SA Footy

Rik E Boy wrote:

Brodlach wrote:Hopefully Port get a big fat donut in the win column in 2020

No one gets a bagel these days but your mob the more likely candidate surely.

regards,

REB

Reports of our demise has been greatly exaggerated

Brodlach wrote:

Rik E Boy wrote:

Brodlach wrote:Hopefully Port get a big fat donut in the win column in 2020

No one gets a bagel these days but your mob the more likely candidate surely.

regards,

REB

Reports of our demise has been greatly exaggerated

#bigbill #thefog #hahahaha

#timewilltell


#youstillhaveken hahaha

Brodlach wrote:#youstillhaveken

#YouStillHaveTex

Booney wrote:

Dutchy wrote:

Booney wrote:Has @rucci sent @Dutchy any DM's over the last 24 hours?

He is in the hills of Tuscany well out of range!

I miss him

I thought he be sending you details of Port's financials? Early figures released yesterday would be right to the liking of you both.

Gotta link? nothing on their website?

Dutchy wrote:

Booney wrote:

Dutchy wrote:

Booney wrote:Has @rucci sent @Dutchy any DM's over the last 24 hours?

He is in the hills of Tuscany well out of range!

I miss him

I thought he be sending you details of Port's financials? Early figures released yesterday would be right to the liking of you both.

Gotta link? nothing on their website?

Adelaidenow website, I can't access the full story.

Confirms what I thought, they borrowed funds from AFL and that makes sense now why they have not reduced bank debt and hence why Rucci said they were understandably under AFL control

Port Adelaide paid $1 million off its big debt to the AFL in 2019.

But the Power were spared from recording a potential $1.3 million loss for 2019 after another “positive revaluation” of the club’s land and buildings helped balance its books.

The club has endured consistent speculation about the state of its finances in 2019 amid attendances at Adelaide Oval taking a hit and a potential mass drop-off in members.

Port is also one of just a handful of clubs that is still on an AFL financial “watchlist”, as 90 per cent of the competition’s other franchises expect to make cash profits.

On Thursday, the Power, in a snapshot of its finances, announced it had made a net profit from continuing operations of $512,092 for the financial year ending on October 31, and had also paid $1 million off its debt to the AFL.
That debt now stands at just over $7 million, something chairman David Koch said showed that Port was on the right track ahead of its 150th year.

“On one hand our returns from membership and through attendances at Adelaide Oval were down, while from a commercial perspective we welcomed Sanjeev Gupta and the team at GFG as our co-major partner, in the first year of what we see as a generational partnership,” Koch said.

“Significantly, we also continued to increase our returns from our China operations and delivered another quality game experience in year three of our Shanghai venture.

“Importantly, we also paid down one million dollars of debt to the AFL, reducing our debt to just over seven million dollars at the end of the financial year.”
But after account depreciation and a series of “restructuring costs”, Port incurred a loss of $689,518.

This could have been almost doubled, but the Power said it was “mitigated by a revaluation gain” of $636,004 on its land and buildings and the first stage of the club’s memorabilia catalogue and review process - to the tune of $534,000.

This has allowed the club to report a total comprehensive income of $480,486 - increasing the net asset position of the club to $7.69 million, a rise of nearly $500,000.

This mirrors what happened in 2018 when Port initially incurred a loss of $987,321 - up from $21,389 in 2017 - before a revaluation of $4.16 million on its land and buildings allowed it to record a net profit from continuing operations of $322,013.

This was down from the $999,464 the club recorded in its 2017 financial report.

The full set of accounts will be available to members at Port Adelaide’s Annual General Meeting at Alberton on January 31.

Geez he loves talking things up, to me its a horrible position, debt a couple of years back was only $5m, now they are celebrating it is down to $7m.

I love taking the piss out of Port but I don’t find any joy out of them owing the AFL $7m. In no financial guru but to me that financial report looks fairly dire

Re-read it, AFL look like they hold all of the club debt, Im guessing as no Bank would assist. Positive is that at least the AFL wont wind them up so takes that risk out of the situation.

Brodlach wrote:

Rik E Boy wrote:

Brodlach wrote:Hopefully Port get a big fat donut in the win column in 2020

No one gets a bagel these days but your mob the more likely candidate surely.

regards,

REB

Reports of our demise has been greatly exaggerated

Overrated every year without fail and results over the past two decades reflect this.

regards,

REB

How can KT keep a straight face when he claims that PAFC are profitable now.

Back to back losses offset by depreciation addbacks and re-valuations.



How much can I get on The year Koch’s leaves a huge deficit is declared without such write offs.


More smoke and mirrors at Alberton

Dutchy wrote:Re-read it, AFL look like they hold all of the club debt, Im guessing as no Bank would assist. Positive is that at least the AFL wont wind them up so takes that risk out of the situation.

No the franchise/licence holder wont be wound up but when you are beholden to city hall your chances of being able to argue against crappy time slots, where you will play to suit the interest of the AFL become more difficult - see Gold Coast...

Wont say this will happen in the short term but beware the wolf in sheeps clothing that can be the AFL.

Lets not forget why the AFL exists, over half the VFL clubs were insolvent 30 years ago, Going national is/was merely then ends to the means to prop up the old VFL clubs.

am Bays wrote:Lets not forget why the AFL exists, over half the VFL clubs were insolvent 30 years ago, Going national is/was merely then ends to the means to prop up the old VFL clubs.

My understanding was that there was only 2 clubs in the black when West Coast was “invited” to join the VFL.
If they had held out another 12-24 months most of the old Victorian clubs would have gone by the wayside

Jim05 wrote:

am Bays wrote:Lets not forget why the AFL exists, over half the VFL clubs were insolvent 30 years ago, Going national is/was merely then ends to the means to prop up the old VFL clubs.

My understanding was that there was only 2 clubs in the black when West Coast was “invited” to join the VFL.
If they had held out another 12-24 months most of the old Victorian clubs would have gone by the wayside

I'm genuinely not trying to have a go at Port as they are doing what they see as necessary to compete in the AFL landscape but they have been played on a break by the VFL/AFL administration since late 1989-early 1990.

UK Fan wrote:How can KT keep a straight face when he claims that PAFC are profitable now.

Back to back losses offset by depreciation addbacks and re-valuations.



How much can I get on The year Koch’s leaves a huge deficit is declared without such write offs.


More smoke and mirrors at Alberton

No surprise that you comment in here before commenting in the thread where there's reported financial woes at "your own club"

Jim05 wrote:I love taking the piss out of Port but I don’t find any joy out of them owing the AFL $7m. In no financial guru but to me that financial report looks fairly dire

What! SA Footy has the best bean counters in the land, just ask them. All things Port is their specialty, it's quite "exhaustive"

LMA wrote:

Jim05 wrote:I love taking the piss out of Port but I don’t find any joy out of them owing the AFL $7m. In no financial guru but to me that financial report looks fairly dire

What! SA Footy has the best bean counters in the land, just ask them. All things Port is their specialty, it's quite "exhaustive"

Better than being blindly ignorant imho.

Poor old LMA .

LMA wrote:

UK Fan wrote:How can KT keep a straight face when he claims that PAFC are profitable now.

Back to back losses offset by depreciation addbacks and re-valuations.



How much can I get on The year Koch’s leaves a huge deficit is declared without such write offs.


More smoke and mirrors at Alberton

No surprise that you comment in here before commenting in the thread where there's reported financial woes at "your own club"

Apples with Apples dumbass.