DEBT DEMOLITION

[grazman 7,409]

29 minutes ago, Jaded said:

Yeah I tend to agree, while I LOVE my club and want it to survive more than anything, people are fighting for their livelihood. To ask us for money right now would just be plain rude. 

Exactly

[faultydet 7,594]

1 hour ago, Jaded said:

Yeah I tend to agree, while I LOVE my club and want it to survive more than anything, people are fighting for their livelihood. To ask us for money right now would just be plain rude. 

Have to agree.

Wait until everyone is allowed to return to work before passing the plate.

A desperation move, although to be fair, they are actually desperate right now.

[TeamPlayedFine39 8,492]

Going way too early.

 

 

[Dr. Gonzo 24,197]

This should be done next year (assuming we're back to normal by then).

[Pennant St Dee 13,118]

Not the right time, the people and nation currently have other focuses and priorities 

[Demons1858 1,755]

6 hours ago, Dr. Gonzo said:

This should be done next year (assuming we're back to normal by then).

There might not be a next year as there is no garantee all clubs will survive especially those getting annual afl / mcc hand outs ... when assets get devalued as is happening now, banks come calling to recoup debt ... mfc need to do everything they can now and in the next few years ... suspect they will be calling on only wealthy supporters to help initially ... without income mfc staff will also lose jobs

Edited March 25, 2020 by Demons1858

[Wells 11 5,381]

3 hours ago, Demons1858 said:

There might not be a next year as there is no garantee all clubs will survive especially those getting annual afl / mcc hand outs ... when assets get devalued as is happening now, banks come calling to recoup debt ... mfc need to do everything they can now and in the next few years ... suspect they will be calling on only wealthy supporters to help initially ... without income mfc staff will also lose jobs

Agreed. I hope the club acts when it has to and not when it’s deemed to be acceptable. “ sorry we had to fold. I know you all loved the club and we would  have asked for help but it was the wrong time. Rest In Peace mfc” 

[Bring-Back-Powell 14,778]

Anyone got diamond Joe's number?

On a serious note, if other clubs are doing it now, then we'll have not choice but to follow suit.

[Dr. Gonzo 24,197]

7 hours ago, Demons1858 said:

There might not be a next year as there is no garantee all clubs will survive especially those getting annual afl / mcc hand outs ... when assets get devalued as is happening now, banks come calling to recoup debt ... mfc need to do everything they can now and in the next few years ... suspect they will be calling on only wealthy supporters to help initially ... without income mfc staff will also lose jobs

The clubs own 1/18th share of Docklands don't they? 

[Diamond_Jim 12,551]

1 hour ago, Dr. Gonzo said:

The clubs own 1/18th share of Docklands don't they? 

as a stadium it is very hard to value. The original developers went broke and the AFL got it for one dollar in return for agreeing to play there for around 20 years.

So it's chicken and egg...without the AFL it has little if any value so as a lender how do you rate it as a security. Land value?? Would a government allow you to demolish it.

In the 80's some clubs borrowed against their grandstands etc. The banks realised it was a bit of a myth that they had any security

[Dr. Gonzo 24,197]

8 hours ago, Diamond_Jim said:

as a stadium it is very hard to value. The original developers went broke and the AFL got it for one dollar in return for agreeing to play there for around 20 years.

So it's chicken and egg...without the AFL it has little if any value so as a lender how do you rate it as a security. Land value?? Would a government allow you to demolish it.

In the 80's some clubs borrowed against their grandstands etc. The banks realised it was a bit of a myth that they had any security

Land that size in the CBD? Yeah I'm pretty sure it would have some value

[Diamond_Jim 12,551]

2 minutes ago, Dr. Gonzo said:

Land that size in the CBD? Yeah I'm pretty sure it would have some value

it's not that big a plot....maybe 50million but it's no goldmine and Docklands isn't Collins Street plus there are already masses of unoccupied apartments down there.

And of course there are the planning restrictions