Financial Issues MFC

[Demonland 65,980]

 

[Diamond_Jim 11,942]

10 minutes ago, pitmaster said:

It doesn't help us but I am taking quiet satisfaction in the fact the Hawks pokies are silent, and hopefully the debt on those gaming facilities is bleeding their reserves. F--- them now and forever.

don't hold your breath

Hawks had a current asset surplus of $20M as at October 2019 not to mention a net equity of over $50M

Makes you cry as to what they have done since the failed merger compared to us.

Edited May 30, 2020 by Diamond_Jim

[Hogan2014 390]

8 minutes ago, Diamond_Jim said:

don't hold your breath

Hawks had a current asset surplus of $20M as at October 2019 not to mention a net equity of over $50M

Makes you cry as to what they have done since the failed merger compared to us.

Exactly the Hawks developed long term plans for financial success which translated into on field success with 4 flags ... the Mfc looked to a white Knight Guidnick and continued to go around in circles for another 2 decades with zero flags & burnt all of their early draft picks & to rub salt into the wound Scully may end up winning a flag with Hawthorn!!

Edited May 30, 2020 by Hogan2014

[pitmaster 3,064]

 

14 minutes ago, Diamond_Jim said:

don't hold your breath

Hawks had a current asset surplus of $20M as at October 2019 not to mention a net equity of over $50M

 

Yet they abandoned Dingley.

[Macca 16,173]

A dozen clubs (at least) will need a lot of financial assistance from the AFL ... the borrowing of $600Million will see to that.

But the money will need to be paid back and it will be the AFL that will be in debt when they bail the clubs out.  Therefore,  the usual end of season dividend will almost certainly be greatly reduced.  Thus,  club expenditure will need to be greatly reduced as a consequence.

And the debt will be largely driven by the guaranteed salaries to the players ... albeit with a percentage drop.  FD spend is still going on re coach salaries etc etc.  Ongoing.

All this whilst the income streams have slowed to a trickle.  Again,  ongoing.

[Diamond_Jim 11,942]

8 minutes ago, pitmaster said:

 

Yet they abandoned Dingley.

No.... they were fund raising for Dingley (most of it anyway) and they have put the fund raising on hold.

Kennett said sometime back that they could pay for it in full but they preferred to fund raise a substantial proportion from government and supporters.

Hate to say it but they're shovel ready if any grants come the way of professional sports.

[Leoncelli_36 2,264]

43 minutes ago, Macca said:

A dozen clubs (at least) will need a lot of financial assistance from the AFL ... the borrowing of $600Million will see to that.

But the money will need to be paid back and it will be the AFL that will be in debt when they bail the clubs out.  Therefore,  the usual end of season dividend will almost certainly be greatly reduced.  Thus,  club expenditure will need to be greatly reduced as a consequence.

And the debt will be largely driven by the guaranteed salaries to the players ... albeit with a percentage drop.  FD spend is still going on re coach salaries etc etc.  Ongoing.

All this whilst the income streams have slowed to a trickle.  Again,  ongoing.

Fund raising... sounds pretty smart. 

[BenF 56]

2 hours ago, praha said:

how depressing.

we are stuck in that rough patch between not having enough money to invest/save/grow, and not having enough investment/savings/growth to bring in enough money. The Circle of Doom.

Sad state of affairs, the deadzone.

[Macca 16,173]

18 minutes ago, Leoncelli_36 said:

Fund raising... sounds pretty smart. 

Sure ... but one has to be realistic as well

We'd probably need to raise about $10Million within the next year just to offset the expected lower dividend at seasons end - and next year. 

Gate receipts - right now,  negligible. Next year,  who knows?

Sponsorship & memberships ongoing?  Without crowds,  that's another issue L_36

The immediate way is to slash costs.   Player salaries is the biggie but the money is guaranteed against budgeted incomes.  So,  in effect,  we'd be raising money to offset player salaries.  And most know that.

I'd say $20Million needs to be raised but that's a huge ask.  And right now,  for many,  charity begins at home.

I'm not against your idea but I reckon the real answer right now lies with expenditure being slashed along with a greatly reduced salary cap as well as a much much smaller FD. 

The clubs are probably being briefed on how much they will be funded by the AFL.  From there,  a drive to raise funds can begin.

And that can happen sooner rather than later once the whole business plan for all the clubs is enacted.

[Leoncelli_36 2,264]

2 minutes ago, Macca said:

Sure ... but one has to be realistic as well

We'd probably need to raise about $10Million within the next year just to offset the expected lower dividend at seasons end - and next year. 

Gate receipts - right now,  negligible. Next year,  who knows?

Sponsorship & memberships ongoing?  Without crowds,  that's another issue L_36

The immediate way is to slash costs.   Player salaries is the biggie but the money is guaranteed against budgeted incomes.  So,  in effect,  we'd be raising money to offset player salaries.  And most know that.

I'd say $20Million needs to be raised but that's a huge ask.  And right now,  for many,  charity begins at home.

I'm not against your idea but I reckon the real answer right now lies with expenditure being slashed along with a greatly reduced salary cap as well as a much much smaller FD. 

The clubs are probably being briefed on how much they will be funded by the AFL.  From there,  a drive to raise funds can begin.

And that can happen sooner rather than later once the whole business plan for all the clubs is enacted.

See this is the attitude that gives me the ****ees... let’s wait and see how bad things get before we ask supporters for help. Just get on it. Any extra money to make up for short fall is a positive. Stick it in a future fund if needs be. Invest it. I don’t care, but clubs that are reliant on the AFL year after year will be gone within 5 years. 

[Macca 16,173]

I wouldn't rule out Government assistance to a large degree either ... the footy clubs are such a big part of our lives so $10Million (each) to the clubs that need it can be seen as an investment.

With a promise to reduce costs as part of any deal. 

The FD's were becoming too big anyway IMO.  Money being wasted needlessly?  I reckon so.

[Macca 16,173]

6 minutes ago, Leoncelli_36 said:

See this is the attitude that gives me the ****ees... let’s wait and see how bad things get before we ask supporters for help. Just get on it. Any extra money to make up for short fall is a positive. Stick it in a future fund if needs be. Invest it. I don’t care, but clubs that are reliant on the AFL year after year will be gone within 5 years. 

No it's not that at all ... a lot can happen within the next month or so (AFL bail-out's or possible Government assistance)

And right now,  a lot of people are struggling financially.  And they're worried about their own future's. 

I wouldn't get too agitated about it all ... not yet anyway. 

[Sir Why You Little 34,711]

26 minutes ago, Leoncelli_36 said:

See this is the attitude that gives me the ****ees... let’s wait and see how bad things get before we ask supporters for help. Just get on it. Any extra money to make up for short fall is a positive. Stick it in a future fund if needs be. Invest it. I don’t care, but clubs that are reliant on the AFL year after year will be gone within 5 years. 

Bit early for a $20 mill tin rattle mate

Earth is still (almost) turned off. 
 

Next year is the time for fund raising 

[Leoncelli_36 2,264]

We have had three months to think about how to raise revenue shortfalls, I’m just not hearing anything from the club about ideas to do so. For example, empty stands, have we thought about tarps to cover seats with additional sponsors? Fan cutouts like the nrl had, are we considering it? Businesses that have adapted during this period are surviving, those that aren’t are going under. We need to be proactive, not reactive when the darkest days come. 

[Older demon 2,181]

21 hours ago, rjay said:

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.

Well said Rjay as a member of a closed bowls club with pokies I can tell you they are a liability. The machines aren't turned off because of difficulties and cost starting them up. So they are still chewing up electricity. Then when clubs open how do you keep the buttons clean and social distancing. getting rid of the pokies is the best thing we have done.

[praha 10,315]

4 hours ago, drysdale demon said:

That's a silly and ignorant thing to say.

I spent 4 years with the Salvation Army Major in charge of Southern Australia, their financial advisor and 2 Psychologists from Gamblers' Help assisting problem gamblers. Poker machines account for over 80% of problem gamblers, I have seen the damage they cause.

You may not care but fortunately some people do.

How much pain does alcohol cause? shall we ditch Furphy as well? 

"Poker machines account for over 80% of problem gamblers"

But how many gamblers have a "problem"?

[Dr. Gonzo 22,542]

First thing I would be doing finance wise is getting the AFL to guarantee we host Anzac Eve and Queens Birthday next year. Get on the front foot about it. Hopefully crowds are allowed back by then.

[Demonstone 19,428]

People advocating for poker machines are the type that know the price of everything and the value of nothing.

[Dr. Gonzo 22,542]

18 minutes ago, demonstone said:

People advocating for poker machines are the type that know the price of everything and the value of nothing.

I'm not advocating for poker machines. They should be banned, it is ridiculous that you can have computers programmed to take people's money in pubs around the state. But they are legal and while they are I would rather any profits go towards MFC rather than the pockets of those who already have more money than they know what to do with. It's going to cause a massive revenue shortfall for us in the coming years that this crisis will only exacerbate.

[daisycutter 28,641]

17 minutes ago, Dr. Gonzo said:

I'm not advocating for poker machines. They should be banned, it is ridiculous that you can have computers programmed to take people's money in pubs around the state. But they are legal and while they are I would rather any profits go towards MFC rather than the pockets of those who already have more money than they know what to do with. It's going to cause a massive revenue shortfall for us in the coming years that this crisis will only exacerbate.

maybe by your logic we should start buying up brothels ?

[Ethan Tremblay 28,470]

2 minutes ago, daisycutter said:

maybe by your logic we should start buying up brothels ?

Would there be members discounts? Asking for a friend. 

[Cards13 9,117]

5 hours ago, praha said:

how depressing.

we are stuck in that rough patch between not having enough money to invest/save/grow, and not having enough investment/savings/growth to bring in enough money. The Circle of Doom.

If only we had pokies to save us... ppppffttt

[Cards13 9,117]

1 hour ago, Dr. Gonzo said:

First thing I would be doing finance wise is getting the AFL to guarantee we host Anzac Eve and Queens Birthday next year. Get on the front foot about it. Hopefully crowds are allowed back by then.

Oh mate send your this idea into Pert, I’m sure he hasn’t thought of this as yet. 
 

[Macca 16,173]

3 minutes ago, Cards13 said:

Oh mate send your this idea into Pert, I’m sure he hasn’t thought of this as yet. 
 

Gonzo is right though Cards

Sometimes the obvious 'ask' needs to be aggressively pursued. 

It can't be assumed that the Pies & Tigers won't push for both games to be their home fixtures.

The comp is just as aggressive off the field. 

We need to push hard and fight for everything that we can get.

I'd also be pushing for a round 1 home game against the Cats and 5 years worth of home games against the Bombers.  Maybe 10 years worth to square the ledger.

[BenF 56]

Yeah but what do we get in return?