Debt Demolition: It's BACK!

[melbournefc18 4]

On the back of last years success the MFC is bringing back 'Debt Demolition'. This coming August get ready to dig deep.

http://www.theage.com.au/news/rfnews/demon...4664795167.html

[JACKATTACK 17]

This is the reality of being a Melbourne die hard.

Credit card, prepare yourself!

[H_T 3,043]

The club is expected to retain the Debt Demolition in 2010 as well. They aim to eradicate all the debt by the end of 2010.

[Guest]

"Although Melbourne's major sponsorships beyond 2009 remain uncertain ..."

Can anyone clarify what this refers to?

[Rhino Richards 1,467]

http://www.theage.com.au/news/rfnews/demon...4664795167.html

"At one stage during the Demons' cash flow problems the AFL suggested the Demons draw on their reduced debt facility, a suggestion that prompted the club's board to reply that it would resign as a group rather than plunge Melbourne into more debt."

If it is true about the AFL's suggestion it is indeed disturbing and I agree with the Board's stance.

If they did pull on the debt it would have been an about face to supporters and the AFL would hang them in the future for it.

[45HG 1,539]

Does our club have a business plan yet? Wouldn't the business plan include eradicating debt?

[Trisul 664]

If it is true about the AFL's suggestion it is indeed disturbing and I agree with the Board's stance.

If they did pull on the debt it would have been an about face to supporters and the AFL would hang them in the future for it.

As they should (re hanging). Surely just a litmus test.

Edit:

"Although Melbourne's major sponsorships beyond 2009 remain uncertain ..."

Can anyone clarify what this refers to?

The way I read it, it's a clumsy way of referring to shorts sponser, and sorting out partnership(s) re selling home games for decent $. It would be budgeted already to some degree that money, and isn't there yet.

[H_T 3,043]

The way I read it, it's a clumsy way of referring to shorts sponser, and sorting out partnership(s) re selling home games for decent $. It would be budgeted already to some degree that money, and isn't there yet.

Ie. NT Gov't ?

[JACKATTACK 17]

Is this a bit of a worry that they are coming back to debt demolition so soon? It was not long ago we had our last one.

Considering this, will it be possible to crack $1M? 10,000 people at an average of $100.... it is a lot.

[Reality Bus 17]

"Stynes yesterday completed his sign-off of 230 invitations to those Foundation Heroes who on August 5 last year contributed at least $5000 each to the club, which was facing financial ruin because of its crippling $5 million debt.

"We would hope that $1 million might be achievable this year over the month of August," said Stynes, "through our members and other supporters who will be invited to attend the night which will be another very theatrical production involving names like Barassi, Neitz, Flower, Hassa Mann and all the captains from last year.""

I think the club will be hoping that these Foundation Heroes will be looking to donate at least $5k each again. $5000 x 230 = $1.15m

[deanox 9,903]

the thing with it being in the following financial year is that it can become an attractive option for some business people (ie tax refund). i'm not sure if debt demolition went into the tax refundable sections, but i know the mfc has options to donate to that offer this.

[beelzebub 23,313]

Does our club have a business plan yet? Wouldn't the business plan include eradicating debt?

the last I was aware was that they had a plan to get a plan <_<

The "Red and Blueprint" has yet to be shown to we lil folk called members !!

[Rogue 585]

Is this a bit of a worry that they are coming back to debt demolition so soon? It was not long ago we had our last one.

I think it was always on the cards.

It also makes sense to have it now, rather than in a few years time - people can still rationalise that it's justifiable.

They won't be so receptive if we have our hand out in this manner in 5 years.

[45HG 1,539]

I'll be honest, this has me a little concerned. It was moving, groundbreaking and exciting last year, but you can't go to the well too many times - just because names like Barassi, Mann and Neitz are involved.

We can't expect the same 230 people to put in each year - after all, those few amounts of people covered a great percentage of the drive last year, possibly inflating the numbers.

[Matt Demon 1,418]

Is Gutnick invited?

[Trisul 664]

Ie. NT Gov't ?

Ie whoever is the best fit, but yeah.

[w00dy 146]

I'll be honest, this has me a little concerned. It was moving, groundbreaking and exciting last year, but you can't go to the well too many times - just because names like Barassi, Mann and Neitz are involved.

We can't expect the same 230 people to put in each year - after all, those few amounts of people covered a great percentage of the drive last year, possibly inflating the numbers.

From what I understand, the 230 who paid their $5,000 last year aren't required to contribute the mandatory $5,000 this year, they get to attend the evening for free... The goal would be to get all these people in the same room again, and see what voluntary money they can raise... anyone who wants to attend this year, who didn't last year, will have to donate the $5,000 minimum to attend...

So it's not necessarily going to the well too many times, we're not forcing, or putting a whole lot of pressure on these people to fork out big money again, just giving them the opportunity to do so if they wish... We're also allowing them to participate in another entertaining evening, as thanks for their support previously. I think it's the right way to go about it.

[1858 285]

When they implemented the Debt Demolition website last year it stated (and still does) "We will continue with our debt demolition campaign for as long as it takes to get rid of all of our debt." From that point of view it is no surprise that they are having a new launch for this year and the intentions of the club were clearly stipulated. I for one am quite happy with this as a supporter/member. At the end of the day only those who wish to donate will and if there is a significant chunk taken out of our debt each year such that the overall debt reduces greatly then I will continue to make donations online as a supporter/member. If we can be completely debt free or there abouts by the end of 2010 then that would be absolutely awesome for the club and it makes sense to push it as much as possible now as some others have said. The club is in a situation that it is trying to get out of for the long term so now is not the time to have reservations that (or be embarrased by the fact) the club is still asking for money - if you can spare a few dollars then great, if you can't then no worries.

[Rhino Richards 1,467]

Agree 1858, Its imperative MFC repay its debt in full and develop a self sustaining business model.

[Bruce Almighty 0]

Agree 1858, Its imperative MFC repay its debt in full and develop a self sustaining business model.

i was saving for a set of golf clubs, but i put that in to debt demolition, cos i would rather see our club successful than still play crap golf with good clubs

[Rogue 585]

If every member put in ~$30 this year we'd clear our debt. Not all can or will, but there are others who will be happy to chip in far more.

i was saving for a set of golf clubs, but i put that in to debt demolition, cos i would rather see our club successful than still play crap golf with good clubs

Haha, brilliant.

[e25 5]

Yeah, I was saving up for a sleeve that I designed, but I can wait...

I watch as another $500 floats away...

anyone read the book Fever Pitch?

[Forest Demon 4,681]

i was saving for a set of golf clubs, but i put that in to debt demolition, cos i would rather see our club successful than still play crap golf with good clubs

LOL. The exact predicament I find myself in! I am just going to get a slightly cheaper set of clubs and donate the leftover

[45HG 1,539]

I guess my biggest concern is that aside from Foxtel, club directos and the Debt Demolition night, the rest of us (whilst I'm sure we tried very hard and put every extra dollar we could into it) didn't raise all that much.

Can only keep trying though I guess

[Deeoldfart 8,005]

When they implemented the Debt Demolition website last year it stated (and still does) "We will continue with our debt demolition campaign for as long as it takes to get rid of all of our debt." From that point of view it is no surprise that they are having a new launch for this year and the intentions of the club were clearly stipulated. I for one am quite happy with this as a supporter/member. At the end of the day only those who wish to donate will and if there is a significant chunk taken out of our debt each year such that the overall debt reduces greatly then I will continue to make donations online as a supporter/member. If we can be completely debt free or there abouts by the end of 2010 then that would be absolutely awesome for the club and it makes sense to push it as much as possible now as some others have said. The club is in a situation that it is trying to get out of for the long term so now is not the time to have reservations that (or be embarrased by the fact) the club is still asking for money - if you can spare a few dollars then great, if you can't then no worries.

Exactly!!