by Dutchy » Wed Oct 30, 2013 9:46 pm
Sturt Football Club's debt demolition campaign raises more than $600,000
OCTOBER 30, 2013
Sturt Football Club president Jason Kilic, pictured in 2010, says the club is in a much better financial position than it was this time last year. Source: News Limited
STURT Football Club has wiped more than a quarter of its bank debt, is set to clear its Australian Taxation Office bill this year and is continuing its move away from poker machine revenue.
Double Blues president Jason Kilic said the club was headed in the right direction after the $175,000 raised at a gala dinner last month took the total amount raised during a debt demolition the campaign to more than $600,000.
The debt demolition, inspired by AFL club Melbourne and driven by outgoing Double Blues chief executive Matt Benson , began in May last year and culminated on Thursday, October 17, with the dinner at Adelaide Oval.
The Double Blues had aimed halve their $2.2 million bank debt through the campaign but Mr Kilic said getting the debt down to about $1.6 million was an important step.
"It's been quite an experience," Mr Kilic said.
"Some people who you never thought would donate came and dropped in a cheque for $10,000.
"It was extremely encouraging and humbling."
Mr Kilic would not say how much the tax debt had been, only describing it as "significant", but said the club was set to clear it by the end of the year.
"We're in much better shape than we were 12 months ago," he said.
The Double Blues reported a $447,000 loss last year which followed a $412,000 loss in 2011, causing it to come close to closing its doors over summer.
But by June this year the club's membership had climbed to an SANFL high 3750 .
It sold off three poker machine licences last year in a bid to improve its bottom line.
Mr Kilic said it was negotiating to end its lease arrangement at Edwardstown's Castle Tavern.
In 2005, the club made a deal with hotelier Graham Fricker which gave it access to revenue from 32 pokies, TAB and Keno, until 2017.
"The negotiations are going well and I think it will be a pleasing outcome for all," Mr Kilic said.
"We'll be focusing more on our traditional incomes streams and they will be sponsorship, membership and fundraising."