Cowboys property deals in the spotlight

 
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Mal Meninga
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PostPosted: July 28, 2015, 1:08 pm
North Queensland Cowboys property deals in the spotlight

A string of high-profile Cowboys NRL players - including star Johnathan Thurston, co-captain Matt Scott and State of Origin player James Tamou - have acquired properties from millionaire developer Laurence Lancini, who is the long-serving chairman of the North Queensland rugby league club.

Read more: http://www.brisbanetimes.com.au/rugby-l ... z3h9TW8HqK
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Don Furner
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PostPosted: July 28, 2015, 1:16 pm
So they catch the Cowboys and let the Broncos and Roosters go unchecked.
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Steve Walters
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PostPosted: July 28, 2015, 1:19 pm
It doesnt sound like theyve caught the cowboys. It looks more like greenburgs gone up there and told them exactly what to say
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Mal Meninga
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PostPosted: July 28, 2015, 1:21 pm
Smith and Greenberg are doing tours of the clubs. The trip up there was already scheduled prior to the rumblings of this
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Laurie Daley
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PostPosted: July 28, 2015, 1:23 pm
Sounds like the apartment deals were at market rates at least. So its hard to see how they will get pinned for this.
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Mal Meninga
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PostPosted: July 28, 2015, 1:56 pm
there is a conflict of interests .

Not 100% sold there is any illegality regarding the salary cap.
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Mal Meninga
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PostPosted: July 28, 2015, 2:02 pm
Veronica Eggleton ‏@veggleton 4m4 minutes ago
Paul Green says his players are entitled to invest in property. He has full confidence in @nthqldcowboys management & knows of no TPA breach
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Alan Tongue
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PostPosted: July 28, 2015, 2:03 pm
I suspect nothing will come from this, because property discounts/deals are part of rugby league as a whole.

if they pinged the cows, they will cry foul and implicate the entire comp and that's more embarrassing

the NRL needs cap reform, and give the tax department full access to spouse and family accounts if its serious about it. until then we can cry foul of dodgy deals, but that's throwing stones from glass houses really.
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Laurie Daley
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PostPosted: July 28, 2015, 2:21 pm
If you bought an apartment for 700k, put it on the market for 735k three weeks later and can't sell it for two years then you would argue you didnt get a discount or deal. Probably the opposite.

Why anyone would sell an investment property within three weeks for basically zero profit is another question.
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Laurie Daley
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PostPosted: July 28, 2015, 3:02 pm
Read the whole article and couldn't see anything dodgy despite the author trying to present it tha way. All property transactions are on public record so easy to see if they paid around market value.
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Laurie Daley
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PostPosted: July 28, 2015, 3:02 pm
I'm already loving the "conspiracy" cries from north of the border - before anything has even happened. Outstanding stuff.
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Laurie Daley
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PostPosted: July 28, 2015, 3:07 pm
Toviii wrote:I'm already loving the "conspiracy" cries from north of the border - before anything has even happened. Outstanding stuff.

Missed them. Where are the "conspiracy" claims?
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Laurie Daley
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PostPosted: July 28, 2015, 3:10 pm
Northern Raider wrote:
Toviii wrote:I'm already loving the "conspiracy" cries from north of the border - before anything has even happened. Outstanding stuff.

Missed them. Where are the "conspiracy" claims?

Just seen some comments on Facebook along the lines of "the NRL will stop at nothing to avoid an all-Qld GF" :lol:

If that were true, wouldn't they be going after Brisbane? I bet there'd be more to find.
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Laurie Daley
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PostPosted: July 28, 2015, 3:28 pm
If they wanted to stop an all QLD final then i wish it was by going after the Broncos. Id be fully supportive of such a conspiracy.

Certainly ironic that out of the top 4 teams the cowboys are least likely to be cap cheats. Yet they are the ones being implicated in something that on face value appears to be above board.
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Ricky Stuart
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PostPosted: July 28, 2015, 3:41 pm
I don't think the issue is what price was paid, a bloke worth $162m is not going to be silly enough to put in a bill of sale for half the value of the property. The tax man would pounce.

The question is who paid and where did the money come from.

As I understand the allegation it is claimed the Cowboys or "someone" associated with the Cowboys picked up half the bill.

Hypothetically, If someone was (hypothetically) chairman of the cowboys and (hypothetically) used his own builder for all the transactions it wouldn't be hard to spread the cost around other deals and jobs and use creative invoicing so the actual loss came home to whoever wanted to pay.

This is why the players tax returns should be on the record, if not publicly then with the NRL.
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Laurie Daley
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PostPosted: July 28, 2015, 3:58 pm
Couldn't ask the same question for any property purchase by an NRL player?
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Mal Meninga
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PostPosted: July 28, 2015, 4:02 pm
#NRL will not launch a salary-cap investigation into the @nthqldcowboys...
READ: http://t.co/cgColTT4fn http://t.co/xoUb1I6jWE
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Mal Meninga
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PostPosted: July 28, 2015, 4:03 pm
#NRL Head of Integrity Nick Weeks says auditors had already reviewed some of the matters raised and no further action was required
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Ricky Stuart
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PostPosted: July 28, 2015, 4:08 pm
Well yes, most of them don't buy the property from the club chairman during their contract negotiation and then use an ex player as the builder though. Maybe Scott Prince did.

They also don't tend to relist them at almost the same value three weeks later.

The stench is overpowering but I doubt they will make it stick.
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Bradley Clyde
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PostPosted: July 28, 2015, 4:08 pm
So much for this huge big scandal lol
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Ricky Stuart
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PostPosted: July 28, 2015, 4:15 pm
Well there you go, i'm going into the three week property flipping business.

Outlay $700,000 in my wife's name
Pay stamp duty
Sell for $735 months later if at all
Pay real estate fees and capital gains tax at 50% for selling within the first year.
Harvest profit.

Its a gold mine I tell you.
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Laurie Daley
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PostPosted: July 28, 2015, 4:15 pm
Maybe they should look deeper into the new Milford residence
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Laurie Daley
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PostPosted: July 28, 2015, 4:18 pm
Shadow Boxer wrote:Well there you go, i'm going into the three week property flipping business.

Outlay $700,000 in my wife's name
Pay stamp duty
Sell for $735 months later if at all
Pay real estate fees and capital gains tax at 50% for selling within the first year.
Harvest profit.

Its a gold mine I tell you.

One example and the proerty didn't even sell. If its racket then they aren't doint it too well.
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Ricky Stuart
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PostPosted: July 28, 2015, 4:22 pm
Northern Raider wrote:
Shadow Boxer wrote:Well there you go, i'm going into the three week property flipping business.

Outlay $700,000 in my wife's name
Pay stamp duty
Sell for $735 months later if at all
Pay real estate fees and capital gains tax at 50% for selling within the first year.
Harvest profit.

Its a gold mine I tell you.

One example and the proerty didn't even sell. If its racket then they aren't doint it too well.


Hypothetically, if its a racket and the $700000 wasn't all yours there's no rush, just liquefying assets in due course, if its a genuine investment strategy its quite bizarre.
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Laurie Daley
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PostPosted: July 28, 2015, 4:25 pm
One thing I will say, we really need to find someone with 100million+ to support the Raiders. The top 4 all have sugar daddy(s).

You wonder how the hell the Tigers struggle with Triggaboff. He must be a real tightwad.
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John Ferguson
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PostPosted: July 28, 2015, 5:26 pm
What another quality story. Rugby League journo's are all earning their keep these days. Can't wait for the next sham story.
Raiders4life!

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Laurie Daley
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PostPosted: July 28, 2015, 6:50 pm
Probably just one of NR's many multi storey condo complexes
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Laurie Daley
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PostPosted: July 28, 2015, 6:53 pm
greeneyed wrote:So they catch the Cowboys and let the Broncos and Roosters go unchecked.

What for? The Broncos are still using Wally Lewis' money and the Roosters are using Arthur Beatson's.
RIP Greenbits: 2007-2014
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Laurie Daley
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PostPosted: July 28, 2015, 7:14 pm
To me this story reads more like the millionaire property developer used his position as club chairman to offload his stock onto some highly paid footballers with minimal knowledge of real estate investments. He certainly wouldn't be advising them to buy of his competitors.
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