West Adelaide posts $654,242 loss

[smac]

From what I understand, a SANFL club cannot sell their SANFL assets (AFL licences, AAMI stadium) as a condition of ownership. It is part of the strategy to underwrite the SANFL competition/clubs.

I am sure the area of financial management and loss recovery is a large part of the skills required of the new CEO, when they get appointed. Plenty of companies have returned from financial trouble and someone who led such a recovery would be seen as a perfect fit for West, IMO.

[wycbloods]

From what I understand, a SANFL club cannot sell their SANFL assets (AFL licences, AAMI stadium) as a condition of ownership. It is part of the strategy to underwrite the SANFL competition/clubs.

I am sure the area of financial management and loss recovery is a large part of the skills required of the new CEO, when they get appointed. Plenty of companies have returned from financial trouble and someone who led such a recovery would be seen as a perfect fit for West, IMO.

I think that is why Kym Russell, who has a strong background in financial management, has been appointed the interim CEO and it wouldn't surprise me if he were to take the job on full time.

[Booney]

From what I understand, a SANFL club cannot sell their SANFL assets (AFL licences, AAMI stadium) as a condition of ownership. It is part of the strategy to underwrite the SANFL competition/clubs.

I am sure the area of financial management and loss recovery is a large part of the skills required of the new CEO, when they get appointed. Plenty of companies have returned from financial trouble and someone who led such a recovery would be seen as a perfect fit for West, IMO.

I think that is why Kym Russell, who has a strong background in financial management, has been appointed the interim CEO and it wouldn't surprise me if he were to take the job on full time.

This is in all seriousness,who would want the job?

With massive financial crisis world wide,sponsorship $ hard to come by and the day to day spendings of families in the inner West of Adelaide must be suffering.Tough gig for whoever takes it on.

[wycbloods]

From what I understand, a SANFL club cannot sell their SANFL assets (AFL licences, AAMI stadium) as a condition of ownership. It is part of the strategy to underwrite the SANFL competition/clubs.

I am sure the area of financial management and loss recovery is a large part of the skills required of the new CEO, when they get appointed. Plenty of companies have returned from financial trouble and someone who led such a recovery would be seen as a perfect fit for West, IMO.

I think that is why Kym Russell, who has a strong background in financial management, has been appointed the interim CEO and it wouldn't surprise me if he were to take the job on full time.

This is in all seriousness,who would want the job?

With massive financial crisis world wide,sponsorship $ hard to come by and the day to day spendings of families in the inner West of Adelaide must be suffering.Tough gig for whoever takes it on.

Hopefully someone with some passion for the club and the skills to make sure the club gets through this tough period. I am sure there are not many people who fit that criteria i just hope there is one.

[Sojourner]

Will West Adelaide be paying 100% of the salary cap in 2009?

[johntheclaret]

would westies technically be trading as insovlent ... only $40,000 in the bank yet have a $55,000 overdraft from another loan ... plus other fiancial issues... remember i made comment in late december that westies will report a $400K loss.

"Solvency" is technically defined as being able to pay your debts as they fall due. Debts means any spending commitment .. ie, player wages, normal bills, etc.

So it's hard to know from a historical financial report whether they are currently having difficulties with solvency.

There's heavy penalties for directors if they knowingly trade while being insolvent so I suspect the answer to your question is no. As long as there is some form income coming in (which there is) and (as Dutchy said) there's strength in the balance sheet to cover off some short term losses, then they shouldn't be insolvent.

The other factor against insolvency is whether the SANFL have any obligation to provide short term financial support to Westies or anyone. Of, if they didn't, whether they would anyway if things got dire.

Solvency in th UK means that your current assets are greater than your current liabilities, i.e, current assets being, cash in bank, stock and debtors, whereas current liabilities are tax, wages and creditors. Essentially, anything that can be turned readily into cash.

However, if you have the capacity to raise additional funding by having strong positive balance sheet assers such as land buildings etc, which far oout weights ong term loans, mortgages etc, then insolvency isn't such an issue.

Still, a $640k+ loss must knock a huge hole in any SANFL club balance sheet.

[Big Phil]

Port Magpies CEO Matthew Richardson just announced on the 5RPH Summer Sports Show that the Maggies lost $220,000 last financial year...

[wycbloods]

I was at the club tonight and my schooner of beer cost me 30c more than it did last week. Bring back Phillips i say

[am Bays]

Port Magpies CEO Matthew Richardson just announced on the 5RPH Summer Sports Show that the Maggies lost $220,000 last financial year...

So by my reckoning all clubs so far except Centrals have recorded a loss in 2008. The roost is reporting that North ahve lost $200 000 ( a good result compared to everyone else)

Not a good sign for the comp for all clubs bar one to in deficit for the last year.

Centrals supporters have your club released their annual report yet??

[redandblack]

I believe Centrals will return a small profit.

[drebin]

Port Magpies CEO Matthew Richardson just announced on the 5RPH Summer Sports Show that the Maggies lost $220,000 last financial year...

So by my reckoning all clubs so far except Centrals have recorded a loss in 2008. The roost is reporting that North ahve lost $200 000 ( a good result compared to everyone else)

Not a good sign for the comp for all clubs bar one to in deficit for the last year.

Centrals supporters have your club released their annual report yet??

North’s overall lose (Football Club / Roosters Club) was around $176,000 but there are some serious questions being asked by some as to how we can record a loss with the income streams we have? The financials are hard to read and some expense increases haven't exactly been clarified clearly.

Some suspect large amounts of money have been hidden for some reason to "write down" performance. I know of one person with a very good financial / accountancy background that questioned last years financial reporting and will do so again but he has been "blocked" in attempts by some to access information that he was told he could view?

The current off field tactics used by the CEO and some of the Board are a disgrace. They run the club like a dictatorship, disregard any member concerns, use the Major Sponsor to basically bully and threaten people into not voting for change at the upcoming election so much so that one candidate has withdrawn.

Democracy and transparency are not two words that you will hear in the corridors of power at Prospect these days.

[SABRE]

I was at the club tonight and my schooner of beer cost me 30c more than it did last week. Bring back Phillips i say

Hey 'wycbloods' were you the gentleman who twice told the barman, "This is bullsh*t" ?

Loved it !
I was there for the Ulysses Club meeting and they aren't too happy about Westies
suddenly trying to slug them $200 a meeting for using the empty upstairs area.
100 to 200 Ulysses people buy meals & drinks before, during & after these monthly
meetings and it looks like Westies have shot themselves in the foot by losing this
revenue. Wonder how many other non-profit organisations using WAFC facilities will be forced
away because of this new policy? Seems a pity to be turning away good custom & profits.

P.S. If anyone can help with a new venue for the Adelaide Ulysses Club that's not too far
from Richmond, please contact the club secretary on 0418 857 369. (Bar & meals required)

[wycbloods]

I was at the club tonight and my schooner of beer cost me 30c more than it did last week. Bring back Phillips i say

:lol: Hey 'wycbloods' were you the gentleman who twice told the barman, "This is bullsh*t" ?

Loved it !
I was there for the Ulysses Club meeting and they aren't too happy about Westies
suddenly trying to slug them $200 a meeting for using the empty upstairs area.
100 to 200 Ulysses people buy meals & drinks before, during & after these monthly
meetings and it looks like Westies have shot themselves in the foot by losing this
revenue. Wonder how many other non-profit organisations using WAFC facilities will be forced
away because of this new policy? Seems a pity to be turning away good custom & profits.

P.S. If anyone can help with a new venue for the Adelaide Ulysses Club that's not too far
from Richmond, please contact the club secretary on 0418 857 369. (Bar & meals required)

Nah it wasn't me Sabre but i sure was thinking it . Cheap drinks has been one of the few reasons people have drunk there in the past because they have not provided, besides karaoke, any entertainment to keep people there.

How long have the Ulysses been using westies as their meeting place? about 4 years would be my guess.

It seems silly to me to charge them $200 to risk losing $1000+.