Norwood Financial Update

[BPBRB]

This might be right

NORWOOD COMMUNITY CLUB

PURCHASED FOR$900,000
SOLD FOR..........$5.4 MILLION
PROFIT...............$4.5 MILLION

Wouldn't think thats too far off the mark Malcolm

He only heard that amount as announced on 5RPH last night by Doug Robertson. Great result for Norwood!

[JK]

This might be right

NORWOOD COMMUNITY CLUB

PURCHASED FOR$900,000
SOLD FOR..........$5.4 MILLION
PROFIT...............$4.5 MILLION

Wouldn't think thats too far off the mark Malcolm

He only heard that amount as announced on 5RPH last night by Doug Robertson. Great result for Norwood!

Ahh ok ... They are pretty close to what I'd heard (it varies slightly depending on who you're listening to).

Still not easy street for the club by any stretch of the imagination ... They will have lost a chunk to pay outstanding debts I'd imagine and will also need to assemble a members facility and acquire replacement asset of some description (naturally for a lesser amount).

Gaming venues sound as though they all invariably generate a profit, but it's the level of profit a venue records that's most significant and planning and research can suggest one thing, but reality could well be another.

Certainly an improved position and outlook, but some fair ground to cover still.

[BPBRB]

Good post CP. The cost of setting up the pokie venue out on North-East Rd will not be cheap either - plus the purchase cost as well if that has been via a loan but at least Norowood have the captial to reduce the debt, pay for the pokies venue (or at least a chunk of it) and maybe look to do something re a Bar/Social Members facility as you pointed out at Norwood Oval.

[Psyber]

Good post CP. The cost of setting up the pokie venue out on North-East Rd will not be cheap either - plus the purchase cost as well if that has been via a loan but at least Norowood have the captial to reduce the debt, pay for the pokies venue (or at least a chunk of it) and maybe look to do something re a Bar/Social Members facility as you pointed out at Norwood Oval.

Perhaps they should buy a foundering Melbourne based club instead - Melbourne Redlegs, Norwood Kangas......RedHawks???

[johntheclaret]

This might be right

NORWOOD COMMUNITY CLUB

PURCHASED FOR$900,000
SOLD FOR..........$5.4 MILLION
PROFIT...............$4.5 MILLION

Wouldn't think thats too far off the mark Malcolm

He only heard that amount as announced on 5RPH last night by Doug Robertson. Great result for Norwood!

Ahh ok ... They are pretty close to what I'd heard (it varies slightly depending on who you're listening to).

Still not easy street for the club by any stretch of the imagination ... They will have lost a chunk to pay outstanding debts I'd imagine and will also need to assemble a members facility and acquire replacement asset of some description (naturally for a lesser amount).

Gaming venues sound as though they all invariably generate a profit, but it's the level of profit a venue records that's most significant and planning and research can suggest one thing, but reality could well be another.

Certainly an improved position and outlook, but some fair ground to cover still.

Would be a fair chunk of Capital Gains tax too, if the tax system is anything like the UK's