I dont think the land is part of the sale. As far as Im aware that is owned by the council.

It would have been a closed tender that was properly audited. Anything less is against the law.

Mott that opinion is naive.

Skip that makes more sense but its still a bargain!

Does anyone know the split up price of the 2 assets. We hear how much the women's team sold for, but get a combined sale price for the other 2 assets. Considering 2 separate people made the purchases, we should know how much each paid. This question was raised in my mind on last night's Talking Hoops program where Paul Bell talked about a 2nd team and the cost for a new NBL license is $1m. Surely the Sixers sold for more than that considering its an established team with a successful history and a brand name. If that is the case, then the price fetched for the Dome was a bargain basement price for what you are getting. There is no reason why a venue like that cannot generate income every single day. Some of the uses are:

1. Junior training and matches
2. Sixers home games and training.
3. Concerts and other forms of entertainment in the stadium.
4. Restaurant for a myriad of uses such as weddings, corporate functions, presentations, promotions, fund raisers etc.
5. Board room for hire.

This is only the tip of the iceberg. There are enough uses to keep the place buzzing every single day.

The board room is used by the club. You don't rent a board room that isn't part of, or next to, your office.

If you want to run a corporate function, you hire somewhere more appropriate - even basketball events recently have been held outside this venue.

The number of people who think getting married at the Dome is a good idea would be less than about 5 in this state.

Depending on the actual agreement, concerts may not be permitted by the council. Unsure on this point but for a lot of the bidding process, restrictions were suggested as maintained. No church congregations, no computer fairs, no pet shows, no second-tier rock band concerts.

Assuming the restrictions were maintained, income streams would be 36ers game nights (16 per year), trainings, a social basketball competition, club home court (e.g., Woodville if they can afford it), maybe school basketball programs during the day when not being used by the 36ers, and not too much more than that.

(You are also making the assumption that two people bought two independent assets - I don't think that's a safe assumption and would explain the combined price.)

I don't necessarily think it was the steal that some are proclaiming it to be - if it were, there would've been bids higher than Groves' - realistically, it's a glorified shed, customised to one purpose (professional basketball games, not even professional and junior games!), on dodgy land, needing near-immediate and ongoing maintenance. The right people could make a good go of it (and Hemmerling and Groves look to be those right people), but it's not a bargain in my opinion (for what that's worth).

Eddie Groves is 40 years old and reported to be worth $125m. I don't think he made too many mistakes in his life. I don't doubt for a minute that he got a bargain that he is confident will make a good return for him.

89985, read my post a little more carefully chief.

I would think the bullets would be making money for Groves. When you consisder cross promotion opportunities and networks he is developing not to mention the quite low cost base the bullets run off. Not saying there is anything sinister in what Eddy and Mal have done, just saying they picked up some bargains.

Groves ain't getting much from the Bullets. It would ABC Learning Centre's which funded this purchase. My bet is Eddie is going to put large walls around the court, fill it up with nerf balls and make the mother of all ball pits.

He's involved with over 875 ABC Centres in Australia and branching across to NZ. The dude has no problems dropping $3 million.

A $3 million dollar purchase for Eddie is like Isaac pumping avgas in the Ferrari, doesn't even thing about the $$$.

I think one big point is being missed by all here - the assets were sold whilst under administration. These sales are always going to be much cheaper than a stand alone sale of assets whilst solvent.

ABC Learning Centres is now a global business. They have 322 centres in the US and an additional 138 franchised centres and almost growing by the week.

Eddy Groves has more money than you realise. One thing you can be certain of is he's going to be ok with spending some money on the Dome to improve it for games and possibly functions. I'm looking forward to a new scoreboard, better sound system and big replay screen where we can watch farley posterise The Hammer.

Another question: will he keep Distinctive Homes as the sponsor for the extra cash or will ABC Learning Centres take that over? If so what will it be called?
ABC Learning Centres Centre?
ABC Learning Centres Play Pen?
ABC Learning Centres ball crawl?

The Crib?

Carfino: "And we have a great crowd here at The Cot to witness Adelaide's first home game."

ha, my vote is for The Crib. Nice one Isaac.

Can you imagine some of the fans sucking dummies and spiting them every time Goorj. gets a technical. Or the crowd doing a Kevin Sheedy and waving nappies. And how about we put teets on the drink bottles for the players.....etc etc etc

There is passion and there is business. Eddie Groves would not be as financially successful if he had the attitude that some of you think regarding passion versus money. He knows what he is doing and I doubt its with the intention of losing money over it. Some weeks back when Van Groningen was a guest on Talking Hoops he spoke about how Groves nearly threw in the towel as far as Bullets ownership. A few years back the team was not as successful as they are today and he wanted to let go of his attachment. Van Groningen convinced him to give it a bit longer and it now has paid off for him. Groves won't stay involved in basketball only because of his love of it, it also has to make business sense.