$1 million wiped off our debt (RFC)

[one-eyed]

Fighting Fund reduces debt
richmondfc.com.au
Fri 23 Sep, 2011


Richmond Football Club has confirmed it will wipe about $1million off if its debt this financial year thanks to the establishment of the Fighting Tiger Fund.

In keeping with the Club’s plan to split money raised between reducing debt and investing in football, the Club will also invest significantly in meeting football department needs - most notably around the critical upgrade of the Punt Road Oval surface.

When completed, this state-of-the-art surface will support a high-performance program that will ensure no stone is left unturned in the preparation and development of the playing group.

The balance of money pledged to the Fighting Tiger Fund thus far will flow to the Club next year in line with payment terms arranged with some donors.   

Read more and the full article at: http://www.richmondfc.com.au/news/newsarticle/tabid/6301/newsid/124017/default.aspx

Benny Gale also says the Club will be announcing new FTF initiatives in the coming weeks so we can reach the $6 million target.

[Tiger Tragic]

What will our debt reduce to?

[WilliamPowell]

What will our debt reduce to?

About $3.0-3.5mil

[Tiger Tragic]

What will our debt reduce to?

About $3.0-3.5mil

Cheers WP.  Plenty of work still to be done then.

[tiger101]

What will our debt reduce to?

About $3.0-3.5mil

Cheers WP.  Plenty of work still to be done then.

its a great start though. Next season if we keep on improving our on field performances. I believe more donors will come to out and donate.

[Him]

What will our debt reduce to?

About $3.0-3.5mil

Ceratinly heading in the right direction.
 
WP, is no debt a realisitic aim?

  
 

[10 FLAGS]

What will our debt reduce to?

About $3.0-3.5mil

Ceratinly heading in the right direction.


WP, is no debt a realisitic aim?

 

Arent you God- You should Know and whilst we're at it can you tell us if all the duds on our list that we all want delisted will get delisted and can you tell us when we will win our next flag and also can you tell us if your a democratic socialist who votes for Gillard Labor coz if you do then I will have real concerns that you are indeed in the know!

[Him]

What will our debt reduce to?

About $3.0-3.5mil

Ceratinly heading in the right direction.


WP, is no debt a realisitic aim?

 

Arent you God- You should Know and whilst we're at it can you tell us if all the duds on our list that we all want delisted will get delisted and can you tell us when we will win our next flag and also can you tell us if your a democratic socialist who votes for Gillard Labor coz if you do then I will have real concerns that you are indeed in the know!

God isn't registered to vote.
 
 

[mightytiges]

Well done RFC and everyone whose given to the FTF 

A bonus is this should also save us some money in loan repayments which can be put to better use in the Club.

[Penelope]

whatever it saves in repayments should be split half debt reduction and half football, just like the fund itself.

[Dice]

1 million dollars is FA in this day and age. If we're true to form we'll sign Hardwick up for 3 more years soon and sack him halfway through next year with a million dollar payout.

[WilliamPowell]

WP, is no debt a realisitic aim?

I think you'd be hard pressed to find any club that doesn't have some sort of short term debt (eg bank overdraft) during the course of a season just like most businesses that turn over $30+ mil a year

But yes I think getting rid of $4.5mil (soon to be $3.5) loan is a realistic aim and should be achieved. You'd then operate the business on a simply low bank overdraft system if it is required.

Having said IMV unless we achieve the balance of FTF target of $6mil in total during 2012 then I cannot see it being achieved until 2013.

BTW the savings on interest alone is going to free up cash so there's an opportnity right there to use that saving to repay debt outside of payments coming from the FTF. And to be honest that is what I would earmark that cash saving for

[WilliamPowell]

whatever it saves in repayments should be split half debt reduction and half football, just like the fund itself.

Nah don't agree al, as I just posted the stingy accountant in me would earmark those cash savings to go straight to debt reduction 

[Jackstar is back again]

interesting that the club wouldnt accept a "'donation"" from an Ex Sponsor of $2m , although it had conditions

[10 FLAGS]

interesting that the club wouldnt accept a "'donation"" from an Ex Sponsor of $2m , although it had conditions

Common Jacko spill your guts. Thats one hell of an allegation.