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Blues save $1,000,000
http://www.talkingcarlton.com/phpBB3/viewtopic.php?f=2&t=15885		 Page 1 of 2
Author:  bluejoker [ Thu Apr 26, 2007 10:34 pm ]
Post subject:  Blues save $1,000,000
Footy show just reported new deal that will save Carlton $1mill.

Apparently involves blues moving banks - National to Westpac, and the AFL allowing it given the blues new administration.

Another win for Pratt and his men.
Author:  Siegfried [ Thu Apr 26, 2007 10:37 pm ]
Post subject: 
Yeah, interesting. Not sure how it works though, apparently will be announced within the next week. Last details still being finalised.

One thing it does mean...Ahmed Fahour will no longer have a conflict of interest if he wants to get involved at the Club on a more official basis.
Author:  Chitty's Finger [ Thu Apr 26, 2007 10:39 pm ]
Post subject: 
So who is writing off the mill then - the AFL or NAB?
Author:  Siegfried [ Thu Apr 26, 2007 11:03 pm ]
Post subject: 
Don't know Ando...I guess we will await an announcement.
Author:  Electric Blue [ Thu Apr 26, 2007 11:04 pm ]
Post subject: 
Coool, lets try an dturn this into a negative, c'mon Tc'ers! :roll:
Author:  Siegfried [ Thu Apr 26, 2007 11:06 pm ]
Post subject: 
Now I'm confused EB...negative?
Author:  bondiblue [ Thu Apr 26, 2007 11:08 pm ]
Post subject: 
Great move. Happy to hear such good news for the club.

That $1M saving gets us closer to rid us of our debt/ millstone.

The wheels are turning.

Blue Skies.
Author:  Wolfe [ Thu Apr 26, 2007 11:15 pm ]
Post subject: 
Good move by the Prez and Swan if this has been organised

I suspect Pratt would not have any credit issues with a bank and wouldnt have issues in renegotiating the interest rate. Also as stated moving banks would remove any conflict of interest with Ahmed Fahour as seen as favouring the Blues which is why shifting from NAB to WESTPAC.

Hopefully this means the Ahmed Fahour can have more input in the Blues in the future
Author:  jimmae [ Thu Apr 26, 2007 11:21 pm ]
Post subject: 
The sheer wealth that Pratt can underwrite a loan with would surely have brought some of the saving.

How to bankroll a club without bankrolling a club 101
Author:  Electric Blue [ Thu Apr 26, 2007 11:34 pm ]
Post subject: 
Siegfried wrote:
Now I'm confused EB...negative?


Have a look at this thread in 24 hours! 8)
Author:  Kouta [ Thu Apr 26, 2007 11:36 pm ]
Post subject: 
Wolfe wrote:
Good move by the Prez and Swan if this has been organised

I suspect Pratt would not have any credit issues with a bank and wouldnt have issues in renegotiating the interest rate. Also as stated moving banks would remove any conflict of interest with Ahmed Fahour as seen as favouring the Blues which is why shifting from NAB to WESTPAC.

Hopefully this means the Ahmed Fahour can have more input in the Blues in the future

:-D

Pratt is GOD! 8)
Author:  George Harris [ Fri Apr 27, 2007 7:15 am ]
Post subject: 
I think the $1,000,000 saving is through a lower interest rate.
Author:  7dominator [ Fri Apr 27, 2007 7:18 am ]
Post subject: 
I don't know but it might be that Westpac are the Bankers to the Visy Empire and it is simply a case of Westpac being very competitive/generous on the Carlton Account to further ingratiate themselves with Mr Pratt!
Author:  molsey [ Fri Apr 27, 2007 7:44 am ]
Post subject: 
Terrific news for the Club - outstanding stuff.

I would be surprised if a Bank like Westpac would write off $1m of CFC debt as in inducement to do more business with Visy. Visy has massive lines out to all the major banks, plus some of the smaller ones, so our debt level is probably only a minor smudge against the operating requirements of a conglomerate that size. Perhaps they are getting a material benefit somewhere else in return, but $1m is alot to give to the Club for no real reason. Perhaps NAB are writing some off in return for getting repaid for the rest of it, but that should be hard to justify for NAB, given the AFL support and cashflows.

I doubt its an NPV of interest - our total interest bill including base rates is only $500k a year, so to lower the margin wouldn't do much...unless we actually were only planning on paying back the debt when hell froze over!

I think its more likely that the AFL are writing off some of the interest free loan as part of some form of new AFL - CFC agreement going forward.

Regardless, its more great news and however they came up with it - good on them! Ain't it grand to not have to worry about these things. Thinking back to last year I used to second guess just about every business decision they made, but this year, I can sit in blissful ignorance knowing that good people are looking after the Club. We can just sit back and wait for the next bit of good news, or the next win.
Author:  bluekettle [ Fri Apr 27, 2007 8:22 am ]
Post subject: 
Carlton seems to be getting the right people in the right place everywhere including in the AFL just think what a boost we must be getting with Fitzpatrick at the helm, now I’m not suggesting for a minute that Fitzpatrick will favor Carlton in any shape or form but at least he wont go out of his way to sink Carlton like they already have so to get us to go at the Dome.
Author:  camel [ Fri Apr 27, 2007 8:39 am ]
Post subject: 
I don't really geddit, but it seems like a good deal to me. Well done club! I echo molsey's sentiments about now having confidence in our board and executive administration.

GO BLUES!!!
Author:  bluehammer [ Fri Apr 27, 2007 8:54 am ]
Post subject: 
Lance was behind the NAB deal
Author:  Monty Burns [ Fri Apr 27, 2007 8:56 am ]
Post subject: 
Absolutely fantastic news!!!!

The part I don't understand is why the AFL have to agree to it. Our loan from the AFL would be separate to what we owed NAB.

By the way Molsey, I definately could see Westpac writing off $1m to do more business with Visy if Mr Pratt asked them to. I'll give you a hypothetical.

Mr Pratt: Hi Westpac - it's me, I'd love for you to be Carlton's banker and take over our $7.5m loan facility - but as a favour to me - seeing as we have had such a good relationship between VISY and yourselves - and I would very much like that to continue - would you mind writing off $1m of that debt?

Westpac: YES SIR.

Westpac probably made a $1b profit last year, if not more. It's a drop in the ocean to write off $1m..........if that's what happened.

Either way - EXCELLENT......
Author:  The Tyrant [ Fri Apr 27, 2007 9:15 am ]
Post subject: 
I though tthis thread was about no longer matching the Ghost's wage demands
Author:  Bookie [ Fri Apr 27, 2007 9:16 am ]
Post subject: 
Great stuff serious coin!!!!

Ahmed Fahour has no conflict of interest, the NAB bullants have named Fahour on the bench. :wink:
http://www.heraldsun.news.com.au/footy/ ... 95,00.html
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