And you're right, I don't have a clue as to what our current bank debt is. There was a time when I used to believe that just buying my membership,going to the matches, and screaming for my team was where my responsibility to the club began and ended. Now it seems we as supporters have to understand every single facet of the organization and how it runs. What is even more confusing is, I go to the AGM every year, and for the past 7 years at least the club has announced an operating profit of varying amounts. So where the hell does this $4m debt come from? And again, I ask, instead of selling off our home games, why can't we just ask the AFL to underwrite our debt as a one-off payment? Unlike NM and the Dogs we are a club with a huge supporter base potential to create huge revenue for them comparable to their 2 pets Carlton and Collingwood, who they bend over backwards for on every conceivable occasion. It just does my head in that they consistently fail to recognize this, and just continue to give us the thin end of the wedge on so many issues.
Our current bank debt as per the 2010 annual accounts is $4.5mil
Remember that overall we are a company that is in the black and not in the red unlike the Dogs & Roos
I have said many times a company can make a profit but it doesn't mean it is debt free. Just like you can have a strong balance sheet where your assets are great than your liabilities but it doesn't mean you dont have any debt. It is exactly the same as a person having a mortgage (debt) but still having money in their bank account (savings). Debt and profit are 2 very different things. Just like profit doesn't = cash.
As per the The Club's annual report/accounts our current bank facilities are underwritten by the AFL (as most club's are I might add). I havent got the doc with me put can post the paragraph later. What this guarantee means is that if the Bank calls in the facilities and the Club is unable to pay then the AFL will.
What you are wanting is for the AFL to pay off the entire debt - as I said that is not their responsibility, while we can manage it (which we can) then it is ours to deal with. The AFL haven't paid off the Dogs or N0rt's our any other club's debt so why should the rules for us be any different?
And just on C'wood, when they were broke; which wasn't that many years ago, they were not bailed out by the league. They turned around their situation on thier own. No $$$ handouts just a very good business plan