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So after debt demolition, endless early draft picks, Peter Jackson restoring stability after inheriting a huge debt, the MFC is once again asking for 5mill! Covid alone this just highlights how poor our finances are & one wonders what is the future???

 

Edited by Hogan2014
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7 minutes ago, Hogan2014 said:

So after debt demolition, endless early draft picks, Peter Jackson restoring stability after inheriting a huge debt, the MFC is once again asking for 5mill! Covid alone this just highlights how poor our finances are & one wonders what is the future???

 

I was thinking the same thing this afternoon 

Debt Demolition

Hero Foundation 

all that money got used up, it’s gone

The Club must live right on the edge, even taking 2020 aside

Win some games Demons.....

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41 minutes ago, Hogan2014 said:

So after debt demolition, endless early draft picks, Peter Jackson restoring stability after inheriting a huge debt, the MFC is once again asking for 5mill! Covid alone this just highlights how poor our finances are & one wonders what is the future???

 

 

30 minutes ago, Sir Why You Little said:

I was thinking the same thing this afternoon 

Debt Demolition

Hero Foundation 

all that money got used up, it’s gone

The Club must live right on the edge, even taking 2020 aside

Win some games Demons.....

For starters, all clubs are heavily impacted by what’s going on, so it’s not the fault of Melbourne. Geelong said they’ll be over $10 million in debt soon for crying out loud. We’re certainly in a better position than the likes of st Kilda as well, and the other clubs will have a similar fundraising program going on, so not sure why the aim is being taken at the club here.

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27 minutes ago, nacnud said:

 

For starters, all clubs are heavily impacted by what’s going on, so it’s not the fault of Melbourne. Geelong said they’ll be over $10 million in debt soon for crying out loud. We’re certainly in a better position than the likes of st Kilda as well, and the other clubs will have a similar fundraising program going on, so not sure why the aim is being taken at the club here.

Not having a go at the Club, money goes out the door very quick  it just shows that we cannot afford to keep getting it wrong

 

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9 hours ago, Sir Why You Little said:

I was thinking the same thing this afternoon 

Debt Demolition

Hero Foundation 

all that money got used up, it’s gone

The Club must live right on the edge, even taking 2020 aside

Win some games Demons.....

 

10 hours ago, Hogan2014 said:

So after debt demolition, endless early draft picks, Peter Jackson restoring stability after inheriting a huge debt, the MFC is once again asking for 5mill! Covid alone this just highlights how poor our finances are & one wonders what is the future???

 

This is a complete rubbish view.  Every club in the land will be fundraising after the events of this year. 
There is no way the club could have been prepared for the events of this year.

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Barlett's letter has a significant line:   "We want to avoid having to seek additional financial support from the AFL, and therefore, become an “assisted club”. This will ensure we are able to independently make key strategic decisions..."  

Until now 7 clubs have opted to be 'unassisted':  WCE, Adelaide, Richmond, Hawthorn, Bulldogs, Pies  and Ess via using cash reserves or borrowing.  I would hardly put us in that category ie the so-called, 'rich' clubs. 

The Age reports a consideration for AFL assistance is "...clubs have to show they have exhausted cash reserves, or even the potential to borrow, before they can access the AFL loan". AFL Assistance  Will any club qualify for assistance on that criteria? 

As we had some $7m in Financial Investments (as at 30/10/2019) and a valuable asset in the Bentleigh club to borrow against, we may be ineligible for the AFL funding program.  Tough if that is the case as we are one of the poorest clubs in finances and facilities. 

Or have we chosen to not participate thereby avoiding AFL scrutiny of every penny we spend?. 

If being 'unasissted' was our choice I would like to understand why we feel our finances will hold up given our falling memberships, 2019 loss etc.  If it was 'imposed' by the AFL I am worried that we will come out of this poorer by using up the remaining Leighoak cash and mortgaging the Bentleigh club.

Good question for Bartlett next week.

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33 minutes ago, Lucifer's Hero said:

Barlett's letter has a significant line:   "We want to avoid having to seek additional financial support from the AFL, and therefore, become an “assisted club”. This will ensure we are able to independently make key strategic decisions..."  

Until now 7 clubs have opted to be 'unassisted':  WCE, Adelaide, Richmond, Hawthorn, Bulldogs, Pies  and Ess via using cash reserves or borrowing.  I would hardly put us in that category ie the so-called, 'rich' clubs. 

The Age reports a consideration for AFL assistance is "...clubs have to show they have exhausted cash reserves, or even the potential to borrow, before they can access the AFL loan". AFL Assistance  Will any club qualify for assistance on that criteria? 

As we had some $7m in Financial Investments (as at 30/10/2019) and a valuable asset in the Bentleigh club to borrow against, we may be ineligible for the AFL funding program.  Tough if that is the case as we are one of the poorest clubs in finances and facilities. 

Or have we chosen to not participate thereby avoiding AFL scrutiny of every penny we spend?. 

Good question for Bartlett next week.

Good post.... there needs to be a lot more information on future finances. My feeling is that $5M is nowhere near enough and would be a mere bandaid but in the absence of solid figures and alternatives it's hard to assess.

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14 hours ago, Sigil said:

The Guernsey looks awesome and I will chip in to get one.

That being said, I'm really sorry to hear about fellow Demonlanders that are struggling at the moment :(

Echo sentiments re fellow Demonlanders. I'm a pensioner but have bought the $450 names Guernsey. Totally my choice and I don't expect people to buy if in hardship. I must say though, I'd prefer if it was our normal, standard jumper rather than one with a logo that was used many years ago for finite period. It's the best jumper in the league so why bastardise it if we don't have to?

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2 hours ago, Demons11 said:

 

This is a complete rubbish view.  Every club in the land will be fundraising after the events of this year. 
There is no way the club could have been prepared for the events of this year.

Yes i know and if we don’t start winning games, not enough will be raised. That is the reality. We don’t invest enough..

it comes in and goes straight out....

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2 minutes ago, Sir Why You Little said:

Yes i know and if we don’t start winning games, not enough will be raised. That is the reality. We don’t invest enough..

it comes in and goes straight out....

that's my worry about the $5M. It probably only pays operating expenses and does nothing for the fundamentals.

I would prefer to hear that we need say $20-30M to achieve real financial independence and then put in place a four year plan to get there.

Of course the variable will always be gate receipts and 2019 showed that if you don't perform nothing will recover those gate receipts. Never again hire a coach that does not provide the club an option to remove the coach if we end a season bottom four. That doesn't mean we have to remove her or him but it gives the Board that right.

 

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1 minute ago, Diamond_Jim said:

that's my worry about the $5M. It probably only pays operating expenses and does nothing for the fundamentals.

I would prefer to hear that we need say $20-30M to achieve real financial independence and then put in place a four year plan to get there.

Of course the variable will always be gate receipts and 2019 showed that if you don't perform nothing will recover those gate receipts. Never again hire a coach that does not provide the club an option to remove the coach if we end a season bottom four. That doesn't mean we have to remove her or him but it gives the Board that right.

 

That’s what i am getting at. 
$5mill is just a stop gap. 
This Club need real financial planning

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4 hours ago, Diamond_Jim said:

that's my worry about the $5M. It probably only pays operating expenses and does nothing for the fundamentals.

I would prefer to hear that we need say $20-30M to achieve real financial independence and then put in place a four year plan to get there.

Of course the variable will always be gate receipts and 2019 showed that if you don't perform nothing will recover those gate receipts. Never again hire a coach that does not provide the club an option to remove the coach if we end a season bottom four. That doesn't mean we have to remove her or him but it gives the Board that right.

 

Isn't there a risk that the best coaches might choose to avoid any club that includes that in a contract? If that were to be the case, we might end up with an inferior coach. 

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4 hours ago, Sir Why You Little said:

That’s what i am getting at. 
$5mill is just a stop gap. 
This Club need real financial planning

Isn’t the barefoot investor, Scott Pape, an MFC supporter.  Maybe we could get him to teach some people about investing and how to demolish debt.

I work hard for my money, I feel like these suit wearing guys in charge of club finances, have no appreciation of how to manage money.  Carona virus is an aberration, but this is not the first time we have massive debt and the solution isn’t better financial governance, it’s get a handout from the supporters.

 

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43 minutes ago, La Dee-vina Comedia said:

Isn't there a risk that the best coaches might choose to avoid any club that includes that in a contract? If that were to be the case, we might end up with an inferior coach. 

what is the definition of the "best coach".... anyone who is not willing to back themselves to finish in the top 75 percentile is not a great coach. (Top 14 isn't a tough requirement)

Remember it's a Board option so if there is a good reason (not the usual flaky excuses.. too young too tired etc) then it may not be used.

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8 hours ago, AllMyTeamsAreWank said:

Donated. Despite the horrendous on field record over the years, I don't know what I'd do without looking forward to watching our team play.

For those saying they won't donate until the club shows some results. There won't be any results if they can't afford to exist. 

Agree, subject to the proviso that not everyone is financially able to make a donation (or buy a membership) this year.

But, if you are, I dispute your entitlement to call yourself a "supporter" if you deliberately choose to withhold your money.

5 hours ago, Diamond_Jim said:

that's my worry about the $5M. It probably only pays operating expenses and does nothing for the fundamentals.

I would prefer to hear that we need say $20-30M to achieve real financial independence and then put in place a four year plan to get there.

Of course the variable will always be gate receipts and 2019 showed that if you don't perform nothing will recover those gate receipts. Never again hire a coach that does not provide the club an option to remove the coach if we end a season bottom four. That doesn't mean we have to remove her or him but it gives the Board that right.

What?!

Do you think that is an industry standard? Or even industry possibility?

Have you considered that the better coaches (on whatever metric you want to use) might not want to sign a contract where they're at the whim of the board if we finish bottom 4? Which, for some clubs in some years, is not wholly within the coach's control?

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3 hours ago, Rossmillan said:

Isn’t the barefoot investor, Scott Pape, an MFC supporter.  Maybe we could get him to teach some people about investing and how to demolish debt.

I work hard for my money, I feel like these suit wearing guys in charge of club finances, have no appreciation of how to manage money.  Carona virus is an aberration, but this is not the first time we have massive debt and the solution isn’t better financial governance, it’s get a handout from the supporters.

 

Ignorant comment we are effectively debt free 2 mil down from eight with eight mil in bank and bentleigh club as freehold asset worth ? A lot , expected 5 mil hole from COVID and if we raise 1 mil by xmas we won’t need to borrow which we can and the old Melbourne would have

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