Financial Issues MFC

[Hogan2014 390]

We have same serious issues 

[TeamPlayedFine39 8,461]

3 minutes ago, Hogan2014 said:

We have same serious issues 

 

It's a certainly a big number, but without the context of knowing where other clubs sit, it's very hard to judge.

We're being assisted by the AFL, as  imagine most clubs will need to be when your revenue basically drops to zero.

 

 

[Cheap Seats 3,310]

Should have kept the pokies

[Ethan Tremblay 30,810]

8 minutes ago, Unleash Hell said:

Should have kept the pokies

Get woke, go broke.

We need to be competitive and consistently win games and make finals. Last season hurt us. 

Edited May 29, 2020 by Ethan Tremblay

[Moonshadow 17,673]

4 minutes ago, Unleash Hell said:

Should have kept the pokies

Which would've made $0.00 since mid March and possibly $0.00 until September.

Meanwhile, the money from their sale can be used NOW to help save the club

 

Edited May 29, 2020 by Moonshadow

[Cheap Seats 3,310]

4 minutes ago, Moonshadow said:

Which would've made $0.00 since mid March and possibly $0.00 until September.

Meanwhile, the money from their sale can be used NOW to help save the club

 

How do you know the money hasn't already been used.

And having an asset that doesn't produce money on a short term basis is still better then having no asset.

Not sure if you've looked at the cash rate lately but cash isn't king

[Moonshadow 17,673]

7 minutes ago, Unleash Hell said:

How do you know the money hasn't already been used.

And having an asset that doesn't produce money on a short term basis is still better then having no asset.

Not sure if you've looked at the cash rate lately but cash isn't king

And do you know if it has been used or the resulting investment can't be accessed quickly?

Yeah, those pokies would be real handy in the long term if the club folded soon, NOT!

It's a moot point, they're gone. Move on.

Edited May 29, 2020 by Moonshadow

[Cheap Seats 3,310]

3 minutes ago, Moonshadow said:

And do you know if it has been used or the resulting investment can't be accessed quickly?

Yeah, those pokies would be real handy in the long term if the club folded soon, NOT!

It's a moot point, they're gone. Move on.

I refer you to the opening post.... If what you're saying is true then why would the club release a video on cashflow issues?

In all seriousness, do you actually have nothing to add of value or are stupid one liners void of any fact or substance a demonland tradition?

An asset that produces income regardless of its morality is more valuable than cash to pay debt.

[Moonshadow 17,673]

Worth remembering that we've been an 'assisted' club before, most recently in 2014 when the AFL appointed PJ and essentially took control over our financial position.

Different circumstances now however, obviously

[darkhorse72 1,901]

It is a cash flow issue.  Normally we have cashflow coming in from games etc.  That source has been removed for the time being.  Pre-covid-19 the club stated the level if debt was manageable and not a concern for the ongoing operation of the club.  Obviously unusual circumstances has changed that.  We have the AFL ensuring we are viable, which I thank. the AFL for.

Ideally we'd have alternate income producing assets which was the plan with the proceeds from the sale of the pokies.  Had the club reported where that money have been invested and in what?

[Sir Why You Little 36,918]

Of course we have a cash flow problem. Everything has stopped. 
this is not the year to perform badly though. Next year will be brutal in terms of cash, everyone will be needing it. 
we need to look good this year. We have to become a good investment or the Club will die

 

[dworship 3,342]

17 minutes ago, Unleash Hell said:

I refer you to the opening post.... If what you're saying is true then why would the club release a video on cashflow issues?

In all seriousness, do you actually have nothing to add of value or are stupid one liners void of any fact or substance a demonland tradition?

An asset that produces income regardless of its morality is more valuable than cash to pay debt.

It's called a liability when it's not producing income (currently). The only thing you can pay debt with is cash.

Mooney is correct, now go take your 20/20 hindsight glasses off and leave the insults and derogatory comments to the adults.

[Moonshadow 17,673]

3 minutes ago, Unleash Hell said:

I refer you to the opening post.... If what you're saying is true then why would the club release a video on cashflow issues?

In all seriousness, do you actually have nothing to add of value or are stupid one liners void of any fact or substance a demonland tradition?

An asset that produces income regardless of its morality is more valuable than cash to pay debt.

Because every club has cash flow issues, regardless of pokies. But we are one of few clubs not expecting money from idle machines.

And where did I comment on its morality? Nice strawman tactic.

If you want an example of a stupid one liner, it's a revisionist poster who's one line says we "should have kept pokies", when clearly we didn't! That's the definition of adding nothing.

An asset that we sold for good money before COVID that would otherwise now be making nothing for about 6 months, and far less than expected for perhaps 12mths or more due to social distancing. A fortunate move I'd say.

As I said, moot point.

C ya.

[darkhorse72 1,901]

14 minutes ago, Sir Why You Little said:

Of course we have a cash flow problem. Everything has stopped. 
this is not the year to perform badly though. Next year will be brutal in terms of cash, everyone will be needing it. 
we need to look good this year. We have to become a good investment or the Club will die

 

True. From PJ onwards said success on the field will bring success off (under good management).  We are a footy club first and need to win and be successful on the field year on year.    

[Cheap Seats 3,310]

7 minutes ago, Moonshadow said:

Because every club has cash flow issues, regardless of pokies. But we are one of few clubs not expecting money from idle machines.

And where did I comment on its morality? Nice strawman tactic.

If you want an example of a stupid one liner, it's a revisionist poster who's one line says we "should have kept pokies", when clearly we didn't! That's the definition of adding nothing.

An asset that we sold for good money before COVID that would otherwise now be making nothing for about 6 months, and far less than expected for perhaps 12mths or more due to social distancing. A fortunate move I'd say.

As I said, moot point.

C ya.

The downturn could have also been supplemented by the Government handouts Australia is enjoying at the moment. You're point on non producing at the moment is a stupid as your attempt to pretend you know what you're talking about.

Where is the revenue coming from? Or are we expecting cash to magically appear from the AFL every year?

I haven't looked in to the financial situation of the MFC all I have seen is a video saying we are having cash flow ïssues

And being told by astute posters that selling cash producing assets is a great idea.

The board are responsible for their decisions they are the custodians of the club and it's future. Lets hope they have a bit more insight than the proverbial demonland poster

 

 

Edited May 29, 2020 by Unleash Hell

[Cheap Seats 3,310]

13 minutes ago, dworship said:

It's called a liability when it's not producing income (currently). The only thing you can pay debt with is cash.

Mooney is correct, now go take your 20/20 hindsight glasses off and leave the insults and derogatory comments to the adults.

Mate I think you need go look up what a liability means

[Moonshadow 17,673]

[WERRIDEE 5,424]

This is why I was so critical in Dazzle not buying a membership. Everyone must buy a membership jump on board.

[Hogan2014 390]

All clubs will be affected in terms of their income no doubt .. clubs like tigers, hawks, WC with their premiership success have built up a war chest of funds along with the pies. clubs like the Mfc who have make continued losses will no doubt struggle  & in our case impact on funding a new home base... 

[rjay 24,815]

1 hour ago, Unleash Hell said:

Where is the revenue coming from?

It's a good question...

Without wanting to get to far into this discussion it wouldn't have been coming from pokies if we had them either.

It's all closed up.

...but will be interested to see what happened with the sale of the asset.

That money will be eaten up quickly with no revenues coming in...unless it is producing some revenue elsewhere.

Edited May 29, 2020 by rjay

[Wells 11 5,360]

1 hour ago, Sir Why You Little said:

Of course we have a cash flow problem. Everything has stopped. 
this is not the year to perform badly though. Next year will be brutal in terms of cash, everyone will be needing it. 
we need to look good this year. We have to become a good investment or the Club will die

 

fully agree. This is a now or never year for us. Next year I think the situation will entirely and darkly different. 

[Sir Why You Little 36,918]

1 hour ago, Wells 11 said:

fully agree. This is a now or never year for us. Next year I think the situation will entirely and darkly different. 

Yes if we put in another bad year, we will be shoved to the back of the queue for any handouts or Govt. deals. You can be sure of that

 

[whatwhat say what 22,587]

ultimately it doesn't matter as the income would not have been coming in from pokies at this time

worse still, their value as a sale opportunity would have fundamentally disappeared for the time being, and likely diminished for what we received for the license

pert and bartlett were hopefully honest in the podcast - if it's even worse than that let on, then we're in trouble

we're not the only ones, but i imagine with the two northern franchises, north, and st. kilda we're the fifth club under serious future threat

[TeamPlayedFine39 8,461]

Never a better time to be thankful we got rid of the pokies.  Patting ourselves on the back whilst we profit from addicts during a recession is hardly what a football should be.

We’ll find the money elsewhere.

[camillo 106]

One of our biggest strengths is our history.The league wouldn't exist without our club starting Australian football and writing the rules of the game. Some say the MFC is the oldest registered football club in the world.

We should cooperate with the next oldest club Geelong and a movie could be made about our two clubs and our historical links. In fact every year the season should start with a Melbourne Geelong game called the history round to educate our children about the culture and history of our game.

Most young people would be excused for thinking collingwood is the oldest club, in fact a lot do.

We have in the next few years to get people from the arts community ( Russell Howcroft ) and others to form a Melbourne promotion committee which could promote us properly.