The future of West Adelaide.

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The future of West Adelaide.

Postby Sojourner » Wed Jan 30, 2013 1:29 pm

Some concerning reports are doing the rounds re the loss at West Adelaide for Season #2012, clearly cost cutting is underway to offset the losses, yet its being raised that far harder decisions await the club on what can be done to change things.

On the WAFC website they are permitting candidates for the board to have their say and put their case forward for election, this one caught my eye, see what you make of it - and no I dont know him, yet he seems like someone that would be a good candidate for the club.

DEAN WITHERS
Director – Dean Withers & Associates Pty Ltd, Chartered Accountants
Qualiifcations
• Practising Member – Institute of Chartered Accountants
• Chartered Tax Advisor
• Registered Tax Agent
• Registered Company Auditor
• Bachelor of Economics (Accounting) from Flinders University
Professional Associates
• Member of Institute of Chartered Accountants in Australia
• Member of National Tax Agents and Accountants Association
• Member of Tax Institute of Australia
As a lifelong supporter of West Adelaide Football Club and a Chartered
Accountant, I have decided to stand for the Board out of my deep concern
for the financial affairs of the club.
Over the past few years we have seen improved on field performance which
has been matched by a deteriorating financial position. To put it bluntly, we
have been living beyond our means.
The club has two main assets being its land and buildings valued at around
$2 million and gaming machines valued at $1.5 million. Neither of which you
would want to sell but if the club’s cash flow position is not addressed soon
we face the possibility of having to sell one of these assets.
“Why and how could this be?” you ask. This potential situation could arise
due to the deteriorating liabilities and cash position of the club. Let’s look
at some examples.
Last year’s financials (2011) showed a combined payables and accruals
balance of $1116552 compared to the 2007 financials where the balance was
$555927. A half a million dollars deterioration.
If you then look at the cash assets of the club:
Cash assets in 2007 $408707
Cash assets in 2011 $ 40647
A deterioration of $368060
These are very sobering numbers and something that has to be addressed. As a
Chartered Accountant with over 20 years’ experience in public practice I believe
that I can ask the questions and work on the solutions to fix the problems.
From a personal point of view, I have been coming to Westies with my family
since the mid 1970’s. I have a ten year old son and an
eight year old daughter who I enjoy bringing to the
footy on a regular basis. I want them to be able to
look back in 35 years with the same fond memories
of West Adelaide that I have. I, however, fear that if
we continue down the same financial path we are
currently, on then that may be a “dream”.
If you wish to contact me to discuss any issues of
my nomination, I can be contacted on either mobile
0407714196 or drw@ihug.com.au
Last edited by Sojourner on Wed Jan 30, 2013 1:50 pm, edited 1 time in total.
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Re: The future of West Adelaide.

Postby Mr Beefy » Wed Jan 30, 2013 1:35 pm

Must be doing it tough, can't afford an f
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Re: The future of West Adelaide.

Postby Ronnie » Wed Jan 30, 2013 1:56 pm

I read somewhere the club is selling about 6 of their pokie machine licences. How much are they worth?
Would probably raise a fair bit of money but it's a fairly drastic thing to do.
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Re: The future of West Adelaide.

Postby Dogwatcher » Wed Jan 30, 2013 2:00 pm

I've heard $600k loss on the cards.
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Re: The future of West Adelaide.

Postby am Bays » Wed Jan 30, 2013 2:07 pm

Merge with Sturt?
Let that be a lesson to you Port, no one beats the Bays five times in a row in a GF and gets away with it!!!
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Re: The future of West Adelaide.

Postby wycbloods » Wed Jan 30, 2013 2:45 pm

Dogwatcher wrote:I've heard $600k loss on the cards.


I think it was something in the vicinity of that but not quite that much. Only got the info posted out last night.

I think the candidates for the board have put their position forward well.

Clearly the decisions of the last few years have seen us spend significant amounts of money that we clearly didn't and don't have.

They have to be held accountable for that.
"Injustice anywhere is a threat to justice everywhere." Dr. Rev. Martin Luther King Jnr.

CoverKing said what?

Agree with AF on this one!
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Re: The future of West Adelaide.

Postby Brodlach » Wed Jan 30, 2013 2:46 pm

wycbloods wrote:
Dogwatcher wrote:I've heard $600k loss on the cards.


I think it was something in the vicinity of that but not quite that much. Only got the info posted out last night.

I think the candidates for the board have put their position forward well.

Clearly the decisions of the last few years have seen us spend significant amounts of money that we clearly didn't and don't have.

They have to be held accountable for that.



After taking off depreciation it was around $286,000
July 11th 2012....
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Re: The future of West Adelaide.

Postby Dutchy » Wed Jan 30, 2013 2:50 pm

He puts forward a very good case and if I was a Westies member he would certainly have my support.

What is the future of the CEO having presided over these deteriorating financials?
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Re: The future of West Adelaide.

Postby Mythical Creature » Wed Jan 30, 2013 3:15 pm

I've dealt with Dean a couple of times through work, and I get the impression by speaking with him over the phone that he is a top bloke.
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Re: The future of West Adelaide.

Postby whufc » Wed Jan 30, 2013 5:55 pm

I hope the SANFL support the WAFC to the same extent they have supported the one club.

The SANFL needs all its current stand alone clubs to survive
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Re: The future of West Adelaide.

Postby hottie » Wed Jan 30, 2013 7:06 pm

My theory is people can make disastrous mistakes when spending money that doesnt personally belong to them,this happens on a regular basis and will continue down the same path with many clubs and world wide business.
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Re: The future of West Adelaide.

Postby Dog_ger » Wed Jan 30, 2013 7:20 pm

Telephone Doug...? :shock:

It's 2013. It's a business.

Everyone on the board is responsible.

Shame.

We don't want to hear excuses. We want answers.

Terrible if another team goes under.

First there was 10. Now there is going to be how many..?

Five years from now.... I don't accept sorry. :x

And the Next year after that. Why...
Smile :)

It's only Money $$$ :)

What is happening to our SANFL guys...
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Re: The future of West Adelaide.

Postby CENTURION » Wed Jan 30, 2013 8:25 pm

I have a plan to save Centrals from going down the gurglar, I have met with The Club & discussed it. If it works (and it should), I will take my plan to the other clubs.
Member No. 988 & PROUD to sponsor The CDFC!!
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Re: The future of West Adelaide.

Postby Dog_ger » Wed Jan 30, 2013 8:28 pm

CENTURION wrote:I have a plan to save Centrals from going down the gurglar, I have met with The Club & discussed it. If it works (and it should), I will take my plan to the other clubs.


Is that plan XXX my good friend...? :D
Smile :)

It's only Money $$$ :)

What is happening to our SANFL guys...
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Re: The future of West Adelaide.

Postby dedja » Wed Jan 30, 2013 8:30 pm

For once we agree ... :lol:
It is better to be silent and be thought a fool, than to speak and remove all doubt
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Re: The future of West Adelaide.

Postby CENTURION » Wed Jan 30, 2013 9:02 pm

I can't say & won't for now.
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Re: The future of West Adelaide.

Postby dedja » Wed Jan 30, 2013 9:12 pm

Let me guess ... you put everything on either red or black? ... am I close?
It is better to be silent and be thought a fool, than to speak and remove all doubt
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Re: The future of West Adelaide.

Postby CENTURION » Wed Jan 30, 2013 9:16 pm

nup!
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Re: The future of West Adelaide.

Postby dedja » Wed Jan 30, 2013 9:18 pm

makes sense ... I heard West put everything on red and black and still lost out
It is better to be silent and be thought a fool, than to speak and remove all doubt
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Re: The future of West Adelaide.

Postby wedgetail » Wed Jan 30, 2013 10:37 pm

whufc wrote:I hope the SANFL support the WAFC to the same extent they have supported the one club.

The SANFL needs all its current stand alone clubs to survive

I've heard John Kantilaftas (ex Eagles CEO & WAFC player) has been seconded to the board for 2013 and is staggered at the archaic way the Bloods are run.
He would be an assest having run a tight ship at the Eagles.
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