Alternate Forms of Income!Posted: October 8, 2012
Yet another gem from the Sydney Morning Herald articles on City Tattersalls Club.
“We are looking at alternate forms of income”
This was another Patrick Campion classic in response to being questioned about the Committee having secret talks with Colliers. These talks concerned a possible redevelopment of the Club’s premises.
It is another of those Campion statements that would be funny if the Club’s situation was not so serious.
City Tatts had a $800,000 “alternate” form of income (before they gave it away)
As most members would know, although it seems Patrick Campion doesn’t, City Tatts used to lease out a small area of it’s premises at street level to National Australia Bank and the Lotteries Office. These brought in $800,000 in rent each year.
And what happened to this source of income”
That’s right, they got rid of it !
The Committee decided that it didn’t need this income and instead used the space for the so-called grand entrance. This was a double blunder – losing the $800,000 annual income and spending $1 million on an entrance that looks worse than the one it replaced.
Now they are looking for “alternate forms of income” !
City Tatts Information Desk