So why hasn't some of the profit from the last seven years been used to reduce the $4.5 million debt?
The club gets the debt by a succession of loss-making years and when they make a profit it gets spent.
Sorry Redan that is incorrect
The bulk of the debt relates to borrowings made to fund the admin building & pool years ago, the losses had minimal impact on the debt level
Also, making a profit doesn't necessarily equal cash
FWIW last year (2010) without the FTF they paid of $500k of debt on the back of a $2mil profit
That's 2 acct lessons in 1 day and I'm supposed to be on holidays
And BTW the the FTF monies are being held in a seperate account to the normal trading account which was very pleasing to hear