MFC Loan to Schwab

[Real Demon 232]

I don't have a problem with the loan in essence........Schwab has been a key part of the clubs revival, and arrangments such as this wouldn't be unusual in senior managent roles within organisations.

Having said that, I just don't think it looks that great when the club has gone cap in hand to every supporter and backer of the club for donations to make us debt free, and we then provide a $140k to the CEO.

It has clearly been done in the right manner, and is above board........I just don't think it looks that great, and the timing is poor.

[Robbie57 2,003]

Total beat up.

Dealt with in an open way.

Cam is doing a great job for us.

[Range Rover 1,935]

Agree with Rhino and other posters. Not a good look and sets an unnecessary precedent.

[Dee Fan 3,247]

Well done Caroline you've acheived your purpose.

RR I'm not going to comment any further if what I've said isn't self evident then there's nothing more I can say.

[13thflag 0]

Cam has been great for the Melbourne football club, this does not bother me at all. It's not like he hasn't been paying the loan back, he has so leave it be.

[Cranky Franky 1,850]

Cam has been great for Cam I reckon.

Anybody who understands probity, good corporate governance & conflict of interest will realise that this episode sucks big time.

We have only just got out of debt, a few years ago we could'nt raise money to pay rookies & our trining venue was a dump. Along with lots of supporters I donated $$ to the club to help. I expected this to be used to improve the facilities & the Footy Dpt not to go out as a private loan to someone who earns 6 times what I do.

[Rhino Richards 1,467]

Cam has been great for Cam I reckon.

Anybody who understands probity, good corporate governance & conflict of interest will realise that this episode sucks big time.

You're quite misplaced about Cam Schwabs achievements at Freo and more recently at MFC.

And anyone who actually did understand probity, good corporate governance & conflict of interest would realise that while this is not a big issue it would have been preferable that the Club did not do related party loans notwithstanding the disclosures made.

[Sir Why You Little 36,728]

Just came across this, $140,000 loan for Schwab on The Age website. I don't have a problem with it, just interested to hear others thoughts on it, and presumed it may be of interest.

Interesting, but as more than 50% is paid back already at 6.2% i have no problem with it.

The Club have been open about it, the AFL know of it as do the MCC-all approved.

I am betting CEO's do this all the time on the quiet in all manner of business.

I will say though, that i would hope the club doesn't make this a reguliar thing.

I want my money (or most of it) to go to Coaching Staff, Facilities & players thanks. B)

Let's just hope the interest paid back to the MFC goes towards better Off season Training.

[Sir Why You Little 36,728]

Cam has been great for Cam I reckon.

Anybody who understands probity, good corporate governance & conflict of interest will realise that this episode sucks big time.

We have only just got out of debt, a few years ago we could'nt raise money to pay rookies & our trining venue was a dump. Along with lots of supporters I donated $$ to the club to help. I expected this to be used to improve the facilities & the Footy Dpt not to go out as a private loan to someone who earns 6 times what I do.

Cranky your $$$ have improved our Training Facilities. AAMI.

I have no doubt CS will service the loan and all parties will be cool.

Cam Schwabb has and will continue to be a great CEO for this awesome organization.

Relax man.

[Dee Fan 3,247]

Cam has been great for Cam I reckon.

Anybody who understands probity, good corporate governance & conflict of interest will realise that this episode sucks big time.

We have only just got out of debt, a few years ago we could'nt raise money to pay rookies & our trining venue was a dump. Along with lots of supporters I donated $$ to the club to help. I expected this to be used to improve the facilities & the Footy Dpt not to go out as a private loan to someone who earns 6 times what I do.

Yeah let's get rid of Cam and bring back Szondy, what a .... Get a life.

Where'd you get the name is that what your mum calls you?

[hoopla 418]

Agree it doesn't look great at all. Companies dont give out staff loans anymore particularly football clubs

We should have increased his salary if we wanted to give him a benefit.

Agree ...doesn't look good. The directors should have refused - but what's done is done ... and it was openly disclosed.I actually noticed it when the accounts were issued - but decided to let it pass.

Not happy, Caro.The accounts were released months ago. Why drag it up now ? Did you miss it at the time? ... or did you want to rake up some muck at the start of the season ?

[demon3165 2,612]

So what it shows the great minds that carry on about this didn't read the annual report properly, you had the chance at the Annual Meeting to stand up and ask the question but some of you choose to follow the leader on this issue way down the track, maybe you should ask the leader why he missed it in the report, sloppy work I say.

[rumpole 514]

Many of the Directors are professional people who would only have acted if they had legal advice saying that what they were doing was appropriate and above board. The deal was above board, full disclosure was made and it was a win win for both parties so I see no reason why we need dwell on this any further.

[Sir Why You Little 36,728]

Many of the Directors are professional people who would only have acted if they had legal advice saying that what they were doing was appropriate and above board. The deal was above board, full disclosure was made and it was a win win for both parties so I see no reason why we need dwell on this any further.

Exactly. The Club is charging CS 6.2% which he is happily paying.

A non issue that for some reason Wilson has regurgitated today??? That is the real issue....Why Caroline Wilson why??? Had nothing better to do before lunch.

FFS the state of AFL Journos is really getting worse...

That transaction is 6 months old maybe???

Let us all write about your Bank Transactions Caro....Bad Call (as Bad as your Latest Hair Do)

[Ned 156]

I reckon this stinks. The club isn't his piggy bank. If you need bridging finance, go to a f'ing bank. People don't pay memberships or donate so Schwab can use it. I don't take loans from the MFC, why should he? And I'd like to know what the club gets that it couldn't get at a bank or through depoosits. The news really got up my nose. It's not professional and really makes me doubt the judgement of the people running the place.

[bush demon 2,013]

Whatever the reasons, the loan is a good will act by the club to a valued executive employee who may well be worth tens/ hundreds of thousands more (in terms of salary) at one of the big-spending clubs.

[GM11 747]

No impropriety here. This is common practice in numerous businesses.

It just doesn't get reported in the press because it is not a big deal in the overall scheme of things..

So why does this warrant an article now?

I wonder if she's been through all the clubs financials.

Just another muck raking effort from a football journalist columnist.

[Ned 156]

I'd be curious to know on what basis he would be worth a fortune to other clubs. I honestly don't know a lot about Schwab, and he seems to talk a good game, but I didn't see any logic to this. It's the sort of mates stuff that shouldn't happen in a well-run organisation.

[Rhino Richards 1,467]

This is common practice in numerous businesses.

....

I wonder if she's been through all the clubs financials.

In public enterprises, you find it isnt common at all. In ASX listed companies its an absolute no no.

If Caro did go through the annual report of each club, I bet there would not be one loan to a CEO.

[Rhino Richards 1,467]

Whatever the reasons, the loan is a good will act by the club to a valued executive employee who may well be worth tens/ hundreds of thousands more (in terms of salary) at one of the big-spending clubs.

There are more appropriate and transparent means of rewarding a club executive than related party loans.

[Roost It 1,434]

There are more appropriate and transparent means of rewarding a club executive than related party loans.

Surely it couldn't be more transparent. Club has excess money earning 5.5% Schwab says lend it to me and I'll pay you 6.25 and pay you back in 3 years. Club says yes as it's secured. Can't see the problem. Are you the sort of parent that won't lend their kid any money without a security contract?

[agent_orange 0]

Yawn Burp

no big deal B) The world hasn't ended, we will make a profit on it. Laugh

[DirtyDees DDC 176]

I have no problem with loans to related parties, provided it is done on 'arms length' terms; is transparent, and the amount loaned is no more than 5% of the total assets (a bit like the conditions for self managed super funds). This deal seems to meet all three requirements.

[Arrow 1,257]

It's not pre-season anymore so how about we just talk footy?

[Sir Why You Little 36,728]

It's not pre-season anymore so how about we just talk footy?

EXACTLY...Maybe Caro could do some real Journalism and find out how Jarrod Waite got off his report for kicking someone in the Knacks...I cannot believe that.

4-6 weeks for mine. That is just not on. Blokes just do not do it.

I do not want to hear Anderson Spin either. I want to hear the real deal Caro.

Do some real work.