gerry atric wrote:
Has any journo or AFL rep ever explained how they arrived at a fine of $930k? Clearly it was plucked from thin air and applicable only to Carlton. Maybe we should get over it, but an injustice to Carlton is an injustice forever.
It's been explained. The Carlton Football Club was fined $930,000 – made up of $872,424 for breaches of the 2001 salary cap and $57,576 suspended from season 2000 irregularities.
But most Carlton people believe the $930k is what stuffed us. They're wrong. I think that monetary punishment was fair. After all..we had had players on contracts that totaled $1.2m more than the then AFL salary cap of $5.9m allowed.
Sure, it's a whack - but it's something that Bruce Mathieson and others could have got to together and paid off (they had 12 months to do it) and the club pay the director's/wealthy supporters back with interest over a 4/5 year period.
What really stuffed us was the $8 million we owed to the bank from the construction of the Elliott and Legend stands at Princes Park, combined losses from the football club deficit of $3.896 million, and the social club posting a loss of $3.662 million. We were $13 million in debt. It was a really bad time to get a fine...and not be able to turn the paying list over in a normal fashion.
gerry atric wrote:
We should never allow a club administration to place us in such a parlous position again.
Agreed. But what still bemuses me is how a club went through all this financial turmoil - and the person who held the position of Accountant and Chief Financial Officer since 1994...is still in that position. Where else on planet earth does that happen? There has to some accountability. I know his grandfather is a legend, but come on.
We are far from being out of the woods. And to be honest, I cannot foresee a time over the next decade when there will not be some caution about our going concern issues - and until we can get ourselves into a positive net asset position, that will continue.