commission they owe $25 million and that the debt is not confined to the organisation's property arm but is intertwined with the football club.
On the day the Herald revealed the game's new administrators were discussing the prospect of allowing the Titans to fold and forming another franchise on the Gold Coast, the accountants' reports confirmed that the NRL's newest club is on its knees.
The reports were damning as they countered the Titans' claims the debt accumulated by the Centre of Excellence facility next to Skilled Park was not linked to the football club, which the Titans say is profitable.
''We have received reports from our external accountants today that confirm the whole structure at the Titans is under considerable financial stress,'' ARLC chief executive David Gallop said in a statement.
''We are working through the options around that but there needs to be an acceptance that the various arms of the group's business are intertwined in terms of the level of debt and that will have ramifications as future options are explored.
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