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Blues in the red: $6.9m to be repaid by October
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Author:  yibbida [ Sat Feb 26, 2011 1:09 am ]
Post subject:  Blues in the red: $6.9m to be repaid by October
http://www.theage.com.au/afl/afl-news/blues-in-the-red-69m-to-be-repaid-by-october-20110225-1b8um.html

Quote:
CARLTON faces an end-of-season debt crisis, with $6.9 million of loans due to be repaid by October 31.

The Blues have amassed more than $10 million of debt that must be repaid within two years. It is the highest level of current liabilities in the AFL, but the club believes revenue from 260 new poker machine licences, along with the good grace of its bankers and the AFL, will stave off insolvency.

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Such is the concern that Carlton's directors issued a warning in this year's accounts. ''As at October 31, 2010, the Carlton Football Club had a current asset deficiency of $8.1 million,'' it read. ''This gives rise to significant uncertainty about the ability of the company to operate as a going concern.''

That current asset deficiency has soared from $3.5 million in 2008 to $8.1 million last year.


Has this been ran through the HS translator or is it something that needs to be addressed?
Author:  AK43 [ Sat Feb 26, 2011 7:07 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Given it's in The Age I'd say no. Nothing to worry about - we've got pokies you see.
Author:  The Normal One [ Sat Feb 26, 2011 7:31 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Of course it needs to repaid. We can keep refinancing and refinancing, but as our debt continues to grow we're only a Collingwood pub scenario from a fire sale.

We are too trustworthy if we believe all is good at Carlton.

The bottom line:
http://www.theage.com.au/afl/afl-news/a ... 1b8n9.html

Interesting to read Hawthorn make money from pokies and Geelong made a loss on pokies. Big 'gamble' to be relying on pokies only to get out of this mess.
Author:  Donstuie [ Sat Feb 26, 2011 8:58 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Where to start
Author:  gerry atric [ Sat Feb 26, 2011 9:26 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Quote:
That current asset deficiency has soared from $3.5 million in 2008 to $8.1 million last year.


Can any accountants tell me what the difference is between an "asset deficiency" and a debt? How is it that 4 years after Dick Pratt was brought in, we have managed to more than double our debt? I am all for building infrastructure and bumping up the footy dept but running a high debt long term is dangerous. Apart from Sticks do we have any financial genius' on the committee? Is there any chance that Dick P left us some money? It is sad to think how we were the best, richest, ,most successful and most powerful club in the land in 1982 and then 20 years of Elliott has left us destitute, and a decade on from that our debt is still the worst. No wonder the committee is so jumpy about going deep into September.
Author:  jimmae [ Sat Feb 26, 2011 9:27 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
We've finished the majority of our developments and won't be dropping significant additional capital into the club, the facilities or the footy department at this point, so I'd suggest we'll be re-financing the loans and making in-roads into them over the next 2 to 3 years as the article suggested, and as was discussed when the annual report was released last year.

We're ok, but the moves need to be made.
Author:  missnaut [ Sat Feb 26, 2011 9:44 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Rafalution wrote:
Of course it needs to repaid. We can keep refinancing and refinancing, but as our debt continues to grow we're only a Collingwood pub scenario from a fire sale.

We are too trustworthy if we believe all is good at Carlton.

The bottom line:
http://www.theage.com.au/afl/afl-news/a ... 1b8n9.html

Interesting to read Hawthorn make money from pokies and Geelong made a loss on pokies. Big 'gamble' to be relying on pokies only to get out of this mess.


Gee, some scary figures there when compared to other clubs
Author:  Rexy [ Sat Feb 26, 2011 10:03 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
gerry atric wrote:
Quote:
That current asset deficiency has soared from $3.5 million in 2008 to $8.1 million last year.


Can any accountants tell me what the difference is between an "asset deficiency" and a debt? How is it that 4 years after Dick Pratt was brought in, we have managed to more than double our debt? I am all for building infrastructure and bumping up the footy dept but running a high debt long term is dangerous. Apart from Sticks do we have any financial genius' on the committee? Is there any chance that Dick P left us some money? It is sad to think how we were the best, richest, ,most successful and most powerful club in the land in 1982 and then 20 years of Elliott has left us destitute, and a decade on from that our debt is still the worst. No wonder the committee is so jumpy about going deep into September.


I expect our conservative TC friends to enter here with outrage at the increased expenditure and increased debt levels :lol:
Author:  stubba [ Sat Feb 26, 2011 10:21 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Rexy wrote:
gerry atric wrote:
Quote:
That current asset deficiency has soared from $3.5 million in 2008 to $8.1 million last year.


Can any accountants tell me what the difference is between an "asset deficiency" and a debt? How is it that 4 years after Dick Pratt was brought in, we have managed to more than double our debt? I am all for building infrastructure and bumping up the footy dept but running a high debt long term is dangerous. Apart from Sticks do we have any financial genius' on the committee? Is there any chance that Dick P left us some money? It is sad to think how we were the best, richest, ,most successful and most powerful club in the land in 1982 and then 20 years of Elliott has left us destitute, and a decade on from that our debt is still the worst. No wonder the committee is so jumpy about going deep into September.


I expect our conservative TC friends to enter here with outrage at the increased expenditure and increased debt levels :lol:


Only if Juliar was involved
Author:  Rexy [ Sat Feb 26, 2011 10:26 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
:lol:
Author:  JohnM [ Sat Feb 26, 2011 10:30 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
I don't think it was published online, but further to this story The Age has published an audit of all Victorian clubs, and how they stack up.

We don't come out of it looking great.

Revenue:
Collingwood 75.2 mil
Ess 44.9
Gee 44.8
Haw 40.6
St Kilda 37.9
Carlton 35
Melb 32.8
WB 32.1
Rich 31.5
North 25.6

We have the fourth-highest liabilities.

Clubs receiving AFL Special Distribution:

WB 1.7
North 1.4
Melb 1.0
Carlton 0.6
Rich 0.4
Author:  TheGame [ Sat Feb 26, 2011 10:37 am ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
How much are we paying Greg Swan?
Author:  anfield [ Sat Feb 26, 2011 12:24 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
We'll have 260 Poker Machines earning revenue from August and I read somewhere that each machine has the potential to earn $200,000. Thats $52 Million a year !! Can that be right?
Author:  Effes [ Sat Feb 26, 2011 12:26 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
anfield wrote:
We'll have 260 Poker Machines earning revenue from August and I read somewhere that each machine has the potential to earn $200,000. Thats $52 Million a year !! Can that be right?


The government would be collecting most of that?
Author:  Donstuie [ Sat Feb 26, 2011 12:39 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Effes wrote:
anfield wrote:
We'll have 260 Poker Machines earning revenue from August and I read somewhere that each machine has the potential to earn $200,000. Thats $52 Million a year !! Can that be right?


The government would be collecting most of that?

And horror of horrors, some pricks might actually win money from them, stealing money from our pockets. GRRR :mad:
Author:  JohnM [ Sat Feb 26, 2011 12:51 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
The very highest-taking poker machines can turn that amount over. Most are nowhere near that. And that's revenue, not profit. Remove taxes, venue costs and other overheads, and you've still got a good earner but no pot of gold.
Author:  The Normal One [ Sat Feb 26, 2011 12:56 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Rafalution wrote:
The bottom line:
http://www.theage.com.au/afl/afl-news/a ... 1b8n9.html

Interesting to read Hawthorn make money from pokies and Geelong made a loss on pokies. Big 'gamble' to be relying on pokies only to get out of this mess.


JohnM the link I posted above is the article you refer too.
Author:  Maverick [ Sat Feb 26, 2011 1:16 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Anyone else have a slight moral objection to the fact that we're relying on cancer-like socially destructible machines to essentially save our club financially. I realise we kinda have to do it but still......
Author:  Wet Willie [ Sat Feb 26, 2011 1:25 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
I thought the last TV deal was supposed to ensure that no AFL club would ever have debt again...
Author:  Rexy [ Sat Feb 26, 2011 1:27 pm ]
Post subject:  Re: Blues in the red: $6.9m to be repaid by October
Wet Willie wrote:
I thought the last TV deal was supposed to ensure that no AFL club would ever have debt again...


......once GWS and GC have a couple of flags in the bank
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