Rob Baxter breaks silence on the Exeter 'asset sale' statement
Exeter director of rugby Rob Baxter has explained the reason why the Chiefs felt compelled to issue a statement that its members will be asked later this month to vote on the proposed sale of an unspecified asset to pay off debts accumulated during the pandemic.
It was November 4 when the Gallagher Premiership club issued a 130-word statement revealing that an EGM will be held on November 30 in order to secure permission for an asset sale to repay the borrowing of “substantial government-backed loans to pay our players and staff” that took place when rugby restarted behind closed doors.
“The funding from the government was not in the form of grants, but loans which carry interest,” read the statement. “These are due to be repaid and the income from our normal trading is not sufficient to pay them and all other expenses.
“Accordingly, the rugby club board decided to sell one of our non-rugby assets for which members’ approval is needed… This should be more than sufficient to see the club pay the loans and be financially secure for the future.”
The statement ended by stating that no further comment would be made by the rugby club but DoR Baxter tackled the issue at his Wednesday morning media briefing ahead of this Saturday’s Exeter home game versus London Irish.
Baxter insisted there were no fears that Exeter could go the way of Wasps and Worcester and fall into administration, adding that he addressed the matter with his squad’s players on Monday and there were no concerns from them. “At this stage, we are not making any more comments on what assets are being sold. That is something I can’t answer until further down the line,” he began.
“I wouldn’t say it is anything more than us being upfront about the members are going to be asked to take a certain stance on certain things and we just wanted to be upfront. What we didn’t want was for it to leak through social media that something was happening and all of a sudden it becomes a more major story with us having no control over the discussions of it.
“Basically at the end of the day, it’s a business decision for the members to agree with the board on, that’s the long and the short of it really. It’s just a decision really to keep the club moving forward.
“I’d be honest with you, if what happened with Wasps and Worcester hadn’t happened we probably wouldn’t have even made a comment because everyone wouldn’t have been searching for a story… it would have just been a decision that was made and would have come out afterwards. That’s what it is, just putting our ducks in order as regards the yes and no that has to happen for the directors to act in the way they see the business going forward.
“You are trying to find a story here that isn’t there. The story isn’t there that you are trying to find,” he added regarding the speculation since last Friday’s statement that Exeter might possibly be in financial peril similar to what has happened elsewhere in this season’s Premiership. “The level of debt etc is completely incomparable so you need to be careful not to find a story that is just not comparable. They are not comparable, that is the answer I can give you.”
What, according to Baxter, has been the reaction on the ground at Exeter since last Friday’s asset sale statement? “To be honest with you very little. I said to the players on Monday, just to fill you in on everything that happened on Friday, those of you that have seen it or discussed it, I just sat in the players’ changing room with them and we had a very casual kind of meeting.
“I just said, ‘Any questions about it guys?’ Anyone who did have questions I answered them just like I have answered you (media) guys around the reasoning behind it… It hasn’t been a big deal around the club or with the players.”
Back to the issue of controlling the narrative about the asset sale. “The reality is it wouldn’t have come out before the members’ meeting in different circumstances in another year. If we had just been talking about moving assets around or selling a piece of this to pay for x, y, z, it wouldn’t have come out publicly in a public statement.
“It [the reason for the statement] was probably a little if it came out in dribs and drabs as members were getting the papers and being informed about the meeting that it would have been seen completely differently, which I completely understand.
“The state of the game at the moment around the Premiership there is a lot of things being talked about where the game might be going, a lot of talk about the level of debt, etc. We didn’t want social media to write the headlines when we could put a statement out. That is the only reason we did it.”
What would happen, though, if the Exeter members blocked the proposed asset sale? “Well, it affects it in that we have to make different decisions to go a different way. That is what it is all about. This is, in the board’s mind, the most sensible way forward. If they reject you have to try and find another way. That is why it is a business decision that has to be made.”
Comments on RugbyPass
It couldn’t have been Ryan Crotty. He wasn’t selected in either World Cup side - they chose Money Bill instead. And Money Bill only cared about himself, and that manager he had, not the team.
25 Go to commentsYawn 🥱 nobody would give a hoot about this new trophy. End of the day we just have to beat Ireland and NZ this year then they can finally shut up 🤐
13 Go to commentsTalking bout Ryan Crotty? Heard Crotty say in a interview once that SBW doesen't care about the team . He went on to say that whenever they lost a big game, SBW would be happy as if nothing happened, according to him someone who cares would look down.. Personally I think Crotty is in the wrong, not for feeling gutted but for expecting others 2 be like him… I have been a bad loser forever as it matters so much to me but good on you SBW for being able to see the bigger picture….
25 Go to commentsThis sounds like a WWE idea so Americans can also get excited about rugby, RUGBY NEEDS A INTERNATIONAL CALENDER .. The rugby Championship and Six Nations can be held at same time, top 3 of six nations and top 3 of Rugby championship (6 nations should include Georgia AND another qualifying country while Fiji, Japan and Samoa/Tonga qualifier should make out 6 Southern teams).. Scrap June internationals and year end tours. Have a Elite top six Cup and the Bottom 6 in a secondary comp….
13 Go to commentsThe rugby championship would be even stronger with Fiji in it… I know it doesen’t fit the long term plans of NZ or Aus but you are robbing a whole nation of being able to see their best players play for Fiji…. Every second player in NZ and AUS teams has Fijian surnames… shame on you!!! World rugby won’t step in either as France and England has now also joined in…. I guess where money is involved it will always be the poor countries missing out….
77 Go to commentsNo surprise there. How hard can it be to pick a ball off the ground and chuck it to a mate? 😂
2 Go to commentsSometimes people just like a moan mate!
1 Go to commentsexcellent idea ! rugby needs this 💪
13 Go to comments9 Brumbies! What a joke! The best performing team in Oz! Ditch Skelton for Swain or Neville. Ryan Lonergan ahead of McDermott any day! Best selection bolter is Toole … amazing player
12 Go to commentsI like this, but ultimately rugby already has enough trophies. Trying to make more games “consequential" might prove to be a fools errand, although this is a less bad idea than some others. Minor quibble with the title of the article; it isn’t very meaningful to say the boks are the unofficial world champions when it would be functionally impossible for the Raeburn trophy not to be held by the world champions. There’s a period of a few months every 4 years when there is no “unofficial” world champion, and the Raeburn trophy is held by the actual world champions.
13 Go to commentsIts a great idea but one that I dont think will have a lot of traction. It will depend on the prestige that they each hold but if you can do that it would be great. When Japan beat the Boks (my team) I was absolutely devestated but I wont deny the great game they played that day. We were outclassed and it was one of the best games of rugby I have seen. Using an idea like this you might just give the the underdog teams more of an opportunity to beat the big teams and I can absolutely see it being a brilliant display of rugby. They beat us because they planned for that game. It was a great moment for Japan. This way we can remove the 4 year wait and give teams something to aim for outside of World Cup years.
13 Go to commentsHi, Dave here. Happy to answer questions 🥰
13 Go to commentsDon’t think that headline is accurate. It’s great to see Aus doing better but I’m not sure they’ve shown much threat to the top of the table. They shouldn’t be inflating wins against the lousy Highlanders and Crusaders either.
3 Go to commentsSuch a shame Roigard and Aumua picked up long term injuries, probably the two form players in the comp. Also, pretty sure Clarke Dermody isn’t their coach. Got it half right though.
3 Go to commentsOh the Aussie media, they never learn. At least Andrew Kellaway is like “Woah, yeah it’s great, but settle down there guys” having endured years of the Aussie media, fans, and often their players getting ahead of themselves only to fall flat on their faces. Have the “We'll win the Bledisloe for sure this year!” headlines started yet? It’s simple to see what’s going on. The Aussie teams are settled, they didn't lose any of their major players overseas. The Crusaders and Chiefs lost key experienced All Blacks, and Razor in the Crusaders case, and clearly neither are anywhere near as strong as last year (The Canes and Blues would probably be 3rd & 4th if they were). The Highlanders are annually average, even more so post-Aaron Smith and a big squad clean out. The two teams at the top? The two nz sides with largely the same settled roster as last year, except Ardie Savea for the Canes. They’ve both got far better coaches now too. If the Aussies are going to win the title, this is the year the kiwi sides will be weakest, so they better take their chance.
3 Go to commentsThe World Cup has to be the gold standard, line in the sand. 113 teams compete for what is the opportunity to make the pool stages, and then the knockout games for the trophy. The concept is sound. This must have been the rationale when the World Cup was created, surely? But I’m all for Looking forward and finding new ways for the SH to dominate the NH into the future. The autumn series needs a change up. Let’s start by having the NH teams come south every odd year for the Autumn/Spring series games?
13 Go to commentsWhat’ll happen when the AI models of the future go back in time and try to destroy the AI models of the past standing in their way of certain victory?
44 Go to commentsThanks, Nick. We (Seanny Maloney, Brett and I) just discussed Charlie as a potential Wallaby No 8, and wondered if he has truly realised how big he is in contact (and whether he can add 5 kg w/o slowing down). Your scouting report confirms our suspicions he has the materiel. No one knows if he has the mentality (as Johann van Graan said this week about CJ, Duane and Alfie B) to carry 10-15 times a game.
57 Go to commentsHe would be a great player for the Stormers, Dobbo should approach the guy.
3 Go to commentsGood article. A few years back when he was playing for the Cheetahs, he was a quiet standout for exactly the seasons stated here. I occasionally get to see his games in the UK, and he has become a more complete player and in many ways like an Irish player. His work ethic is so suitable to the Leinster game. I wonder if Rassie would have him listed somewhere.
3 Go to comments