$140,000 loan for Schwab

[Fishfinger]

$140,000 loan for Schwab
Caroline Wilson
The Age
March 29, 2011

THE Melbourne Football Club last year loaned chief executive Cameron Schwab $140,000 for a property transaction.

                                ...................................................................

''Cameron came to us and asked if we could assist in a transaction,'' McLardy told The Age. ''We saw it as an investment in one of our key personnel. It is a personal matter for Cameron.''
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There is no suggestion of financial impropriety.

http://www.theage.com.au/afl/afl-news/140000-loan-for-schwab-20110328-1cdgq.html


Maybe I'm missing something but this doesn't seem ok to me.
Melbourne apparently receive at least $1m each year from the AFL's special distribution fund just so they can operate. Last year they loaned $140,000 to a member of their management for a personal property transaction.  ???

If they weren't on the welfare drip I wouldn't see any problem. They are, though.
They'll get the money back over time but if they can channel cash away from running the club then surely they're not so needy and shouldn't get so much given to them from the special distribution fund.

[WilliamPowell]

Maybe I'm missing something but this doesn't seem ok to me.
Melbourne apparently receive at least $1m each year from the AFL's special distribution fund just so they can operate. Last year they loaned $140,000 to a member of their management for a personal property transaction.  ???

If they weren't on the welfare drip I wouldn't see any problem. They are, though.
They'll get the money back over time but if they can channel cash away from running the club then surely they're not so needy and shouldn't get so much given to them from the special distribution fund.

Agree 100% Fishfinger - even though he is paying interest (which IMHO is irrelevant) it still comes across as being worng.

They don't make money on thier own their Profits are generated from their AFL handouts - that cannot be disputed.

So for them to go and give away "cash" and then in the next breath have their President sook about Footy Dept spending needing to capped because they can't afford to spend as much as other clubs is a bit rich (if you'll pardon the pun)

[Hellenic Tiger]

Agree Fishfinger.   

Real galling to other clubs who are struggling and use the money for their footy clubs.

Would hate to think what will happen if the Schwab/Melbourne relationship breaks down.

On the other hand who cares maybe someone can sell their Range Rover to pay off that debt or forgo a trip

to the Mt Buller chalet this winter. Here Here Here.