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The group Centre of Excellence. Not even retiring chairman Paul Broughton was conscious of the transactions that home specialists insist are really worth only $one million a year on the rental marketplace. A Every day Telegraph investigation into the financially crippled club has uncovered crushing debts that will nearly certainly force the Titans to close before being resurrected under a new structure similar to what occurred when the Auckland Warriors had been rebirthed and rebranded as the New Zealand Warriors in 2001. Hundreds of thousands of bucks of previously unknown debts to numerous of the Titans suppliers have been found in current times. The club is in the process of negotiating repayment plans with many of the collectors. "Nearly each supplier is owed cash," in accordance to 1 insider. Broughton, who announced he was standing down last evening, would not confirm what other people have said that he is 1 of numerous owed considerable money by the club. There had been phone calls from senior businessman on the Gold Coast final evening for Searle to step apart as sole director to allow the NRL to set up a new structure. THE CLUB THE Titans used to be the most popular ticket in city with the fifth highest membership in the NRL. It now plummeted to 15th. They utilized to entice crowds of much more than 21,000 to their home video games at Skilled Park. The attendances have now tumbled by ten,000. At an average ticket cost of $35, it equates to a $4 million slump in yearly revenue. Combine that with the price of servicing almost $thirty million of debt, it no wonder the Titans are close to collapse. Michael Searle business technique has been to try to borrow his way out of difficulty. Borrowing from the NRL and the banking institutions was to sign the likes of Jamal Idris, Nate Myles, Dave Taylor and probably Cooper Cronk to get the group aggressive and the missing 10,000 fans back through the gate. The trouble is that it has angered their 15 premiership rivals who all have to live billiga ugg skor within their means. THE Manager According to real estate information, Michael Thomas Searle has a multimillion dollar property portfolio on the Gold Coast, with two beachfront residences at Currumbin and an additional home at Currumbin Waters. He drives a leading of the variety Audi. He owns or is concerned in a quantity of companies which are, or have been in some way, connected to the Titans: Goldcal Sports kopior uggs activities Pty Ltd, ISA NRL Pty Ltd, MTS Sports Pty Ltd, Gold Coast NRL Investments Pty Ltd, Opal Sports Pty uggs rea Ltd, Gold Coast Titans No two Pty Ltd, Searle Investments Pty Ltd, Gold Coastline NRL (on line gambling) Pty Ltd and Channate Australia Pty Ltd. Curiously, he is the sole director and secretary of all of those businesses, in accordance to ASIC records. The