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  • #1

    Seaga fails again

    Seaga fails again
    Henley Morgan
    Thursday, January 10, 2008


    Edward Seaga is having a tough time creating a legacy of which one could be proud. The last hit to his vaunted reputation as a leader and financial guru is the widely reported uncertainties surrounding the three-year $150-million Cash Plus sponsorship of the National Premier League (NPL) football competition.

    The Premier League Clubs Association (PLCA), which Mr Seaga chairs, reportedly negotiated the arrangement that saw the exit of one of Jamaica's most venerable companies, Wray and Nephew, and entry of new sponsors Cash Plus, a company steeped in controversy almost from the start. Even more astounding are the comments attributed to Mr Seaga by one newspaper report. Like thousands of Jamaicans who invested money in Cash Plus expecting minimum annual returns of 120 per cent, the report goes, the PLCA reinvested sums from the sponsorship back into the investment club.

    If true, the reports show Mr Seaga to be very human, not the messianic-like figure some would make him out to be. And, yes, it is human to err.
    Sport-loving fans naturally hope that the sponsors will fulfil their commitment, and that the NPL will survive any cash-flow problems that may result from what could prove to be an error in judgement on the part of Mr Seaga and the association he leads. The error in judgement that gave us political garrisons will not be so easily reversed or overcome.
    -----

    hmorgan@cwjamaica.com

    NB: Entire article in the EVERYTHING JAMAICA forum
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."
    Tags: None
  • #2
    hindsight is 20/20. If the FSC issues did not come up that would be seen as a genius move. May yet be if they can fulfill the paperwork and be successful. I have people who pile on and not secure enough blaze a trail. The only question is what due diligence was done and did they look at the long term feasibility of the CP.

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    • #3
      Originally posted by OJ View Post
      hindsight is 20/20. If the FSC issues did not come up that would be seen as a genius move. May yet be if they can fulfill the paperwork and be successful. I have people who pile on and not secure enough blaze a trail. The only question is what due diligence was done and did they look at the long term feasibility of the CP.
      It was a risky move when you consider there is a thing called 'due diligence'!

      Seaga we know dabbled in 'business'...but, then we all remember Seaga's forgetfulness!

      Aside: I just 'feel' that this PLCA was more a powerplay than any real aim at doing good business. That is, the risks were given less than serious thought as the power-grab - [attempt - as I do not think any JFF and or FA for that matter can and or would ever give up ownership of its premier on-the-field local (development & money making venture) visible series of games] - was all-important!
      "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

      Comment

      • #4
        groan


        BLACK LIVES MATTER

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        • #5
          Originally posted by Mosiah View Post
          groan
          mmmm?
          I wonder if that sound means you believe in and think the PLCA's motives were altruistic? A move done only for 'the football'?

          If so, you could be right...

          but...????
          "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

          Comment

          • #6
            the PCLA have time, all they have to do is negociate a back up deal if Cash PLus go under. If they got what Wray and Nephew was giving them or more it would be worth it.
            • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

            Comment

            • #7
              No, just my difficulty in reading your posts.


              BLACK LIVES MATTER

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