Dutchy wrote:dedja wrote:As stated many times before, this is West’s real issue, they are not generating anywhere near enough revenue to being close to sustainable. To make matters worse, they effectively dont have any assets.
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This is incorrect, they are the only club I know that owns their clubrooms.
I must admit I thought they sold them, but the deal with the Wolfpack was a loan, transferring the club’s bank loan to the Wolfpack, who then lent the same amount back to the club.
I don't know how much, if any of that loan from the Wolfpack has been cleared.
So I’ll need to correct my previous statement about debt/loans.
Glenelg’s venue/clubrooms are on their balance sheet as assets. Like other clubs, these are classed as leasehold improvements on the council owned land.