The Panthers Group, which at the point Of Gould’s appointment owned 14 licensed premises across the country, was
precariously close to insolvency with debts nudging nearly $110 million
private equity firm who had taken over the debt were in their rights to call in the loan. Gould negotiated the Panthers way out of that position. He negotiated an 18-month settlement which gave Penrith time to repay that money. They wanted an upfront payment, which we didn’t have, but Gould had James Packer offer to pay that on Penriths behalf.
The payment was more than $10 million. Ashtray change for James Packer at the time but a lifesaver for the Panthers.
On the “five year plan” “Never said it,” Gould says bluntly. “The closest reference to it comes from the very early days when people were asking how precarious things were. I said, ‘It will take at least half a decade to turn this around’. Which was pretty accurate. We were never predicting a premiership in that time.
"In the first three years, we made the top four anyway. It was never about premierships and never did I say that. That’s just become a narrative created by the media and wherever I go, or wherever I’ve been, there are certain sections of the media that obviously take great joy in trying to either destabilise or criticise.”
Apart from financial instability, Gould also had a crisis with the NRL team’s salary cap.
In early
2012 he told the board that, by 2014, the Panthers faced the daunting possibility of having 12 players in the 25-man squad taking up to all but $600,000 of the salary cap.
Tough calls were made. Captain Luke Lewis was released to the Sharks. Michael Jennings was allowed to sign with the Roosters. They were Australian players but on huge back-ended deals that were going to cripple the club.
“We’ve won six lower-grade titles in the past five or six years,” Gould says. “That’s the Penrith way. We’re a community club. It’s important that our football team represents the area. We’ve got back to those core values. We want to be a club of opportunity. When we first got there, we had 11 full-time staff at the football club. Now there are 56 people working in rugby league.”
Gould’s proudest moment came in March 2016 when a
$22 million state-of-the-art academy was opened behind Panthers Leagues Club. It was so impressive then prime minister Malcolm Turnbull phoned, wanting to be part of the opening ceremony.
Gould says. “A lot of what’s happened is just rugby league life. The decisions I’ve made, whether I can look back and say I was right or wrong or would’ve done them differently, is irrelevant. Because at the time I did what I thought was right in the best interests of the club. So, I don’t see that as tough. I just see it as doing your job. We couldn’t back away from tough decisions from time to time. There’s been some disappointments, but my overall feeling of the club is one of pride of what we’ve created.
"The people we have working in the organisation make Panthers what it is. I haven’t saved Panthers. I haven’t built Panthers. Those people have. I’ve just given these people the opportunity and there are plenty of talented and passionate people out there who have done a great job.”
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