AFG gone as major sponsor

[one-eyed]

Tale of century
Damian Barrett | June 24, 2008

RICHMOND is facing the prospect of losing one of football's best sponsorships in the week it will celebrate its 100th year in the VFL/AFL.

The club is in talks with mortgage broking firm AFG (Australian Finance Group), which contributes nearly $1 million a year to the Tigers, with serious doubts on the company extending its four-year deal beyond this season's expiry.

Complications attached to a global economic downturn and Australian interest rate rises are believed to be behind the company reconsidering the Tigers' deal.

Discussions about AFG's future with Richmond began early this year, and have not been resolved.

It is believed AFG, which with Dick Smith is a co-major sponsor of the Tigers, has told the club it will inform it of its intentions beyond 2008 by the end of the month.

Richmond officials would not comment on the state of discussions with AFG.

An AFG spokesperson said yesterday: "We are still in negotiations with the club."

All financial aspects of the partnership have been guaranteed through until the end of the year.

It remains possible that the company will retain a link with the football club, even if it withdraws its major sponsorship.

AFG came to Richmond's aid early in 2005, just days after then-major sponsor Transport Accident Commission pulled its partnership when player Jay Schulz was caught drink-driving.

The Tigers' website says AFG is an "independently owned Australian company specialising in arranging loans for almost any purpose" and is the "nation's largest mortgage broker".

Richmond has heavily promoted Saturday's Round 14 match against Carlton at the MCG as part of its 100th year festivities.

Using 100G At The G as its promotional slogan, the game will be the culmination of the Tigers' centenary weekend celebrations.

A black-tie dinner will be held at Crown on Friday night, where the 100 greatest moments in the club's history will be celebrated.

The Tigers have won their past two matches - against Port Adelaide and Melbourne - and sit four premiership points outside the top eight.

http://www.news.com.au/couriermail/sport/afl/story/0,27046,23911790-5016169,00.html

[mightytiges]

That's a bugger about AFG if the deal ends. Hopefully we can finish the season strongly so another major sponsor will come a knocking. 

[one-eyed]

AFG have been cutting staff.....


National mortgage broker cuts staff
Tuesday, 24 June 2008
Mike Preston

Signs are emerging that the credit squeeze is starting to hit mortgage brokers following revelations that a national mortgage broker has cut almost a quarter of its staff.

Perth-based mortgage broking chain Australian Finance Group has revealed it cut 40 staff in April and shut down its mortgage warehouse facility, The Australian Financial Review reports.

A succession of banks have announced cuts to the commissions they pay mortgage brokers to sell their products over the past year. Combined with a drop-off in borrowing due to higher interest rates, many mortgage brokers are now feeling the squeeze.

AFG has been one of the first mortgage brokers to publicly discuss the steps it has taken to respond to the tough conditions, but it is likely many other businesses have or will be forced to take similar steps.

AFG executive director Malcolm Watkins says the number of mortgage brokers operating across the country could fall by 40% over the next 12 months.

“There are many newly formed or small to mid-sized aggregators which have not achieved significant enough scale, infrastructure or financial reserves to weather this mini ice age, and we anticipate a good chunk of these will collapse or disintegrate as the brokers underneath them leave the industry or migrate to the larger more established businesses over the next 12 months,” Watkins told the paper.

http://www.smartcompany.com.au/Free-Articles/The-Briefing/20080624-National-mortgage-broker-cuts-staff.html

[tigersalive]

AFG have been cutting staff.....


National mortgage broker cuts staff
Tuesday, 24 June 2008
Mike Preston

Signs are emerging that the credit squeeze is starting to hit mortgage brokers following revelations that a national mortgage broker has cut almost a quarter of its staff.

Perth-based mortgage broking chain Australian Finance Group has revealed it cut 40 staff in April and shut down its mortgage warehouse facility, The Australian Financial Review reports.

A succession of banks have announced cuts to the commissions they pay mortgage brokers to sell their products over the past year. Combined with a drop-off in borrowing due to higher interest rates, many mortgage brokers are now feeling the squeeze.

AFG has been one of the first mortgage brokers to publicly discuss the steps it has taken to respond to the tough conditions, but it is likely many other businesses have or will be forced to take similar steps.

AFG executive director Malcolm Watkins says the number of mortgage brokers operating across the country could fall by 40% over the next 12 months.

“There are many newly formed or small to mid-sized aggregators which have not achieved significant enough scale, infrastructure or financial reserves to weather this mini ice age, and we anticipate a good chunk of these will collapse or disintegrate as the brokers underneath them leave the industry or migrate to the larger more established businesses over the next 12 months,” Watkins told the paper.

http://www.smartcompany.com.au/Free-Articles/The-Briefing/20080624-National-mortgage-broker-cuts-staff.html

At least they're being pro-active.

Might save their asses . . . . and our very nice sponsorship agreement with them. 

[wayne]

How about the Esso Tigers again??

[tiga]

How about the Esso Tigers again??

Or Tetley. 

[mightytiges]

How about the Esso Tigers again??

Or Tetley. 

CUB back again would be popular lol.

Esso (ExxonMobil) wouldn't be short of a quid at the moment either with the current price of oil/petrol.

[wayne]

AFG sponsorship expires

AFG announced today that they will not be continuing as a major sponsor of the Richmond Football Club after the current contract expires at the end of the year.

“Our association with the Richmond Football Club over the past four years has been most rewarding,” said AFG Executive Director, Malcolm Watkins.

“AFG looks forward to working closely and supporting the club through to the end of the current contract year and many of us will continue to follow the club’s successes for years to come,” Mr Watkins said.

Richmond President Gary March thanked AFG for being such an important part of the clubs rebuilding process over the past four years.

“The Richmond Football Club is very proud of the association we have had with AFG and they have been an integral part of our team,” Mr March said.

“We respect the fact that due to the changing nature of global economic markets AFG are unable to continue with their sponsorship of the club,” Mr March said.

“AFG has been a terrific partner for the club and we wish them all the best in the future,” Mr March said.

“The Richmond Football Club is entering an exciting phase as a club with the commencement of our $20 million redevelopment scheduled to start imminently,” Mr March said.

“We look forward to building a successful relationship with a new replacement partner in 2009,” Mr March said.

http://richmondfc.com.au/tabid/6301/default.aspx?newsid=64007

[bushranger]

Tis no good this news. Lets hope like it has been said that we fuinish on a high to get another good sponsor.

[tigersalive]

Will be plenty of clubs in the exact same situation.

Hopefully we can get as good deal as we had with AFG, who were very generous. 

[one-eyed]

SEN news are claiming the AFG sponsorship was worth $1 million per year.

[Infamy]

We are still one of the biggest crowd pulling clubs in the comp
I think we have the equal 2nd or 3rd biggest average crowds in the entire competition to our home games

We're also on the way up so I can't see us having any trouble pulling a new major sponsor to get on the jumper

[torch]

[blaisee]

the club knew this was coming and we are very far down the track on replacing AFG

The club is  a very professional outfit these days. Its finances are secure, expect another 1 million dollar + profit this year


Don't stress boys and girls, everything is under control

[F0551L]

Hello Tiger airways