Glenelg financial trouble

[Gozu]

THE cash-strapped Glenelg Football Club is asking for a $500,000 loan extension from Holdfast Bay Council to help pay its creditors and inject capital back into its operations.

The club has approached the council to increase its borrowings to implement a range of measures designed to restore the club's profitability.

Bays president Nick Chigwidden said the club "was in a tight spot".

He blamed unforeseen legal fees of $132,000 to install new lights at the ground, difficult trading conditions and poor on-field performances for its parlous financial position.

http://www.adelaidenow.com.au/sport/afl ... 6703028478

[johntheclaret]

Unforeseen legal fees ? $132k is a lot of unforseeing

[85 WAS A GOOD YEAR]

Unforeseen legal fees ? $132k is a lot of unforseeing

Yes it is. Even more so when you divide it by the 6 idiots that caused it

I am so angry about what has happened in the last 2 week's, but so help me, I don't want for see my beloved Bays fold due to financial difficulties.

I guess it's time to forgive, but not forget

[Jimmy_041]

Last 2 weeks?
You mean the Crows Reserves or something else?
Were the legal fees to get rid of the CEO or because of it?

[Jim05]

I thought Glenelg was the club in question.
Was mentioned at the Norwood info night that 1 club was close to insolvency, 1 in a poor financial state and 1 that requires council assistance. There had been rumours for awhile that the Bays are in trouble.
Not good for the league to see any side in trouble.
Hopefully they can turn it around

[JK]

I thought Glenelg was the club in question.
Was mentioned at the Norwood info night that 1 club was close to insolvency, 1 in a poor financial state and 1 that requires council assistance. There had been rumours for awhile that the Bays are in trouble.
Not good for the league to see any side in trouble.
Hopefully they can turn it around

The burden of debt with lights and club rooms is something our club could well keep in mind

[JK]

As for the Bays, hope they can sort it out .. Was there for lunch last week and had a great day, highly recommend their monthly guest speaker luncheons

[Jim05]

I thought Glenelg was the club in question.
Was mentioned at the Norwood info night that 1 club was close to insolvency, 1 in a poor financial state and 1 that requires council assistance. There had been rumours for awhile that the Bays are in trouble.
Not good for the league to see any side in trouble.
Hopefully they can turn it around

The burden of debt with lights and club rooms is something our club could well keep in mind

Agreed, their club rooms are fantastic.
Just think a couple of clubs jumped too quick with the whole lights setup, once a couple of clubs had it others tried to follow suit and I honestly dont think night games are a saviour.
A couple per season is enough IMO

[The Sleeping Giant]

Unforeseen legal fees ? $132k is a lot of unforseeing

Yes it is. Even more so when you divide it by the 6 idiots that caused it

I am so angry about what has happened in the last 2 week's, but so help me, I don't want for see my beloved Bays fold due to financial difficulties.

I guess it's time to forgive, but not forget

That was quick.

[SDK]

The Clubs alluded to on Thursday night were :
West Adelaide almost insolvent.
Sturt relying on the Council to keep them alive.
Glenelg was the 3rd club alluded to.
"Perhaps a 4th " would be the Eagles.

Norwood keep copping shit from other supporters for not having official club rooms yet the ones that have great facilities.... Glenelg, West and even Sturt are almost broke ! Fantastic clubrooms does not equate to good revenue raisers .... those days went are gone !

[on the rails]

And Norwood are in a good financial state are they?

[JK]

And Norwood are in a good financial state are they?

To be honest I really don't know, but my gut feel would be that we're ok .. Not broke, not flush.

[SDK]

Correct.

[ferret]

The Clubs alluded to on Thursday night were :
West Adelaide almost insolvent.
Sturt relying on the Council to keep them alive.
Glenelg was the 3rd club alluded to.
"Perhaps a 4th " would be the Eagles.

Norwood keep copping shit from other supporters for not having official club rooms yet the ones that have great facilities.... Glenelg, West and even Sturt are almost broke ! Fantastic clubrooms does not equate to good revenue raisers .... those days went are gone !

What's come up that makes you think the Eagles are possibly in financial difficulties.

[Panther Pack]

Is the Bays current financial situation solely related to the installation of the lights or has there been other circumstances that have also lead to this debt?

[Dutchy]

Its a worry if we need $500k, not sure why we would need that big a cash injection

[Jim05]

Its a worry if we need $500k, not sure why we would need that big a cash injection

To pay Massie out

[85 WAS A GOOD YEAR]

Its a worry if we need $500k, not sure why we would need that big a cash injection

Maybe the Visitors Rooms aren't up to standards required for AFL Reserves teams

Seriously though, there has been a skeleton staff running the club administration for a couple of years. Some experienced staff left & weren't replaced, and short termers who barely signed on before they'd handed in their notice.
Off field it has been short term fixes, and just like on field, the club needs long term experienced and committed people.
Unfortunately if you can only afford peanuts ...... You get people who are looking to add the GFC onto their resume, but begin looking for a better paying job without the 6 day a week committments from the day they start.

[Mic]

Like all clubs, the Bays will be fine once the Crows Reserves start next year...

[Pseudo]

Unforeseen legal fees ? $132k is a lot of unforseeing

Yes it is. Even more so when you divide it by the 6 idiots that caused it

I am so angry about what has happened in the last 2 week's, but so help me, I don't want for see my beloved Bays fold due to financial difficulties.

I guess it's time to forgive, but not forget

That was quick.

Wrong thread. Try "Things my missus says to me" on the General Board...