Sturt in Financial Trouble?

[CENTURION]

but with the appointment of an administrator, things would have to start turning around almost immediately? If not, then what & what sort of time frame does Sturt more than likely have if the administrator can't satisfy the debtors?

[jumbo20]

Boy it would be good if the club came clean and we knew the true position,I guess the fact it is not a big story in the media makes me wonder if it is not as bad as seems...

[SDK]

If a business is trading at a loss and an administrator is appointed it is up to the administrator to find a way to trade at a profit.
My understanding is that it is illegal to continue trading at a loss.

[CUTTERMAN]

Boy it would be good if the club came clean and we knew the true position,I guess the fact it is not a big story in the media makes me wonder if it is not as bad as seems...

what makes you think they haven't been honest

[Barto]

If a business is trading at a loss and an administrator is appointed it is up to the administrator to find a way to trade at a profit.
My understanding is that it is illegal to continue trading at a loss.

I'm no financial expert, but I'm pretty sure that making a loss and trading while insolvent are two different things.

[on the rails]

Sturt CEO on 5AA tonight. Highlights of the Interview:

SFC will be open and meet the Unley Council - they having nothing to hide.
Without the SANFL hand outs which are locked in for another 2 years Sturt would have had to close it's doors. WWT CEO also hinted the same for the Eagles
Sturt worried at end of season where the end of match day revenue ceases and could not see where any substantial money was going to come from between now and Christmas so cash flow is a real issue.
Nothing in the reduction to 8 team SANFL story doing the rounds. It was discussed in past and at presnet by the league CEO's in the event a club goes under or get's withdrawn from the comp at some point in the future (assume that is a reference to the PAMFC?).
Sturt doing it tough but has strategies in place to reduce it's debt and Cornesy quizzed him on a the ATO rumour and that was confirmed that Sturt had a debt to the ATO and Matt but that they had flexible arrangments in place to meet their debt / obligations.

[CUTTERMAN]

Yep, pretty good summary OTR. Matt Benson also mentioned that the meeting with the council was also to show the Council that in the event that they were going to undertake an upgrade of Unley Oval to a Community Sports Centre that Sturt would still be around to be part of it.

[csbowes]

Boy it would be good if the club came clean and we knew the true position,I guess the fact it is not a big story in the media makes me wonder if it is not as bad as seems...

what makes you think they haven't been honest

Probably the same reason others think they have... gut feel...

[CUTTERMAN]

Gut feel hey! Wasn't Mabo or the vibe.

[ORDoubleBlues]

STURT Football Club will be asked to front a meeting with Unley Council to explain the club's fragile financial state.

Unley councillors earlier this week unanimously backed a call by fellow elected member Mike Hudson for a meeting between the council and the football club.

The meeting would thrash out issues surrounding the Double Blue's financial woes, which has seen it battling to clear a $2.2 million debt.

http://www.adelaidenow.com.au/news/sout ... 6458978332

Cr Mike Hudson posted a comment to that article asserting that the SFC are asking for the UCC to bail them out.
"Sorry, Anna, but your bias is showing. No one is "gunning" for Sturt.What we need is facts, not fantasy from the administration. Who is going to bail the Blues out?. Not the ratepayers if I have anything to do with it. Councillor Mike Hudson."
To the best of my knowledge, the SFC have never, and will never expect or request a bailout by the UCC and for a standing Councillor to assert that on a public forum is a disgrace.

Hudson is the main troublemaker for those that aren't aware. He'd be at any future meeting hoping to hear the words "Sturt is finished" and yes, he would definitely be the absolute last person you'd involve in any plans to help the club so Anna's bias is not showing at all, she's just telling it exactly as it is.

[CENTURION]

who does Hudson barrack for?

[CUTTERMAN]

Not sure he barracks for any team, probably doesn't even follow footy. Even people from within the council are growing tired of him.

[on the rails]

I thought Matt Benson was refrshingly honest and blunt which is good from a CEO. My mail from someone in the know at Sturt is that alot of the issues re Sturt's $$$ are greatly inflated by the media and there is no issue re them closing their doors or servicing their debt which is good news. I would hate to see Sturt not in the SANFL and if the talk is on for an 8 team league then it must included them.

I understand the pressing issue for the SFC is meeting with the council and getting a much fairer deal as the tenant at UO. Based on what I have been told the Council are really screwing the SFC and their deal is the worst by far in the SANFL in terms of a lease etc. with the local council.

[Go Legs]

If a business is trading at a loss and an administrator is appointed it is up to the administrator to find a way to trade at a profit.
My understanding is that it is illegal to continue trading at a loss.

I'm no financial expert, but I'm pretty sure that making a loss and trading while insolvent are two different things.

You are a finance Guru, absolutely correct in your comments.

Trading at a loss is your business, trading when insolvent (unable to pay your bills) that's ASIC business.

Cheers,

[holden78]

In 2 years the league will be able to set itself for the future re footy park and the AFL licences, so Sturt need to stabilise financially now to then reep the rewards moving forward! Always wondered why they never had their pokies down south ala the panthers, where the rent and pokie punters are more favourable?

[CUTTERMAN]

I thought Matt Benson was refrshingly honest and blunt which is good from a CEO. My mail from someone in the know at Sturt is that alot of the issues re Sturt's $$$ are greatly inflated by the media and there is no issue re them closing their doors or servicing their debt which is good news. I would hate to see Sturt not in the SANFL and if the talk is on for an 8 team league then it must included them.

I understand the pressing issue for the SFC is meeting with the council and getting a much fairer deal as the tenant at UO. Based on what I have been told the Council are really screwing the SFC and their deal is the worst by far in the SANFL in terms of a lease etc. with the local council.

It's been mentioned on here many times before but our game day running costs are $5000 more than any other club mainly due to the temporary fencing that needs to be erected and removed each game. I'd have no idea what the Unley Oval lease costs are as compared to other grounds.
The other issue with Cr Hudson's public comments is that he insinuates that Sturt haven't been upfront and honest with the Council concerning their finances, which again is far from the truth.

[CENTURION]

how much to purchase the fences?

[Go Legs]

STURT Football Club will be asked to front a meeting with Unley Council to explain the club's fragile financial state.

Unley councillors earlier this week unanimously backed a call by fellow elected member Mike Hudson for a meeting between the council and the football club.

The meeting would thrash out issues surrounding the Double Blue's financial woes, which has seen it battling to clear a $2.2 million debt.

http://www.adelaidenow.com.au/news/sout ... 6458978332

Cr Mike Hudson posted a comment to that article asserting that the SFC are asking for the UCC to bail them out.
"Sorry, Anna, but your bias is showing. No one is "gunning" for Sturt.What we need is facts, not fantasy from the administration. Who is going to bail the Blues out?. Not the ratepayers if I have anything to do with it. Councillor Mike Hudson."
To the best of my knowledge, the SFC have never, and will never expect or request a bailout by the UCC and for a standing Councillor to assert that on a public forum is a disgrace.

Hudson is the main troublemaker for those that aren't aware. He'd be at any future meeting hoping to hear the words "Sturt is finished" and yes, he would definitely be the absolute last person you'd involve in any plans to help the club so Anna's bias is not showing at all, she's just telling it exactly as it is.

Council elections are easy to steamrole, find a SFC member willing to stand in Hudson's area and 'Bob's your Uncle" Hudson is gone.

Or at least shut him up!!

Cheers,

[sigur]

who does Hudson barrack for?

Hudson is a vocal footy hater, he's been a thorn in the side of Sturt for years. Not a good guy to have on the council.

Pretty sure he follows rugby though, so perhaps Sturt should start a rugby team based at unley to bring him onside.

[CUTTERMAN]

how much to purchase the fences?

The purchasing of temporary fencing has been discussed on the Sturt forum and would be financially viable but there's the issue of erecting it and dismantling it every game. For this Sturt would have to rely solely on volunteers. What does the club do is the volunteers don't turn up or they're not erected in time. We've already got volunteers helping with this now.