Latest news with #AlanBond
Daily Mail
16 hours ago
- Business
- Daily Mail
Blast from the past: Controversial Aussie figure's jailhouse painting resurfaces at auction and goes for a tidy sum
An artwork painted by national hero turned disgraced tycoon Alan Bond while in jail for fraud has sold for $2196 at a recent auction, well over its estimated value. Remembered alternatively as the man who bankrolled Australia's unlikely victory in the 1983 America's Cup, and as the man who oversaw one of the biggest corporate collapses in Australian history, Alan Bond lived an unusual life. His mixed legacy resurfaced at Gibson's Australian, Maritime and Exploration auction on Monday where his jailhouse painting went under the hammer. The closing price included a 22 per cent buyer's premium but exceeded its estimated value of $100 to $300 by an order of magnitude. The crude painting was dubbed 'Australia II' after its subject - the yacht whose victory robbed the New York Yacht Club of its unbroken 132-year winning streak. It was after that victory that Mr Hawke, then prime minister, famously said: 'Any boss who sacks anyone for not turning up today is a bum.' Bond painted the work in 1999, two years into his four year jail stint for siphoning $1.2billion from the publicly listed Bell Resources to shore up the ailing Bond Corporation. According to the Australian Financial Review, the work came to the auction courtesy of Bond's former lawyer Julian Burnside KC and his wife Kate Durham. Ms Durham told the paper the painting had been hung in Mr Burnside's Melbourne chambers. 'It was a gift,' she said, adding Mr Burnside considered the late businessman to have been both 'good company and yet curiously over-optimistic'. 'To Julian with special thanks' is written on the back on the painting. The one-time billionaire occupies a unique place in Australian history. By the time of his death in 2015 following complications from heart surgery in a Perth hospital, Bond had made, lost and remade his fortune several times over. He rose to prominence at the helm of Bond Corporation which began in property development before expanding into brewing, television and gold mining. In 1987, he founded Australia's first private university, Bond University, which still exists to this day. The tide of public opinion first turned against him in the early 1990s when he was declared bankrupt after failing to repay a $194million loan for a nickel mining project. He was jailed the same year with reported debts exceeding $1.8billion. Bond was released that same year following a successful retrial and, three years later, his family bought him out of bankruptcy. In 1996, however, he found himself again behind bars for the secret, sweetheart sale of Manet's masterpiece from Bond Corporation to a private family-owned vehicle. It was his illegal siphoning of cash from Bell Resources and subsequent jail sentence in 1997, however, that ultimately precipitated the collapse of Bond Corporation. That same year, he was stripped of his Officer of the Order of Australia title, awarded for his role in the America's Cup victory. In 2000, he was released from Karnet Prison Farm, a minimum-security facility in the Keysbrook State Forest in WA, four years into a seven year sentence. Following his release, Bond managed to rebuild his wealth through a series of mining investments, predominantly in Africa. Inside of a decade, he would be readmitted to the Business Review Weekly's 'Rich 200 List' with an estimated wealth of $265m. His death in 2015 following complications arising from open heart surgery in a Perth Hospital, prompted an outpouring of mixed tributes from friends, enemies and loved ones. Hawke told reporters at the time it was 'impossible to overstate how much (Bond) lifted the spirits of Australia' following the America's Cup victory. 'The spirits of Australia were low in the early 1980s,' Hawke said. 'We had gone through bad economic times. The country was badly divided. But we united around this marvellous historic victory.' Hawke acknowledged Bond was a dodgy businessman whose dealings hurt many investors but said: 'On balance, he'll always rank remarkably high for the contribution he made to Australia.' Journalist and former host of ABC's Media Watch, who spent a significant portion of his career chronicling Bond's rise and fall said: 'He made life interesting, that's for sure'. 'If Bond comes back in another life, my hope would be that he has a little more regard for the truth and that he takes as much care with other people's money as he always did with his own,' Barry said at the time.
The Age
25-04-2025
- Business
- The Age
They're the richest, most powerful Tigers supporters. But you wouldn't know it
What happened in the 1980s and then in 2016 informs everything about where Richmond are now. In the mid-'80s, Richmond had been financially devastated by a recruiting war with Collingwood (which nearly sent both clubs broke). At the time, they had a dalliance with a white knight by the name of Alan Bond, who was lured to Richmond on the wave of his America's Cup glory and his – at the time – impressive financial might. Things went as well with the chubby fraudster as they did for many others the corporate criminal did business with. In return for Bond's promised largesse and acumen, the Tigers offered him the No.1 ticket-holder position that was held at the time by David Mandie. Mandie was a highly influential football figure across the league, not just at Richmond, for he was chair of the VFL committee that ultimately resolved to establish a national competition run by a commission. He agreed to hand over the No.1 ticket-holder title if it was for the good of the Tigers. That wasn't enough for Bond. Named president-elect in 1986, Bond presented a plan to have the Tigers play 11 home games in Brisbane where, coincidentally, his company owned brewers XXXX and Swan. To fund the $12 million for the half-relocation, Bond suggested a company be floated on the stock exchange. Tiger legends Jack Dyer and Kevin Bartlett strongly resisted the move and ran an opposition campaign, asking why a billionaire for whom $12 million was small change was suggesting unusual stock exchange capital-raise to get the club to move to a state where he had stronger financial interests. The Brisbane move was shorter-lived than Bond's one-year presidency – to say nothing of his later three-year jail term. But the flirtation with Bond created the realisation at Richmond to beware the lone saviour. The grassroots, tin-rattling survival campaign called Save Our Skins and led by Neville Crowe was born. It became entrenched in Richmond culture that they were responsible for their own destiny; not one saviour, but many. Former Richmond CEO Brendon Gale recalls that about a decade ago, before Richmond's pivotal 2017 season, a wealthy businessman arrived at the club offering to put in $2 million. It came with one proviso: sack the board. The businessman had barely finished his coffee before being shown the door. The avoidance of white knights has created an egalitarianism even among the wealthy contributors at the club. 'I have never felt like it is a pissing competition at Richmond. I would not know what other wallets have given and I don't think others would either, it's not something you ask about. I call them wallets because it is not one person's money, it is the family's,' Telford said. 'One person's $100 is another person's $10. It is also about advice, mentoring and networks. I have no doubt every Richmond person would say they have got a lot more out of Richmond than they have put in. Being part of the fabric is enjoyable.' Ken Grenda, who owned Grenda's bus lines until he sold it in 2012 and shared $15 million of the sale proceeds with his workforce, has been a significant long-term contributor to the Tigers. James Carnegie, son of business titan Sir Rod, is another who has been a heavy financial supporter of the club. Cliff Gale couldn't be there for the dinner in Melbourne, which had originally been scheduled for earlier in the month. The rescheduled dinner clashed with his slow drive to Adelaide for Gather Round. 'You help out where you can because you love the club, not because it's about you wanting to have a say,' he said. David Di Pilla, the CEO and managing director of HMC Capital asset managers, is a generous supporter. He recruited former Tigers player and CEO Brendon Gale onto the board of one of his companies, Home Co. He found value from Gale's different perspective. Thus did Richmond become a club where power and money buys access to the inner circle but not the capacity to decide who will be there, nor what that circle should do. Canberra connections Dan Tehan was trade minister in the Scott Morrison government but is one of the genuine Tigers in Canberra who would put party allegiance aside to discuss football with Catherine King, Infrastructure Minister in the Albanese government, and former Greens leader Richard Di Natale. Advice rather than overt influence has been important from all three. The Tigers also have the bona fides of the successful Indigenous Korin Gamadji Institute at Richmond when they talk to government. Belinda Duarte, now on the Western Bulldogs board, had been critical in creating the institute in 2011, as had then CEO Steven Wright. Joe Hockey was the federal treasurer at the time and a strong Richmond supporter. He helped grease the wheels of government for the development. The institute and the arrival of an AFLW team have been important developments in the past decade to draw the financial support of Telford and his family. Ex-Fraser government minister Peter Nixon, a former AFL commissioner, was also invited to dinner at Cecconi's, but being in his late 90s, he could not make it. Nixon, who was connected to the club through the 1980s and '90s, has been influential at Punt Road over decades. He remains a vice patron of the club, an ex-officio role that reaches back into the club's history where significant donors or influential figures were given the title. Former Cardinal George Pell was one too. Previously a ruckman in the Tigers reserves, Pell had been a vice patron from 1997, until he was removed from the role in 2019. Sir Andrew Grimwade, former CUB head Pat Stone, businessman and club benefactor Garry Krauss, Judge John O'Shea, Bill Durham and former chief magistrate John 'Darcy' Dugan were all vice patrons, as were the late former premier Lindsay Thompson, the late ex-federal treasurer Phillip Lynch, former governor Sir Brian Murray and former president and past player Crowe. The club's board resolved in 2018 to no longer add vice patrons. Building the premiership era After the start of the Brendon Gale era as CEO in 2009, with March as president and Craig Cameron a forward-thinking head of football, they launched a next-stage plan to build the club. In 2011 they gathered noteworthy supporters, and laid out what they needed to do as a club as they formed the Fighting Tiger Fund. It was a pitch for cash to wipe out the club's $4.5 million debt, but it was also more than that. It warned of the doom spiral of being stuck in debt and the direct correlation between success on the field and the level of football spending. Cameron explained why they had to be able to afford to pay all of the salary and soft caps despite being down the ladder. In business this might sound illogical – do not overpay for underperformance – but modern football was different. Cameron explained Richmond needed to front-end contracts to fill the salary cap and make cap space for when they improved and could attract free agents. The business identities understood this pitch. It was capital-raising to invest in the future and there were going to be dividends. The timing could not have been worse though, for it was the height of the global financial crisis. Despite that, they raised about $7 million. They then made a similar pitch to the broad base and raised another $500,000. The return on investment was extremely lucrative, but came after perhaps the most significant decision in recent Richmond history when in 2016 they resisted the restless and after a review stuck with Damien Hardwick as coach. That year, they also saw off one of the most farcical and short-lived of board challenges from Focus On Football, a group that came wanting change but without any real plan. The next year Richmond won the first of their three recent flags, made vast profits, built a membership base and built respect from their key supporters. Richmond had delivered on what they said they would do. That buys a lot of goodwill with your people when you come back to them over dinner in Flinders Lane or Bligh St and pitch an investment, not a donation. If nothing else, the mango and white chocolate mousse with lemon gel and chocolate crumble was excellent.
Sydney Morning Herald
23-04-2025
- Business
- Sydney Morning Herald
The Tigers used to eat their own. Now they dine with the wealthy and influential
What happened in the 1980s and then in 2016 informs everything about where Richmond are now. In the mid-'80s, Richmond had been financially devastated by a recruiting war with Collingwood (which nearly sent both clubs broke). At the time, they had a dalliance with a white knight by the name of Alan Bond, who was lured to Richmond on the wave of his America's Cup glory and his – at the time – impressive financial might. Things went as well with the chubby fraudster as they did for many others the corporate criminal did business with. In return for Bond's promised largesse and acumen, the Tigers offered him the No.1 ticket-holder position that was held at the time by David Mandie. Mandie was a highly influential football figure across the league, not just at Richmond, for he was chair of the VFL committee that ultimately resolved to establish a national competition run by a commission. He agreed to hand over the No.1 ticket-holder title if it was for the good of the Tigers. That wasn't enough for Bond. Named president-elect in 1986, Bond presented a plan to have the Tigers play 11 home games in Brisbane where, coincidentally, his company owned brewers XXXX and Swan. To fund the $12 million for the half-relocation, Bond suggested a company be floated on the stock exchange. Tiger legends Jack Dyer and Kevin Bartlett strongly resisted the move and ran an opposition campaign, asking why a billionaire for whom $12 million was small change was suggesting unusual stock exchange capital-raise to get the club to move to a state where he had stronger financial interests. The Brisbane move was shorter-lived than Bond's one-year presidency – to say nothing of his later three-year jail term. But the flirtation with Bond created the realisation at Richmond to beware the lone saviour. The grassroots, tin-rattling survival campaign called Save Our Skins and led by Neville Crowe was born. It became entrenched in Richmond culture that they were responsible for their own destiny; not one saviour, but many. Former Richmond CEO Brendon Gale recalls that about a decade ago, before Richmond's pivotal 2017 season, a wealthy businessman arrived at the club offering to put in $2 million. It came with one proviso: sack the board. The businessman had barely finished his coffee before being shown the door. The avoidance of white knights has created an egalitarianism even among the wealthy contributors at the club. 'I have never felt like it is a pissing competition at Richmond. I would not know what other wallets have given and I don't think others would either, it's not something you ask about. I call them wallets because it is not one person's money, it is the family's,' Telford said. 'One person's $100 is another person's $10. It is also about advice, mentoring and networks. I have no doubt every Richmond person would say they have got a lot more out of Richmond than they have put in. Being part of the fabric is enjoyable.' Ken Grenda, who owned Grenda's bus lines until he sold it in 2012 and shared $15 million of the sale proceeds with his workforce, has been a significant long-term contributor to the Tigers. James Carnegie, son of business titan Sir Rod, is another who has been a heavy financial supporter of the club. Cliff Gale couldn't be there for the dinner in Melbourne, which had originally been scheduled for earlier in the month. The rescheduled dinner clashed with his slow drive to Adelaide for Gather Round. 'You help out where you can because you love the club, not because it's about you wanting to have a say,' he said. David Di Pilla, the CEO and managing director of HMC Capital asset managers, is a generous supporter. He recruited former Tigers player and CEO Brendon Gale onto the board of one of his companies, Home Co. He found value from Gale's different perspective. Thus did Richmond become a club where power and money buys access to the inner circle but not the capacity to decide who will be there, nor what that circle should do. Canberra connections Dan Tehan was trade minister in the Scott Morrison government but is one of the genuine Tigers in Canberra who would put party allegiance aside to discuss football with Catherine King, Infrastructure Minister in the Albanese government, and former Greens leader Richard Di Natale. Advice rather than overt influence has been important from all three. The Tigers also have the bona fides of the successful Indigenous Korin Gamadji Institute at Richmond when they talk to government. Belinda Duarte, now on the Western Bulldogs board, had been critical in creating the institute in 2011, as had then CEO Steven Wright. Joe Hockey was the federal treasurer at the time and a strong Richmond supporter. He helped grease the wheels of government for the development. The institute and the arrival of an AFLW team have been important developments in the past decade to draw the financial support of Telford and his family. Ex-Fraser government minister Peter Nixon, a former AFL commissioner, was also invited to dinner at Cecconi's, but being in his late 90s, he could not make it. Nixon, who was connected to the club through the 1980s and '90s, has been influential at Punt Road over decades. He remains a vice patron of the club, an ex-officio role that reaches back into the club's history where significant donors or influential figures were given the title. Former Cardinal George Pell was one too. Previously a ruckman in the Tigers reserves, Pell had been a vice patron from 1997, until he was removed from the role in 2019. Sir Andrew Grimwade, former CUB head Pat Stone, businessman and club benefactor Garry Krauss, Judge John O'Shea, Bill Durham and former chief magistrate John 'Darcy' Dugan were all vice patrons, as were the late former premier Lindsay Thompson, the late ex-federal treasurer Phillip Lynch, former governor Sir Brian Murray and former president and past player Crowe. The club's board resolved in 2018 to no longer add vice patrons. Building the premiership era After the start of the Brendon Gale era as CEO in 2009, with March as president and Craig Cameron a forward-thinking head of football, they launched a next-stage plan to build the club. In 2011 they gathered noteworthy supporters, and laid out what they needed to do as a club as they formed the Fighting Tiger Fund. It was a pitch for cash to wipe out the club's $4.5 million debt, but it was also more than that. It warned of the doom spiral of being stuck in debt and the direct correlation between success on the field and the level of football spending. Cameron explained why they had to be able to afford to pay all of the salary and soft caps despite being down the ladder. In business this might sound illogical – do not overpay for underperformance – but modern football was different. Cameron explained Richmond needed to front-end contracts to fill the salary cap and make cap space for when they improved and could attract free agents. The business identities understood this pitch. It was capital-raising to invest in the future and there were going to be dividends. The timing could not have been worse though, for it was the height of the global financial crisis. Despite that, they raised about $7 million. They then made a similar pitch to the broad base and raised another $500,000. The return on investment was extremely lucrative, but came after perhaps the most significant decision in recent Richmond history when in 2016 they resisted the restless and after a review stuck with Damien Hardwick as coach. That year, they also saw off one of the most farcical and short-lived of board challenges from Focus On Football, a group that came wanting change but without any real plan. The next year Richmond won the first of their three recent flags, made vast profits, built a membership base and built respect from their key supporters. Richmond had delivered on what they said they would do. That buys a lot of goodwill with your people when you come back to them over dinner in Flinders Lane or Bligh St and pitch an investment, not a donation. If nothing else, the mango and white chocolate mousse with lemon gel and chocolate crumble was excellent.
The Age
23-04-2025
- Business
- The Age
The Tigers used to eat their own. Now they dine with the wealthy and influential
What happened in the 1980s and then in 2016 informs everything about where Richmond are now. In the mid-'80s, Richmond had been financially devastated by a recruiting war with Collingwood (which nearly sent both clubs broke). At the time, they had a dalliance with a white knight by the name of Alan Bond, who was lured to Richmond on the wave of his America's Cup glory and his – at the time – impressive financial might. Things went as well with the chubby fraudster as they did for many others the corporate criminal did business with. In return for Bond's promised largesse and acumen, the Tigers offered him the No.1 ticket-holder position that was held at the time by David Mandie. Mandie was a highly influential football figure across the league, not just at Richmond, for he was chair of the VFL committee that ultimately resolved to establish a national competition run by a commission. He agreed to hand over the No.1 ticket-holder title if it was for the good of the Tigers. That wasn't enough for Bond. Named president-elect in 1986, Bond presented a plan to have the Tigers play 11 home games in Brisbane where, coincidentally, his company owned brewers XXXX and Swan. To fund the $12 million for the half-relocation, Bond suggested a company be floated on the stock exchange. Tiger legends Jack Dyer and Kevin Bartlett strongly resisted the move and ran an opposition campaign, asking why a billionaire for whom $12 million was small change was suggesting unusual stock exchange capital-raise to get the club to move to a state where he had stronger financial interests. The Brisbane move was shorter-lived than Bond's one-year presidency – to say nothing of his later three-year jail term. But the flirtation with Bond created the realisation at Richmond to beware the lone saviour. The grassroots, tin-rattling survival campaign called Save Our Skins and led by Neville Crowe was born. It became entrenched in Richmond culture that they were responsible for their own destiny; not one saviour, but many. Former Richmond CEO Brendon Gale recalls that about a decade ago, before Richmond's pivotal 2017 season, a wealthy businessman arrived at the club offering to put in $2 million. It came with one proviso: sack the board. The businessman had barely finished his coffee before being shown the door. The avoidance of white knights has created an egalitarianism even among the wealthy contributors at the club. 'I have never felt like it is a pissing competition at Richmond. I would not know what other wallets have given and I don't think others would either, it's not something you ask about. I call them wallets because it is not one person's money, it is the family's,' Telford said. 'One person's $100 is another person's $10. It is also about advice, mentoring and networks. I have no doubt every Richmond person would say they have got a lot more out of Richmond than they have put in. Being part of the fabric is enjoyable.' Ken Grenda, who owned Grenda's bus lines until he sold it in 2012 and shared $15 million of the sale proceeds with his workforce, has been a significant long-term contributor to the Tigers. James Carnegie, son of business titan Sir Rod, is another who has been a heavy financial supporter of the club. Cliff Gale couldn't be there for the dinner in Melbourne, which had originally been scheduled for earlier in the month. The rescheduled dinner clashed with his slow drive to Adelaide for Gather Round. 'You help out where you can because you love the club, not because it's about you wanting to have a say,' he said. David Di Pilla, the CEO and managing director of HMC Capital asset managers, is a generous supporter. He recruited former Tigers player and CEO Brendon Gale onto the board of one of his companies, Home Co. He found value from Gale's different perspective. Thus did Richmond become a club where power and money buys access to the inner circle but not the capacity to decide who will be there, nor what that circle should do. Canberra connections Dan Tehan was trade minister in the Scott Morrison government but is one of the genuine Tigers in Canberra who would put party allegiance aside to discuss football with Catherine King, Infrastructure Minister in the Albanese government, and former Greens leader Richard Di Natale. Advice rather than overt influence has been important from all three. The Tigers also have the bona fides of the successful Indigenous Korin Gamadji Institute at Richmond when they talk to government. Belinda Duarte, now on the Western Bulldogs board, had been critical in creating the institute in 2011, as had then CEO Steven Wright. Joe Hockey was the federal treasurer at the time and a strong Richmond supporter. He helped grease the wheels of government for the development. The institute and the arrival of an AFLW team have been important developments in the past decade to draw the financial support of Telford and his family. Ex-Fraser government minister Peter Nixon, a former AFL commissioner, was also invited to dinner at Cecconi's, but being in his late 90s, he could not make it. Nixon, who was connected to the club through the 1980s and '90s, has been influential at Punt Road over decades. He remains a vice patron of the club, an ex-officio role that reaches back into the club's history where significant donors or influential figures were given the title. Former Cardinal George Pell was one too. Previously a ruckman in the Tigers reserves, Pell had been a vice patron from 1997, until he was removed from the role in 2019. Sir Andrew Grimwade, former CUB head Pat Stone, businessman and club benefactor Garry Krauss, Judge John O'Shea, Bill Durham and former chief magistrate John 'Darcy' Dugan were all vice patrons, as were the late former premier Lindsay Thompson, the late ex-federal treasurer Phillip Lynch, former governor Sir Brian Murray and former president and past player Crowe. The club's board resolved in 2018 to no longer add vice patrons. Building the premiership era After the start of the Brendon Gale era as CEO in 2009, with March as president and Craig Cameron a forward-thinking head of football, they launched a next-stage plan to build the club. In 2011 they gathered noteworthy supporters, and laid out what they needed to do as a club as they formed the Fighting Tiger Fund. It was a pitch for cash to wipe out the club's $4.5 million debt, but it was also more than that. It warned of the doom spiral of being stuck in debt and the direct correlation between success on the field and the level of football spending. Cameron explained why they had to be able to afford to pay all of the salary and soft caps despite being down the ladder. In business this might sound illogical – do not overpay for underperformance – but modern football was different. Cameron explained Richmond needed to front-end contracts to fill the salary cap and make cap space for when they improved and could attract free agents. The business identities understood this pitch. It was capital-raising to invest in the future and there were going to be dividends. The timing could not have been worse though, for it was the height of the global financial crisis. Despite that, they raised about $7 million. They then made a similar pitch to the broad base and raised another $500,000. The return on investment was extremely lucrative, but came after perhaps the most significant decision in recent Richmond history when in 2016 they resisted the restless and after a review stuck with Damien Hardwick as coach. That year, they also saw off one of the most farcical and short-lived of board challenges from Focus On Football, a group that came wanting change but without any real plan. The next year Richmond won the first of their three recent flags, made vast profits, built a membership base and built respect from their key supporters. Richmond had delivered on what they said they would do. That buys a lot of goodwill with your people when you come back to them over dinner in Flinders Lane or Bligh St and pitch an investment, not a donation. If nothing else, the mango and white chocolate mousse with lemon gel and chocolate crumble was excellent.
