The_Wookie wrote: ↑Fri Aug 18, 2017 10:11 pm
AFLcrap1 wrote: ↑Tue Aug 15, 2017 4:54 pm
Lol remember when the lions were TRADING INSOLVENT
yeah im gonna want a source for that. And it better not be from 1993-1996.
THE AFL is providing $34 million of bank guarantees on behalf of its clubs, in some cases to enable cash-stricken operations to pay their bills and convince auditors they remain commercially viable.
As Australia’s richest football competition prepares to enter fresh negotiations on what it hopes will be another $1 billion broadcast rights deal, its underclass of working-poor clubs are increasingly reliant on the goodwill of the AFL and banks to survive.
An examination of club finances by The Australian has found the AFL club in the most dire financial position is Brisbane, which remains technically insolvent with a deficiency in net assets of $4.7m and a deficiency in current assets of $12.8m.
The club is bleeding cash, with last year’s cash profit of nearly $400,000 a quirk of accounting masking a true loss of $538,872. The club’s 2013 season balance sheet prompted a stern warning from KPMG auditor Scott Guse, who said there was a “material uncertainty which may cast doubt about the company’s ability to continue as a going concern”.
To secure an $8 million bill facility, the club relied on an AFL guarantee and presented Westpac with a separate letter of support from the league setting out “a range of financial assistance packages that can be used to assist the company to meet its obligations if necessary”. St Kilda relied on an AFL guarantee to extend its commercial bill facility from $4.75m to $6.75 million. The Western Bulldogs, North Melbourne and Melbourne, who all failed to make last year’s finals series, also depend on AFL-guaranteed credit.
Carlton and Richmond continue to operate with AFL-backed credit facilities, although both clubs are steadily reducing the amount they owe and ended the last trading year with healthy cash surpluses.
http://www.theaustralian.com.au/sport/a ... 6822011769#
TLPG
liar extraordinaire
You should thank me for publishing your IP
and I never published any actual IP. That's it.
I was a mod at the time .
Xman wrote
I also gave them to TLPG believing he was still a mod.I admit I made a mistake.