Jump to content


Recommended Posts

Posted

Just received a member's email from Gary Pert saying the club is beginning the process of selling the Bentleigh Club.

 

'I am writing to inform you of the club’s decision to commence the process of selling the Bentleigh Club. This is a significant decision for Melbourne Football Club and one which has been made following an exhaustive evaluation process over the past 12 months.

 

Having explored all options it was clear that the best outcome for Melbourne’s long-term financial viability was to sell the Bentleigh Club. The proceeds of the sale will allow the club to establish a future fund, which will secure the long-term future of Melbourne and replace the income currently generated by gaming.

 

Financially, we are in the strongest position we have ever been in our long history as a club and this is a crucial step in solidifying this financial security, without the need for support from gaming related venues.

 

The decisions to sell the Leighoak in 2018, and now Bentleigh Club, have been based on securing the best long-term financial outcomes for the club, but it is also pleasing that this has completely removed the club’s reliance on gaming related income.

 

Melbourne’s association with the Bentleigh Club commenced in 1996, with the club officially acquiring the Bentleigh Club in 2011 when the venue was operating at a loss and experiencing a growing debt obligation.  

 

As part of the agreement to take over operations, we agreed to repay the Bentleigh Club’s then debt of 3 million dollars and committed to investing in the operations of the venue to return the club to profitability, while maintaining Bentleigh Club member entitlements. We agreed to operate the venue until at least August 2022. Any sale of the venue will be settled after this date, to ensure we fulfill this commitment, and the Bentleigh Club will remain operational until that time.

 

It is important we acknowledge the past Melbourne Boards and Administrators who worked tirelessly to return the Bentleigh Club to profitability.

 

A special mention must be made of the Jim Stynes and Don McLardy led Boards who had the foresight to secure the Bentleigh Club back in 2011. Without their vision we certainly would not be in the position we are in today, with the opportunity to sell the venue and ultimately set the club up for the future.

 

While the sale of the venue is the right decision for Melbourne, we understand it will be a disappointing outcome for current members of the Bentleigh Club.

 

We are committed to providing these members with alternative arrangements at similar venues should they wish to do so.

 

We will continue to keep you up to date throughout the course of the process and will let you know when a sale is achieved.

 

I would like to take this opportunity to once again thank you for your support and commitment to the Dees. Whilst our non-football related investments have contributed to our strong financial position, we could not be where we are without the ongoing support and loyalty of our members and supporters.

Go Dees!'

  • Like 3
  • Love 1

Posted

Good time to sell.  Take around $20m into manage funds and try and grow by 7% p.a over the next 10 years while pocketing dividend income.  The right move.

  • Like 3

Posted (edited)
25 minutes ago, Canplay said:

Good time to sell.  Take around $20m into manage funds and try and grow by 7% p.a over the next 10 years while pocketing dividend income.  The right move.

Not sure that's what will be done with it entirely ... think it's more about funding the new home base and ground resizing ... will eventually generate ca$h in the form of naming rights and social events etc ...

Anyone know how much the pies get per annum for the Holden Centre

Edited by Demons1858
Posted

Surely aligns with plans on a home base. Something must be in the pipeline.

  • Like 3

Posted
1 hour ago, Travis Boots said:

Looks to be approx 14 full sized blocks. 20m give or take

I say 10 blocks.I had a look earlier in the year when annual report valued it as $ 23 m. Might be over the top . I used to live in Bentleigh for about 28 years.

 

Posted
2 minutes ago, Dingo said:

I say 10 blocks.I had a look earlier in the year when annual report valued it as $ 23 m. Might be over the top . I used to live in Bentleigh for about 28 years.

 

well i'll toss in for 12 blocks. if you look over the road at yawla st it lines up exactly with 6 block frontages

now of course it all depends how one defines a block. Is it the traditional 700m2 block or the latest trendy 300m2 if you're lucky block

i also have no idea what size those current blocks on yawla st are

any other takers?

Posted
27 minutes ago, daisycutter said:

well i'll toss in for 12 blocks. if you look over the road at yawla st it lines up exactly with 6 block frontages

now of course it all depends how one defines a block. Is it the traditional 700m2 block or the latest trendy 300m2 if you're lucky block

i also have no idea what size those current blocks on yawla st are

any other takers?

Perhaps you could sell the trillion dollar estate in Borewood dc and move in.

Plenty of bluerinsers in Bentleigh I'd reckon.

  • Haha 2
Posted
10 minutes ago, Bitter but optimistic said:

Perhaps you could sell the trillion dollar estate in Borewood dc and move in.

Plenty of bluerinsers in Bentleigh I'd reckon.

no hurry yet, uncle. there has lately been a large influx of oriental bluerinsers in burwood which is proving a delightful and rewarding challenge.

i'm sure you can appreciate my reluctance to move on at this time

  • Haha 1
Posted (edited)

A good time to sell as well given the utter insanity of the housing market in Melbourne. They will more than likely sell it to a big developer who will build a tonne of townhouses. Absolutely no chance anyone is getting 700sqm land sizes in Bentleigh anymore. 
My husband works with volume high end custom builders and even they rarely do knock down rebuilds on full blocks of lands anymore (talking inner suburbs). Maybe one in 20 maintain their original block size. The rest subdivide and build 2 on a block. Sometimes 3. And their building costs start at $1mil. So you’re not exactly dealing with paupers. 
 

Edited by Jaded
  • Like 2
  • Thanks 1
Posted
1 hour ago, daisycutter said:

well i'll toss in for 12 blocks. if you look over the road at yawla st it lines up exactly with 6 block frontages

now of course it all depends how one defines a block. Is it the traditional 700m2 block or the latest trendy 300m2 if you're lucky block

i also have no idea what size those current blocks on yawla st are

any other takers?

i take back the 12 and now make it 14,  as travis said

google maps shows 12 block equivalent plus 2 adjacent normal size blocks

but when you look at the satellite picture those 2 blocks are now part of the bentleigh club car park

Posted

shame the club can't do the re development themselves, then we're talking big bucks

Posted
3 hours ago, Jaded said:

A good time to sell as well given the utter insanity of the housing market in Melbourne. They will more than likely sell it to a big developer who will build a tonne of townhouses. Absolutely no chance anyone is getting 700sqm land sizes in Bentleigh anymore. 
My husband works with volume high end custom builders and even they rarely do knock down rebuilds on full blocks of lands anymore (talking inner suburbs). Maybe one in 20 maintain their original block size. The rest subdivide and build 2 on a block. Sometimes 3. And their building costs start at $1mil. So you’re not exactly dealing with paupers. 
 

I dont believe we’re married?

Yes, these would likely end up being side by sides. Council might really put its foot down on each one having a double garage given the impact 24-28 new townhouses would have in the surrounding streets which would make things interesting. 
 

id hate to think what the contribution levies  and all other service costs would be for that many. Glen Eira prob isnt too bad, ive heard some eye opening costs in Whitehorse etc and that was for 3 on a block (over 30k just for water contibution levy ?)

Posted
4 hours ago, Jaded said:

A good time to sell as well given the utter insanity of the housing market in Melbourne. They will more than likely sell it to a big developer who will build a tonne of townhouses. Absolutely no chance anyone is getting 700sqm land sizes in Bentleigh anymore. 
My husband works with volume high end custom builders and even they rarely do knock down rebuilds on full blocks of lands anymore (talking inner suburbs). Maybe one in 20 maintain their original block size. The rest subdivide and build 2 on a block. Sometimes 3. And their building costs start at $1mil. So you’re not exactly dealing with paupers. 
 

More like it'll be bought by ALH Group. They seem to own every pub in the land these days, which is good, because their menu is a classic and I find myself at one of their pubs at least once or twice a week.

  • Haha 1
Posted

A female president and no gaming revenue strikes a chord with a very left leaning state Government who ultimately decide our home base fate.

Kate is extremely competent I'm not suggesting she is president on anything other than merit but optics are important for state Government funding.


Posted
1 hour ago, durango said:

The big selling point is this area is a catchment for McKinnon Secondary College which is one of the elite State School. 

As an East Bentleigh boy, not sure the Bentleigh Club is in the McKinnon zone. It's more likely to be in the Bentleigh Secondary College zone.

  • Like 1
Posted
14 hours ago, Mickey said:

Having explored all options it was clear that the best outcome for Melbourne’s long-term financial viability was to sell the Bentleigh Club. The proceeds of the sale will allow the club to establish a future fund, which will secure the long-term future of Melbourne and replace the income currently generated by gaming.

 

Financially, we are in the strongest position we have ever been in our long history as a club and this is a crucial step in solidifying this financial security, without the need for support from gaming related venues.

 

The decisions to sell the Leighoak in 2018, and now Bentleigh Club, have been based on securing the best long-term financial outcomes for the club, but it is also pleasing that this has completely removed the club’s reliance on gaming related income.

Seems we didn't like the gaming side of this - not sure who actually drafted the letter but those 3 paragraphs could easily be converted to one - about as efficient as our forward 50 entries atm ?

Credit to them for keeping the communication going though 

  • Haha 1
Posted (edited)
14 hours ago, Mickey said:

As part of the agreement to take over operations, we agreed to repay the Bentleigh Club’s then debt of 3 million dollars and committed to investing in the operations of the venue to return the club to profitability, while maintaining Bentleigh Club member entitlements. We agreed to operate the venue until at least August 2022. 

Does anyone else feel like we've totally screwed over the BC members? Sounds like we came in as the white night to save their club for next to nothing and now we're selling it on them for a massive profit, literally at the first chance we can (once the contract expires).

Edited by tincan
Posted
13 hours ago, RalphiusMaximus said:

Great move.  Not only in dropping a large chunk of cash into the club for the "future fund," but getting rid of the gambling revenue.  Being pokie-free is a good look for the club. 

Bit of subtle but nevertheless mixed messaging in Pert's note. He says (paraphrasing) that it's both good that we're getting out of gaming and good when Jim Stynes and Don McLardy got us into gaming.

While a "Future Fund" sounds good, I'm interested in knowing what this actually means given interest rates are essentially zero. Investing in equities? Other real estate? (I'm not being critical, by the way. Just curious.)

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Demonland Forums  

  • Match Previews, Reports & Articles  

    TRAINING: Wednesday 18th December 2024

    It was the final session of 2024 before the Christmas/New Years break and the Demonland Trackwatchers were out in force to bring you the following preseason training observations from Wednesday's session at Gosch's Paddock. DEMONLAND'S PRESEASON TRAINING OBSERVATIONS TRAINING: Petracca, Oliver, Melksham, Woewodin, Langdon, Rivers, Billings, Sestan, Viney, Fullarton, Adams, Langford, Lever, Petty, Spargo, Fritsch, Bowey, Laurie, Kozzy, Mentha, George, May, Gawn, Turner Tholstrup, Kentfi

    Demonland
    Demonland |
    Training Reports

    TRAINING: Monday 16th December 2024

    Demonland Trackwatchers braved the sweltering heat to bring you their Preseason Training observations from Gosch's Paddock on Monday morning. SCOOP JUNIOR'S PRESEASON TRAINING OBSERVATIONS I went down today in what were pretty ordinary conditions - hot and windy. When I got there, they were doing repeat simulations of a stoppage on the wing and then moving the ball inside 50. There seemed to be an emphasis on handballing out of the stoppage, usually there were 3 or 4 handballs to

    Demonland
    Demonland |
    Training Reports 1

    TRAINING: Friday 13th December 2024

    With only a few sessions left before the Christmas break a number of Demonlander Trackwatchers headed down to Gosch's Paddock to bring you their observations from this morning's preseason training session. DEMONLAND'S PRESEASON TRAINING OBSERVATIONS PLAYERS IN ATTENDANCE: JVR, Salem, McVee, Petracca, Windsor, Viney, Lever, Spargo, Turner, Gawn, Tholstrup, Oliver, Billings, Langdon, Laurie, Bowey, Melksham, Langford, Lindsay, Jefferson, Howes, McAdam, Rivers, TMac, Adams, Hore, Verrall,

    Demonland
    Demonland |
    Training Reports

    TRAINING: Wednesday 11th December 2024

    A few new faces joined our veteran Demonland Trackwatchers on a beautiful morning out at Gosch's Paddock for another Preseason Training Session. BLWNBA'S PRESEASON TRAINING OBSERVATIONS I arrived at around 1015 and the squad was already out on the track. The rehab group consisted of XL, McAdam, Melksham, Spargo and Sestan. Lever was also on restricted duties and appeared to be in runners.  The main group was doing end-to-end transition work in a simulated match situation. Ball mov

    Demonland
    Demonland |
    Training Reports

    TRAINING: Monday 9th December 2024

    Once again Demonland Trackwatchers were in attendance at the first preseason training session for the week at Gosch's Paddock to bring you their observations. WAYNE WUSSELL'S PRESEASON TRAINING OBSERVATIONS Looks like very close to 100% attendance. Kelani is back. Same group in rehab. REHAB: Spargo, Lever, Lindsay, Brown & McAdam. Haven’t laid eyes on Fritsch or AMW yet. Fritsch sighted. One unknown mature standing with Goody. Noticing Nathan Bassett much m

    Demonland
    Demonland |
    Training Reports

    TRAINING: Friday 6th December 2024

    Some veteran Demonland Trackwatchers ventured down to Gosch's Paddock to bring you the following observations from another Preseason Training Session. WAYNE WUSSELL'S PRESEASON TRAINING OBSERVATIONS Rehab: Lever, Spargo, McAdam, Lindsay, Brown Sinnema is excellent by foot and has a decent vertical leap. Windsor is training with the Defenders. Windsor's run won't be lost playing off half back. In 19 games in 2024 he kicked 8 goals as a winger. I see him getting shots at g

    Demonland
    Demonland |
    Training Reports

    TRAINING: Wednesday 4th December 2024

    A couple of intrepid Demonland Trackwatchers headed down to Gosch's Paddock for the midweek Preseason Training Session to bring you the following observations. Demonland's own Whispering Jack was not in attendance but he kicked off proceedings with the following summary of all the Preseason Training action to date. We’re already a month into the MFC preseason (if you started counting when the younger players in the group began the campaign along with some of the more keen older heads)

    Demonland
    Demonland |
    Training Reports 2

    BEST OF THE REST by Meggs

    Meggs' Review of Melbourne's AFLW Season 9 ... Congratulations first off to the North Melbourne Kangaroos on winning the 2024 AFLW Premiership. Roos Coach Darren Crocker has assembled a team chock-full of competitive and highly skilful players who outclassed the Brisbane Lions in the Grand Final to remain undefeated throughout Season 9. A huge achievement in what was a dominant season by North. For Melbourne fans, the season was unfortunately one of frustration and disappointment

    Demonland
    Demonland |
    AFLW Melbourne Demons 3

    TRAINING: Monday 2nd December 2024

    There were many Demonland Trackwatchers braving the morning heat at Gosch's Paddock today to witness the players go through the annual 2km time trials. DEMONLAND'S PRESEASON TRAINING OBSERVATIONS Max, TMac & Melksham the first ones out on the track.  Runners are on. Guess they will be doing a lot of running.  TRAINING: Max, TMac, Melksham, Woey, Rivers, AMW, May, Sharp, Kolt, Adams, Sparrow, Jefferson, Billings, Petty, chandler, Howes, Lever, Kozzy, Mentha, Fullarton, Sal

    Demonland
    Demonland |
    Training Reports 1
  • Tell a friend

    Love Demonland? Tell a friend!
×
×
  • Create New...