Trader wrote:jo172 wrote:http://www.adelaidenow.com.au/messenger/north-northeast/debtridden-athelstone-football-club-still-splashing-the-cash-for-raggies-players/news-story/fdce7cdafa30f0c66f625017ee7f316bATHELSTONE Football Club shelled out more than $124,000 on “senior football expenses” including player payments last season despite a financial audit revealing it is about $118,000 in debt to Campbelltown Council.
**** me, that's a decent sized senior football budget with a $54k salary cap
Does that include footys, umpires fees, trainer payments, coach wages, etc?
presumably + affiliation + insurance + tape.
Any event bloody dwarfs us.
ATHELSTONE Football Club shelled out more than $124,000 on “senior football expenses” including player payments last season despite a financial audit revealing it is about $118,000 in debt to Campbelltown Council.
It comes as the club – which made the Adelaide Football League Division Two grand final and has been promoted to Division One – continues to search for a treasurer and secretary following its annual general meeting last month.
Campbelltown Mayor Simon Brewer. Picture: Mark Brake
Campbelltown Mayor Simon Brewer said the Raggies’ financial “crisis” was not over yet.
An independent audit into the club released at a council meeting last Tuesday night showed it spent more than $124,000 on “senior football expenses”, which included player payments, with council chief executive officer Paul Di Iulio confirming the Raggies were still paying players and there “may be additional costs” in Division One.
The club recorded a loss of more than $51,000 in 2017 and is about $118,000 in debt to the council.
Athelstone began repaying the council loan in January – set at $265 per week for the next 20 years.
The biggest factor contributing to the club’s 2017 losses was in the kitchen department, with a deficit of about $51,000.
Mr Brewer said it was good to see Athelstone in a better financial position than 12 months ago but it was of “extremely serious concern” it had not filled “critical positions” on its management committee.
“The future success of the club requires skilled people to put their names forward for these positions,” he said.
“While it is wonderful that the club has made substantial changes and is putting out very positive vibes, there can be no doubt that their crisis is not yet over and there is much more work to be done to ensure a sustainable future for this very important club.”
Athelstone Football Club president Steve Young last year. Picture: AAP/Russell Millard
He warned against the council appointing staff to oversee the club’s finances.
“The club is well aware of their financial position and should be making their own decisions on how to cut their cloth to suit,” he said.
“Yes, the club lost money for the full year 2017, but that was expected as they had several costs to absorb in changing its operations.”
The council engaged BRM in January last year following a club request to suspend loan repayments.
The NorthEastern Weekly reported in July the future of the 113-year-old football club was looking brighter after accountant BRM Holdich recommended 10 urgent measures to address “significant financial stress”.
The club has since adhered to those recommendations.
Athelstone president Stephen Young was elected unopposed on February 26.
Club officials did not respond to questions before deadline.
TIMELINE
January 2017: Accountants do an independent review of the club’s finances.
April 2017: BRM Holdich recommends 10 key ways to keep the club financially viable, including closing its bistro and reducing players/coaches payments.
July 2017: The NorthEastern Weekly reports the club incurred losses of about $420,000 across the past three years, with two thirds of those losses ($278,000) coming from the bistro.
November 2017: The council arranges a $265 a week payment plan to run for 20 years.
February 2018: President Stephen Young reappointed at the AGM but is unable to fill positions of treasurer and secretary.
March 2018: The club reports it is about $118,000 in debt to Campbelltown Council.
