MFC boardmembers want assurances from Stynes

[Supreme_Demon 3,749]

I found this article on "The Age" website this evening have a read:

http://www.realfooty.com.au/news/news/thre...2863647422.html

Basically the MFC boardmembers have reservations about Jim Stynes but they are willing to hear him out. Hopefully it all goes smoothly at the MFC board meeting on Thursday night.

I'm pretty confident that things will be sorted out and the best interests of the MFC and its members (thats us!) will be taken into account.

Lets hope Jimmy has a ripper of a plan!

[Hazyshadeofgrinter 80]

"If … Jimmy, with his undoubted enthusiasm and love for the club, came on board (and) over the next couple of years, things don't work out, the plans aren't there, the people aren't there and we're facing merger or relocation in two years' time, the members will rightly say: 'How did this happen? How was this allowed to happen? What were the reasons why the board that we elected walked away from the club?' " Michael Coglin quoted in the above article.

Coglin (and presumably the other board members) are not the only ones who feel this way.

If you ask me the whole thing is arse backwards - Jim Stynes (whom I dearly love and who was my favourite player for a long time) comes out of nowhere and, without even mentioning his plans or his prospective appointments, has the nerve to suggest that the current board should sheepishly make way so as not to make a scene? Give me a break - I didn't vote for Stynes and I don't even know who his running mates are yet.

Now none of that is to suggest that Stynes isn't up to the job, but I was surprised to read in an article ironically entitled "How I'll save Dee's: Stynes" (Ironic because he doesn't actually say anything about how he's going to do it or who he's going to do it with) that Stynes thought "that I (Stynes), and many others, have been complacent for far too long thinking someone else will fix the problems faced at the Melbourne Football Club. I knew it was time we got serious." Jim might be surprised to learn that there already are a group of people who have been "getting serious" and trying to "fix the problems." I would have liked to see Jim run a couple of ideas past these people and maybe try co-operating with them for a bit before deciding that nothing short of a full-scale, Messianistic coup would do.

Hopefully the whole matter will be clearer after Jim finally speaks to the board on Thursday. I am very curious to hear what exactly Jim plans to do differently (and why he has kept his cards so close to his chest about it). However, Jim's approach so far (co-opting the 150 anniversary and using hot air and sweet nothings to try and drum up support, purley on the basis of his profile as a footballer) has already set alarm bells ringing as far as I'm concerned. Thankfully the current board has at least three level business minds (Starkins, Coglin and Phillips) who obviously place a lot of importance on their responsibilites as elected members. It would be a real shame to see these people painted as "trouble-makers" or "barriers to progress" given their obvious commitment and the great improvements made to the club over the last few years.

[Guest unstable punt]

I found this article on "The Age" website this evening have a read:

http://www.realfooty.com.au/news/news/thre...2863647422.html

Basically the MFC boardmembers have reservations about Jim Stynes but they are willing to hear him out. Hopefully it all goes smoothly at the MFC board meeting on Thursday night.

I'm pretty confident that things will be sorted out and the best interests of the MFC and its members (thats us!) will be taken into account.

Lets hope Jimmy has a ripper of a plan!

lets hope he's got the answers

[youami 54]

Can someone please send me a link to Gardners grand plan when he got in unopposed after Szondy. Hopefully it said, when I leave the club we will be 16th on the ladder, have a debt of $4m (+$1.5m projected loss for this financial years operations) so effectively $5.5m in debt.

What a load of garbage, I just hope things aren't worse then what they are currently stated.

Long live Jim, he will bring, honesty, integrity and a focus on football to the current board. Pretty sure he wont be spruiking about how good it is to come 7th every year.

[hoopla 418]

I trust that Youami is just stirring.

Nobody should be allowed to roll along and take over a democratically elected organisation without some form of policy statement. Gardiner put Phillips in to the CEO role and he produced a plan which led to substantial AFL assistance. THe club is much better off financially now than it was when Gardiner took over ... which only shows how bad it was- and dangerous it is to go in blind

It's been reported that Phillips ( who is highly repected around the club and the AFL - and who initiated the Casey deal) wants to saty on to help JIm - given there is a new CEO etc. Apparently Jim doesn't want his help.

This really worries me. Its hard work running an AFL club - and many great footballers eg Ian Ridley, Stuart Spencer and Hassa Mann have struggled to do the job. A "new broom" is one thing - "lambs to the slaughter" is another

Jim's new Board can't afford to make a mistake while they are learning the ropes. Part of their plan must be to understand why Szondy/Ellis left us bankrupt, how Phillips dug us out of the hole, and why things have slipped again. There's no better way of doing that than talking to the bloke who's been through it all.

To his credit Phillips is not resisting change - he's just saying " Jim, I know heaps - use my knowledge as you see fit. I can help flatten your learning curve"

JIm needs to be careful. We cant afford a 15 metre penalty while he learns the game.

[Spaghetti 264]

Hopefully it said, when I leave the club we will be 16th on the ladder, have a debt of $4m (+$1.5m projected loss for this financial years operations) so effectively $5.5m in debt.

Um no, effectively $4m in debt. Losses don't magically get added to our debt

[rpfc 28,262]

Can someone please send me a link to Gardners grand plan when he got in unopposed after Szondy.

Great point if not for the fact that it was an election that brought Gardner, and that we knew the names of the prospective board members he was going to bring.

Frankly I cannot believe 5 board members stood aside without any idea who was coming on, and what their immediate plans were.

[Nasher 33,607]

Um no, effectively $4m in debt. Losses don't magically get added to our debt

Exactly. A debt is a debt (liability) and a loss is a negative change in equity. They both "sound bad" and that's about where the parallels end. It's not valid to roll them up in to the same thing.

It's also not necessarily a "bad thing" to be in debt either. The right debts can (and should) lead to better profitability.

[mo64 5,853]

It's also not necessarily a "bad thing" to be in debt either. The right debts can (and should) lead to better profitability.

Spin doctoring to the extreme!

In the case of the MFC, the debt is a bad thing. So let's not kid ourselves with creative accounting.

[Rhino Richards 1,467]

Exactly. A debt is a debt (liability) and a loss is a negative change in equity. They both "sound bad" and that's about where the parallels end. It's not valid to roll them up in to the same thing.

It's also not necessarily a "bad thing" to be in debt either. The right debts can (and should) lead to better profitability.

Losses are reflection of your expenses being greater than your income and the continuation of such losses ulitimately need to be financed by more equity or further debt to sustain the equation. In the case of MFC either more AFL handouts or borrowings. Long term neither are sustainable.

[Nasher 33,607]

Spin doctoring to the extreme!

In the case of the MFC, the debt is a bad thing. So let's not kid ourselves with creative accounting.

It isn't spin doctoring, it's Accounting 101. Of course it depends entirely on the nature of the debt, but my basic point was debt does not always mean trouble.

If it's debt as per Rhino's post, i.e. we're taking out loans to cover trading shortfalls, then yes, that is very bad.

[beelzebub 23,313]

Yep ..theres debt...and then there's debt. As some rightly point out not all debt is bad.It depends on what it represents and how its serviced.

What becomes the most ( to me ) worrying aspect of any of our debt is the debt /equity ratios, as we have bugger al lat present ( equity ) then a lot of our debt is chasing the tail variety. Thats never good. To survive long term it must be retired Assets, and income earning asets at theat must be sought. That also is basic business 101.

With the [censored] thats doing the rounds again ( this time from Adelaide ) its important that the truth is again rolled out via the real avenues of funding to each club and the nature of the uneven fileds re such things as ground deals and gates etc.

So far all we have garnered from messrs Stynes and o is we need to sell more memberships..Thas not a plan..thats a plea!! I should think obviously the man has his ideas and the substance of that shall hopefully be forthcoming oin a few days.

Those damn "recalcitrant" members of teh board who are yet unswayed by vaporish sentiment ought to be congratulated for their desire to ground the process back to common sense and realities.

Does 'emotion' pay your mortgage ??? I doubt it...It wont pay ours either.

Jim may wel have some ideas and a visionary plan to fund our exodus from the barren lands. But history suggest it needs to be workable with attainable outcomes... not pie in the sky sentiment.

[youami 54]

It isn't spin doctoring, it's Accounting 101. Of course it depends entirely on the nature of the debt, but my basic point was debt does not always mean trouble.

If it's debt as per Rhino's post, i.e. we're taking out loans to cover trading shortfalls, then yes, that is very bad.

debt is not solely related to liabilities, an expense is debt as well. you may have also learnt in accounting 101 about the term balance sheet. in which case you'll notice that when equity goes down something else must go down in the balance sheet, or else the balance sheet doesnt balance, yeah.

obviously not everything in the profit and loss is cash related, but the majority is, aside from depreciation, and this in turn does have a cash impact, so you'd expect roughly that the bank balance will go down by the $1.5m, so the debt is even worse in that it has to be realised straight away, that is if there are cash reserves. otherwise you are in some serious, serious trouble, i think the term is insolvent.

the point is we need new leadership.

[beelzebub 23,313]

debt is not solely related to liabilities, an expense is debt as well. You may have also learnt in accounting 101 about the term balance sheet. in which case you'll notice that when equity goes down something else must go down in the balance sheet, or else the balance sheet doesnt balance, yeah.

The problem is our Balance Sheet isnt really all that balanced..lol. we have little in Assetts.

Keep in mind expense by definitoin is money already spent.. Debt ..we still owe.

New leadership ? Maybe..New directions...definitely. They are not necessarily the same thing.

[issarab 0]

I Would like to point out two facts that you are completely wrong firstly you mentioned that Phillips is Highly respected this is wrong ask any member of staff at the MFC or AFL THEY WILL TELL YOU how negative this man is a typical Auditor boring WHO gets his kicks out by finding errors AND FAULTS he is a person he has not been able to suggest any bright ideas as to how we can overcome the debt or sell our Brand beleive me when he spoke at at function recently his main theme was on how we made mistakes no suggestion on how to fix them

Seacondly the Casey Fields idea was Chris Connolly he spent considerable time on it in fact the main help he got was from Macmanee this info was from Chris himself also Chopper had considerable input

This club needs a Leader at the top Bright and enthusiastic and respected Not people who are Boring and Negative

[Guest redandbluethruandthru]

I once ran a raffle that sold $20 bucks worth of tickets. Give me a crack at running the club.

[Mono 455]

I found this article on "The Age" website this evening have a read:

http://www.realfooty.com.au/news/news/thre...2863647422.html

Basically the MFC boardmembers have reservations about Jim Stynes but they are willing to hear him out. Hopefully it all goes smoothly at the MFC board meeting on Thursday night.

I'm pretty confident that things will be sorted out and the best interests of the MFC and its members (thats us!) will be taken into account.

Lets hope Jimmy has a ripper of a plan!

Nothing more than due diligence. No angst in the quotes in this article.

[beelzebub 23,313]

Nothing more than due diligence. No angst in the quotes in this article.

Exactly...just someone respecting their position and responsibilities and doing their job !! To be applauded