"(a) Economic Dependency
The Richmond Football Club Limited is economically dependent on the ongoing financial assistance of the Australian Football League ("AFL"). This ongoing assistance provided by the AFL is in the form of a Redirection Order of up to $4.27 million to the ANZ Bank as security for the current borrowing facilities......."
The same guarantee that is still in place today? Only difference is the value has steadily reduced over time. A guarantee I might add the majority of clubs have from the AFL
From the 2013 Full Financial Report (page 25: note 21):
"
Throughout the financial year ended 31 October 2013, the AFL provided a guarantee of up to $3.0 million to the Westpac Banking Corporation as security for borrowing facilities. From 1 November 2013 this guarantee has been reduced to $1.5 million. The reduction in the guarantee is as a result of the elimination of the Company’s debt in the year ended 31 October 2013. Consequently, the facility limit has also been reduced from $3.0 million to $1.5 million. No other matter or circumstance has arisen since 31 October 2013 that has significantly affected
"
I'm not disputing Benny has done a very good job. But to say the Club wasn't or didn't start making profits until Benny Gale became CEO is not correct; it is simply wrong.
I think people forget or simply refuse to acknowledge the things the Club achieved under Stephen Wright's time as the CEO of the RFC.
