Author Topic: Tigers back in the black  (Read 1666 times)

Offline one-eyed

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Tigers back in the black
« on: May 27, 2005, 02:37:25 AM »
Demons, Tigers back in the black
Greg Denham
The Australian
May 27, 2005

BY late tonight, one of Richmond or Melbourne will have lost a football game. But by the end of this season, both clubs are expected to have completed an extraordinary financial turnaround.

The two combatants in tonight's match of the round at Telstra Dome informed the AFL Commission this week that consecutive years of losses were over, with both predicting a return to profitability this season.

After combined operating losses of $3.4 million in the past two years, including a $2.2m deficit last season, Richmond is heading towards a black-figure result.

Richmond president Clinton Casey yesterday said the Tigers had surpassed financial estimates in all areas.

"To break even would be our worst result," Casey said. "I'd like to think we could over deliver."

Casey and new chief executive Steven Wright, who started late last season, initially projected a best-case scenario for 2005 of a $200,000 loss.

Richmond's financial turnaround has been brought about by its implementation late last year of a new three-year business plan, a conservative budget and an extraordinary on-field resurgence.

It is a far cry from last year's damning report by independent auditors PricewaterhouseCoopers, which said: "In respect of the overdraft facilities expiring within the next 12 months, there is consequential uncertainty whether the Richmond Football Club will be able to continue as a going concern if debt facilities are not extended or other support not provided."

The auditors' concerns related to Richmond's 2003 annual report lodged last year with the Australian Securities and Investments Commission, which was before its $2.2m loss and a $3.5m bank re-direction order facility via the AFL.

It was the first time in Richmond's history that a bank re-direction order, guaranteed by the Tigers' annual AFL dividend, had been sought.

Casey, who gained control of the club for another three years after last year's power-play election over a rival faction, campaigned on the promise of recruiting the best possible coach, chief executive and business strategy.

"Everything we've said we'd do, we've done, and we will over deliver," Casey said. "The team turnaround is cream on the cake."

Richmond's financial projections were based on a bottom-four finish this season, but the Tigers are currently sitting third on the ladder.

And tonight, against Melbourne, they are searching for their eighth win from the past 10 matches.

The club has hit a six-year high full membership figure of almost 28,000 after budgeting for a 3 per cent decrease.

Sponsorship is ahead of budget -- despite the early-season loss of the club's former joint major sponsor, TAC. And average home attendances have risen to 41,000, up almost 6000 on last year's average.

"It's been hard work to get where we are, but it's just the start we wanted and there's room for further improvement," Casey said.

"In the AFL Commission's terms, 'remarkable'.

"It's nice to repay the support we got from the AFL executive through difficult and trying times."

Casey said Richmond's multi-million dollar turnaround also involved cutting $600,000 from its football department this season, with player payments decreasing from 99 per cent of the salary cap paid last year to about 94per cent this season.

Casey also attributed much of Richmond's progress to Terry Wallace, for the coach's off-field promotion of the Tigers.

http://www.theaustralian.news.com.au/common/story_page/0,5744,15417236%255E2722,00.html

Offline one-eyed

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Richmond out of the frying pan and on fire
« Reply #1 on: May 27, 2005, 02:39:09 AM »
Richmond out of the frying pan and on fire
Patrick Smith
The Australian
May 27, 2005

THIS did not seem a particularly smart battle plan. Not with his presidency and board under siege. Not with his enemies appearing to all but surround him. If it was not quite Nero having a good old fiddle while Rome got a little hot under the toga, it didn't seem too far removed.

Clinton Casey, president of Richmond, paddled down the Nile while all manner of supporters, members and media were hell-bent on putting him and his administration to the torch. Punt Road was tinder looking for a flame.

The club had lost the last 14 games of season 2004, had knocked up an operating loss of $2.2 million, and past directors, players and interested parties in the media demanded a change in administration.

Yet Casey paddled on. From Egypt, the president moved on to Italy and the Greek Islands. It had been a holiday planned well in advance for his family and he was determined to honour the commitment. His business and football duties meant family time was precious.

Rather than appearing a cavalier approach and therefore detrimental to Casey's plan to stay around for another three years, his absence seemed to enhance his prospects of re-election. In his words, it took the flames out of the argument.

The opposition ticket led by Charles Macek and Brendan Schwab - both former directors of the club - effectively had the pulpit to themselves while Casey and family pondered the pyramids.

Macek, Schwab and their running mates were the men to extract the Tigers from debt as well as the depths of the AFL ladder was the message. Their words, though, were deemed to be rhetoric alone. They had been at the wheel before. While they were hardly seen as returning to the scene of a crime, it was well argued that they had previously cut and run.

While last place on the ladder and a $2 million-plus loss left Casey vulnerable, he was able to show he had the support of the AFL and that his promise of the best new CEO and coach available to work within a bold but sustainable three-year plan was achievable. He has delivered handsomely.

The president won easily when the members came to vote. Wise folk all of them.

The Tigers now stand third on the ladder with seven wins from nine games. The club will turn 2004's massive loss into a profit by season's end and the AFL commission this week deemed the club's turnaround remarkable. CEO Steven Wright has most impressed the AFL. Terry Wallace's work speaks for itself.

Which in Wallace's case is here, there and everywhere. His off the record briefing with the Beijing media on Richmond's interchange rotation policy left few present in doubt that he used a solarium.

The former Western Bulldogs coach has been on everything - radio, television, the back foot, the high horse. He was this week defending his comments that the club was in disarray on his arrival. He was taken out of context, for he genuinely meant club rooms, offices and the like. He did not mean to reflect on the work of the previous coach, Danny Frawley.

He was on his high horse when he reacted so sensitively to comments from Chris Connolly about his entrance into the debate on caffeine. Wallace went looking for hurt and dismay that wasn't really there.

But his work away from the media cannot be downplayed, according to Casey. He works the corporates and sponsors as willingly and as effectively as he does the media. So everybody wins.

Casey's new three-year term will see him eight years as club boss, a contribution history will deem significant. Casey has survived because he has learnt from his mistakes.

He previously had tried to turn the team's off-field performance around by sinking money into the football department, hoping that an improved win-loss ratio would be a financial driver. In the past three years the Tigers could not finish better than 13th. That's a driver all right - to oblivion.

His decision to appoint Greg Miller to control the football department has brought it greater discipline, and the success of that has no doubt prompted Collingwood to look at a similar move for the highly regarded CEO, Greg Swann. Sydney has moved in that direction, too, with Andrew Ireland. There is a change of emphasis in football governance and it is for the better.

Andrew Demetriou told the recent meeting of CEOs that the commission had not seen a better collection of head men. The new boys include Wright, Steve Harris at Melbourne and Ian Robson at Hawthorn.

Successful businessmen like Casey hold their nerve, identify hot properties (Miller, Wright and Wallace) and have a vision.

Tigers are yellow and in the black. And Casey's critics up the Nile without a paddle.

http://www.theaustralian.news.com.au/common/story_page/0,5744,15417232%255E12270,00.html

Moi

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Re: Tigers back in the black
« Reply #2 on: May 27, 2005, 06:38:42 AM »
Congratulations to the club for this great turnaround.
I'm sure it will be criticised somehow by those who have nothing better to do with their lives, but i'm one very happy camper, and really rapt in the things you are doing down there.
Go Tiges  :thumbsup

PuntRdRoar

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Re: Tigers back in the black
« Reply #3 on: May 27, 2005, 09:53:33 AM »
looks like the PRE board spill campaign which miserably failed- and rightfully so...has now been shown for what it was...an absolute farce! :scream

Offline om21

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Re: Tigers back in the black
« Reply #4 on: May 27, 2005, 10:14:16 AM »
looks like the PRE board spill campaign which miserably failed- and rightfully so...has now been shown for what it was...an absolute farce! :scream

We arnt out of the woods yet.
Den uparxei Ellada xwris AEK.

Finally our new webage: http://www.original21.com/melbourne

PuntRdRoar

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Re: Tigers back in the black
« Reply #5 on: May 27, 2005, 10:16:17 AM »
true con, but the truth is theyll be fine this year...i read somewhere this year we are only paying 94% of the salary cap which fully includes Campbos and Richos salarys. So there managing it well down there at the moment!

Ox

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Re: Tigers back in the black
« Reply #6 on: May 27, 2005, 10:43:30 AM »

Back in Black
Spud got the sack
It's been too long
We're glad to be back

 :cheers

Offline itsintheblood

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Re: Tigers back in the black
« Reply #7 on: May 27, 2005, 10:47:00 AM »
And this is EXACTLY why I and many others voted for casey's ticket. He had vision and a concrete plan and is delivering. The others were just hot air. I don't want any of the schwabs involved in our club again.


Offline WilliamPowell

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Re: Tigers back in the black
« Reply #8 on: May 27, 2005, 11:17:21 AM »
i read somewhere this year we are only paying 94% of the salary cap which fully includes Campbos and Richos salarys. So there managing it well down there at the moment!

Not quite RT - Cambo is on the veterans so only half his salary is included in our TPP. Richo on the other hand who is eligble for the veterans list isn't on it this year and 100% of his salry is included in the cap.

The president won easily when the members came to vote. Wise folk all of them.

Yes we are aren't we  :rollin

The club has hit a six-year high full membership figure of almost 28,000 after budgeting for a 3 per cent decrease.

Good effort - though I'd like to think with 7 home games remaining we may actually get a record number this year of 29,000. It's still good value :thumbsup

Quote

Sponsorship is ahead of budget -- despite the early-season loss of the club's former joint major sponsor, TAC. And average home attendances have risen to 41,000, up almost 6000 on last year's average.


I will admit that when we lost the TAC I was worried but AFG stepped in and it's worked out to be a better deal than we've had before. Well done Steven Wright in particular  :bow

Quote
"It's nice to repay the support we got from the AFL executive through difficult and trying times."

And the members too - don't forget them :cheers  ;D


"Oh yes I am a dreamer, I still see us flying high!"

from the song "Don't Walk Away" by Pat Benatar 1988 (Wide Awake In Dreamland)

Offline mightytiges

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Re: Tigers back in the black
« Reply #9 on: May 27, 2005, 05:37:29 PM »

Back in Black
Spud got the sack
It's been too long
We're glad to be back

 :cheers

lol

Good ol' aka daka  :thumbsup
All you touch and all you see is all your life will ever be - Pink Floyd