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MFC Debt Free in 2021

cookieboc
cookieboc
in Melbourne Demons

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Demons to be free of debt and AFL control

Key Points:

Melbourne's surprising financial position included the following factors:

  • The sale of the Leighoak gaming venue – following the 2018 decision of president Glen Bartlett's board to withdraw from gaming – had netted more than $10 million, which was used to create a $7.5 million investment portfolio that the club can draw down on.
  • The club had the huge asset of the Bentleigh Club (gaming) venue freehold, which could be worth more than $20 million according to industry sources when revalued. This had been acquired in 2011, when the Bentleigh Club was indebted and was merged with the Melbourne Football Club (effectively a takeover) – a little-known transaction from the Jim Stynes board that has proven significant.
  • The Bentleigh Club is slated to cease gaming operations in 2022, and the club had to decide what to do with what was now valuable land and their main asset.
  • The Demons have saved close to $500,000 in rent at their AAMI Park base, according to Pert, having renegotiated that deal for this pandemic-hit season while forced to train at Casey.
  • The club had launched its "Proud to belong, proud to give'' fundraising campaign, which Pert said would reap close to $1 million.
  • The MCC's payments to MCG tenants, despite the loss games, would provide upwards of $400,000 to the club this year.
  • The retention of the Alice Springs game – scheduled next weekend against St Kilda – would provide more than $600,000.
  • Of their major sponsors, the Demons had lost only China Southern Airlines, which could no longer fly into Australia. They have retained key sponsors Zurich, Jaguar, Hertz, IG Investments and Furphy Beer. "They've also re-committed for next year,'' said Pert.

The club had re-engaged a working party, which was backed by the AFL and state government, to look at the club's proposed new training/administrative base.

 

For me the most important thing is the last line.  So hopefully we can keep the asset revenue for that base.

Well done to all.

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      On 21/08/2020 at 06:09, cookieboc said:

    didnt know where to put this. it really does sound like the off field stuff is working really well. just need the boys to play finals, beginning with a win over the dogs this weekend, for the club to truly move forward.

    https://www.theage.com.au/sport/afl/demons-to-be-free-of-debt-and-afl-control-20200821-p55o40.html

    Great ? 

    it all comes down to winning games. Sponsors want exposure...

    I paid The MCC/MFC Membership on Tuesday, after beating The Filth, if we had lost i would have held back. 
    I want to see results with my Donation, i have seen enough rubbish, we all have. 

    Edited by Sir Why You Little

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      On 21/08/2020 at 06:53, Sir Why You Little said:

    Great ? 

    it all comes down to winning games. Sponsors want exposure...

    I paid The MCC/MFC Membership on Tuesday, after beating The Filth, if we had lost i would have held back. 
    I want to see results with my Donation, i have seen enough rubbish, we all have. 

    Do you mean that you would delay paying or not be a member at all? I don't understand the former - if you always intend to re-join, why delay just because of a loss? If the latter, it just doesn't strike me as being something I would expect from someone as passionate as you obviously are. I understand the use of the word "donation", but to me being a member is irrelevant to winning and losing. Do I want us to win? Of course. But my membership is about belonging, not whether we are a winner or not.

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      On 21/08/2020 at 07:18, La Dee-vina Comedia said:

    Do you mean that you would delay paying or not be a member at all? I don't understand the former - if you always intend to re-join, why delay just because of a loss? If the latter, it just doesn't strike me as being something I would expect from someone as passionate as you obviously are. I understand the use of the word "donation", but to me being a member is irrelevant to winning and losing. Do I want us to win? Of course. But my membership is about belonging, not whether we are a winner or not.

    For me 2019 was the last straw. I am not paying close to $1,000 a year to witness Garbage. I have done so since 1981, so enough is enough. 
    if the Club performs they will recieve my donation. 
    But I expect them to earn it. 

    Edited by Sir Why You Little

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    “The Demons are believed to have had the fewest membership refunds of any club.”

    Anyone that says we aren’t passionate and care about our club can suck on that! ?

    I never like our club going the early crow though saying we’ll be debt free by this time next year, if there’s one certainly in football it’s that nothing is certain. Still they have done a truly remarkable job in difficult times. 

    Edited by Pates

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      On 21/08/2020 at 08:46, Lucifer's Hero said:

    The club had re-engaged a working party, which was backed by the AFL and state government, to look at the club's proposed new training/administrative base.

    Easily our most important issue. We have taken FAR too long to find a permanent home. Sounds like our finances are in pretty good shape, which should make it easier to hit up the AFL for some money towards the base when the time comes. Much harder if we had already taken millions in COVID support.

    Just hope the AFL has the cash to splash when we need it and hasnt been too drained by the other no-hopers  :D

     

    Edited by ding

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    Very impressed with this:

    Pert said fewer than 100 members had sought refunds and remarkably it had seen more than $100,000 flow into the club in membership and donations since they demolished Collingwood last Saturday. The Demons are believed to have had the fewest membership refunds of any club.

    Nothing like beating Collingwood to fire up demon supporters!

     

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      On 21/08/2020 at 09:09, Lucifer's Hero said:

    Very impressed with this:

    Pert said fewer than 100 members had sought refunds and remarkably it had seen more than $100,000 flow into the club in membership and donations since they demolished Collingwood last Saturday. The Demons are believed to have had the fewest membership refunds of any club.

    Nothing like beating Collingwood to fire up demon supporters!

     

    We have all known for years that wins are the key to (practically) everything. 

     

    *Paging SWYL.

    Edited by ding

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      On 21/08/2020 at 06:09, cookieboc said:

    didnt know where to put this. it really does sound like the off field stuff is working really well. just need the boys to play finals, beginning with a win over the dogs this weekend, for the club to truly move forward.

    https://www.theage.com.au/sport/afl/demons-to-be-free-of-debt-and-afl-control-20200821-p55o40.html

    Sorry, I didn't this thread earlier so missed your post. 

    Just half an hour ago I started a new thread for this. 

    The mods may want to merge that thread into this one.

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      On 21/08/2020 at 09:14, Lucifer's Hero said:

    Sorry, I didn't this thread earlier so missed your post. 

    Just half an hour ago I started a new thread for this. 

    The mods may want to merge that thread into this one.

    I've decided to keep the thread you created and split the discussion from the Proud to Belong, Proud to Give Thread to this new thread.

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    Goes to show that Pert and co have actually been working hard behind the scenes to improve our finances, assets and home base. The quiet achievers.

    Love it.

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    Really, really positive stuff.

    Love that we've been able to keep hold of our sponsors AND signed them up for next year, and the only one we've lost was because they couldn't fly into Australia anymore.

    People are quick to knock them, but Bartlett and Pert have clearly stepped up to the plate in the last month.  It's a terrific step forward for everyone at the club and it's clearly having a positive effect on the playing group as well.

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    Wowweee that is some good news, as always if 100% accurate. I’m sure I’ve read on here that Bartlett and Pert haven’t been doing enough..

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    The Joseph Gutnick Board and CEO Hassa Mann started the MFC/Bentleigh Club alignment, which today sees us with a $20 million asset. 
    Saving us from a merger and helping our long term financial future.
    Added to a personal $2.7 million donation, Gutnick , who really knew nothing about footy, has left a  lasting contribution to the MFC. 
    Now we are a debt free club. Wow!

    Edited by Redleg

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      On 21/08/2020 at 07:48, Pates said:

    “The Demons are believed to have had the fewest membership refunds of any club.”

    Well done Demonlanders!!

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      On 21/08/2020 at 10:30, Redleg said:

    The Joseph Gutnick Board and CEO Hassa Mann started the MFC/Bentleigh Club alignment, which today sees us with a $20 million asset. 
    Saving us from a merger and helping our long term financial future.
    Added to a personal $2.7 million donation, Gutnick , who really knew nothing about footy, has left a  lasting contribution to the MFC. 
    Now we are a debt free club. Wow!

    Not quite yet we aren’t Red. Next year apparently, still water to go under the bridge yet.

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      On 21/08/2020 at 07:48, Pates said:

    “The Demons are believed to have had the fewest membership refunds of any club.”

    Anyone that says we aren’t passionate and care about our club can suck on that! ?

    I never like our club going the early crow though saying we’ll be debt free by this time next year, if there’s one certainly in football it’s that nothing is certain. Still they have done a truly remarkable job in difficult times. 

    There are a lot of talented money-makers on our board. I'd back them to strategically invest wisely with the cash and assets we have.

    I'd be very surprised if we aren't debt free by this time next year. 

    Edited by A F

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      On 21/08/2020 at 09:37, Wiseblood said:

    Really, really positive stuff.

    Love that we've been able to keep hold of our sponsors AND signed them up for next year, and the only one we've lost was because they couldn't fly into Australia anymore.

    People are quick to knock them, but Bartlett and Pert have clearly stepped up to the plate in the last month.  It's a terrific step forward for everyone at the club and it's clearly having a positive effect on the playing group as well.

    Reflects really well on Pert, de Crespigny, Bartlett and the board.

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     This is a fantastic position to be in for now. We are very lucky the training and admin facilities hadn’t started or it would be looking a bit different. I’m grateful we’re where we are right now and I’ll be grateful when we have the facilities when we can afford them post Covid.
    Pert and his team clearly have worked miracles to be in this position this year.  
    Over to you Goody. Bring the wins. Save the Club. 

    Edited by It's Time

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    W e are finally becoming a great club. Debt free and flying on the field GO DEES!

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      On 21/08/2020 at 13:31, A F said:

    Reflects really well on Pert, de Crespigny, Bartlett and the board.

    John Trotter: ex-Deloitte Global Managing Partner for Risk Services and Managing Partner of Deloitte Victoria. Seems a pretty safe pair of hands. "Chair of the Club’s Risk and Audit sub-committee. He is also Chair of the Bentleigh Club sub-committee. He has particular involvement at the Board level on the governance structures, risk management and finance operations of the club".

    Given our recent history it's almost impossible to imagine we're in a strong financial position. But he may be a clue. 

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