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Bentleigh Club … going, going, gone

Freddy Fuschia
Freddy Fuschia
in Melbourne Demons

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  On 16/09/2021 at 08:13, Blistering said:

Quite right - I saw the update when we put it on the market.

Apologies - sold to established local property developer, Metro, for $23.7 million.

Just think how many #positivelingers keepcups that could buy!

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    Did we get involved with the bentleigh club in Joe Gutnick days?

     

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    The lengths we're going to in order to fund T Mac's contract is quite absurd it seems 

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      On 16/09/2021 at 08:39, adonski said:

    The lengths we're going to in order to fund T Mac's contract is quite absurd it seems 

    I've heard it just covers the first year of Cerra's contract 

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    Wow!

    Is this what it feels like to support a successful, well run club?

    Feels quite refreshing

    I could get used to this

    Edited by Stiff Arm

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      On 16/09/2021 at 08:34, Jontee said:

    Did we get involved with the bentleigh club in Joe Gutnick days?

     

    Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

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      On 16/09/2021 at 09:52, Whispering_Jack said:

    Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

    just glad he didn't invest it into a diamond mine 😂

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      On 16/09/2021 at 09:52, Whispering_Jack said:

    Yes, and we owe this massive windfall to his vision when the club took over the assets of the then failing Bentleigh Club. The end price is massive although we need an accountant to tell us how massive because I would imagine that unless the club’s exempt from capital gains tax, a large amount of the windfall could go to the tax man.

    Sporting clubs are not for profit in Aust? If so does that mean they're exempt?

    image.png.63aebedb867f1c7fc854a68b41c868f5.png

    image.png.8b59da19199d2f4742a0476b825b86f0.png

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    A tidy sum. I hope it is all tipped into the Home Base Development fund rather than used to cover the shortfall in revenues v running costs as a result of Covid. We had a $3m loss last year iirc correctly.

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      On 16/09/2021 at 10:07, Cards13 said:

    Sporting clubs are not for profit in Aust? If so does that mean they're exempt?

    image.png.63aebedb867f1c7fc854a68b41c868f5.png

    image.png.8b59da19199d2f4742a0476b825b86f0.png

    I've run my eye over the 2020 financials. An uplift was booked to reflect Bentleigh at market value last year. There's no provision for the future tax liability applicable to the uplift/gain in the event of disposal which means the sale is CGT exempt 

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      On 16/09/2021 at 10:42, Bitter but optimistic said:

    You can only sell an asset once.

    Wisdom in spending the proceeds is key.

    Unless you find an Alan Bond 🤣

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    YAY. Good Riddance!

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    Had the place had a building permit, we'd have got a lot more from this, likely north of 30 mill.

    But if the club is happy, I'm happy. 

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      On 16/09/2021 at 12:30, Demonland said:

     

    Why do people still use that dreadful logo? I have only bad memories of that era!

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    Can @Demonland start a poll with what to do with the money?

    One of the options has to be monorail.

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    How many good news stories can I actually cope with?  flag favorites, brownlow favorites, record membership, financially flying, 5 x AA’s etc etc If we win the flag and then get a home base my karma may well be complete ….and i’ll be taken from this earth. But i’ll be happy as i go :-) 

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