Dutchy wrote:Thats the best article that has been published yet. SANFL has been in real trouble with its finances which could have been fatal, glad it is now public.
Agree Dutchy.
This part is of most interest to me:
"There is one passage in the report to the directors which helps explain why relations between the SANFL and Port in particular are so frosty. It reads:
“It should be noted that SANFL in May 2014 paid the PAFC a further $1.5m to enable it to repay its AFL creditors and start as an independent club with no more than $500,000 creditors, in other words with a clean slate. This took total PAFC funding from SANFL to $16.25m and increased SANFL debt to approximately $37m.”
So almost half the SANFL’s debt comes from helping Port. In addition, the SANFL is still incurring a cost of about $1.3 million a year to maintain Footy Park for Crows training.
Why the Crows would receive an ongoing free kick at Football Park is beyond comprehension in what is a commercial transaction in a commercial world. The only reason that would suffice is if the SANFL are contractually bound to provide it.
Port will now have to look to ongoing assistance from the AFL to survive. They will need to make plenty in the good years in order to survive the leaner years.
Their costs should increase when their time in the SANFL ceases.
How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
Who knows? But, at a guess Dubai, Darren Burgess...............?
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
Yep strange really.
Read my reply. It is directed at you because you have double standards
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
I believe that when the Crows came in they and the SANFL signed a 40 yr rent free lease for West Lakes. Probably not the best decision by the SANFL
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
I believe that when the Crows came in they and the SANFL signed a 40 yr rent free lease for West Lakes. Probably not the best decision by the SANFL
You'd think the SANFL would have factored it in to their negotiations for the deal to move to Adelaide Oval though
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
I believe that when the Crows came in they and the SANFL signed a 40 yr rent free lease for West Lakes. Probably not the best decision by the SANFL
You'd think the SANFL would have factored it in to their negotiations for the deal to move to Adelaide Oval though
Maybe they have. Whats rent worth at West lakes? $1.5 per year?
Read my reply. It is directed at you because you have double standards
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
I believe that when the Crows came in they and the SANFL signed a 40 yr rent free lease for West Lakes. Probably not the best decision by the SANFL
You'd think the SANFL would have factored it in to their negotiations for the deal to move to Adelaide Oval though
Maybe they have. Whats rent worth at West lakes? $1.5 per year?
IIRC Rucci a few weeks back said on AA they were paying rent at footy park
Land based Lure Bream Fisherman
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Jim05 wrote:AAMI sold for $71m today, $10m upfront to be received by the SANFL
Not quite Jim $10m transferred straight to the AFL
Not sure I fully understand why the SANFL had to borrow $10m from the AFL to give to an AFL Club
Maybe the AFL weren't confident that the Power would ever pay it back if they gave it directly to them? After all, their credit references wouldn't have been too flash!
First presentation from the sanfl to the clubs was that the Footy Park land would sell for $300M.
So only $229M short then.
'People are not stupid. They know when they are being conned. And two reserves teams operating in a League competition will reduce it to a farce, a competition without a soul.'
topsywaldron wrote:First presentation from the sanfl to the clubs was that the Footy Park land would sell for $300M.
So only $229M short then.
Im glad someone brought this up because Id like to know why the valuation has dropped so deamatically too??
I believe the landscape has changed since initial valuations, with council not allowing as many apartments as were first desired, but surely that doesn't equate to $200mil+ difference??
sjt wrote:How can the crows not be paying rent? The sanfl no longer owns the licenses. How can port have their debt wiped, increase revenue by about 40%, exceed their anticipated "uplift", and still lose 2.5m? Where has all the extra costs come from?
It cost the club more to hold a game at AO then they make from it. Take a guess which game port made the most profit on last year
We're on this journey together, One Heart, One Club and they will Never Ever Tear Us Apart.
