The Pies make a Meagre Off Field Profit after a Successful Season Onfield

[Apex36]

I’m actually embarrassed that you respond to every post I make.
Bit of poster worship I expect. You wouldn’t be the first.

What a fun way to try and shut someone down. Attempt to make them feel bad about responding to you. Cute.

I’m very, very embarrassed that you are more than happy to swallow the crap that the club distributes to the masses.
Poor you.

Come back to me when you can form a legitimate argument that hasn’t already been torn to shreds by someone who knows what they’re talking about. As it stands you’ve been reduced to repeating the same garbage ad nauseum implying there’s something sinister about a straight forward financial statement.

 

[Anzacday]

Time for a break methinks

 

[CFC2010]

Gaming exit complete
Dec 11, 2018 9:30AM

Collingwood has formally exited the gaming industry, with the sale of the licences of two venues and its entire gaming operation to the Melbourne Racing Club (MRC) completed last Friday.

Terms of the sale were announced mid-year when the MRC agreed to purchase from Collingwood the licences for The Coach and Horses in Ringwood and The Club in Caroline Springs, and with them 156 gaming machines.

Last Friday 7 December, the sale was concluded.

“Collingwood has been in a strong financial position but, as of Friday, it is in an even stronger position with the sale of the venues and gaming machines,” Collingwood President, Eddie McGuire, said.

“The significant funds flowing from the sale will be put to a Future Fund that, with the continued support of members, will secure Collingwood’s future as a strong, independent and progressive sports club.

“We view this as a prudent commercial decision but also a strategic initiative that allows us to intensify our focus on our responsibilities – Collingwood fans, elite sporting performance and community – and pursue new and different opportunities for growth.

 

[Scottymoz]

Interesting that we haven’t published what sort of dollars we have to put aside for the “future fund”. Exciting nevertheless

I think the strategic thinking of the club has gone to the next level with the change in management.

 

[ZEV]

I would imagine the MRC requested a bit of public confidentiality and discretion amongst the terms of the arrangement

 

[Scodog10]

I would imagine the MRC requested a bit of public confidentiality and discretion amongst the terms of the arrangement

Bingo.

An old article in the AFR indicates that 3 licenses in NSW were going for roughly $320k in 2015.

If we assume the market for licenses has stagnated a conservative figure for 156 licenses would be $15m.

 

[Mkcaptain]

Bingo.

An old article in the AFR indicates that 3 licenses in NSW were going for roughly $320k in 2015.

If we assume the market for licenses has stagnated a conservative figure for 156 licenses would be $15m.

This article says Melbourne sold 92 machines for $11m. So $15m as a conservative estimate is probably on the money. Depending on the negotiations it might be closer to $18m

https://www.theage.com.au/sport/afl...hit-the-jackpot-with-11m-20180404-p4z7p7.html

 

[Kappa]

Fantastic for the community that the money from the pokies will be going to someone else instead of Collingwood.

Oh wait

 

[Scodog10]

This article says Melbourne sold 92 machines for $11m. So $15m as a conservative estimate is probably on the money. Depending on the negotiations it might be closer to $18m

https://www.theage.com.au/sport/afl...hit-the-jackpot-with-11m-20180404-p4z7p7.html

I’m glad you were able to get where I was going with that butchered post referring to machines as licenses...

Fantastic for the community that the money from the pokies will be going to someone else instead of Collingwood.

Oh wait

This is where I’ve always thought the social justice warriors battle against footy club involvement in pokies falls down. All footy clubs do by getting out is shuffle the deckchairs on the Titanic...

Personally I just don’t think pokies are the wizzbang investment they’re made out to be! The revenue is great, but the overheads are just as significant. If we invest wisely I see no reason we can’t go $ for $ in profit.

 

[Timmy from Thomastown]

Operating revenue means squat if you don’t turn a profit.
82 mill revenue should mean a minimum 8.2 mill profit. If not the shareholders would revolt.
Lucky CFC doesn’t have shareholders.

It’s not a business.

 

[Timmy from Thomastown]

Your point being?

We aren’t a business?

 

[Black_White]

Gaming exit complete
Dec 11, 2018 9:30AM

Collingwood has formally exited the gaming industry, with the sale of the licences of two venues and its entire gaming operation to the Melbourne Racing Club (MRC) completed last Friday.

Terms of the sale were announced mid-year when the MRC agreed to purchase from Collingwood the licences for The Coach and Horses in Ringwood and The Club in Caroline Springs, and with them 156 gaming machines.

Last Friday 7 December, the sale was concluded.

“Collingwood has been in a strong financial position but, as of Friday, it is in an even stronger position with the sale of the venues and gaming machines,” Collingwood President, Eddie McGuire, said.

“The significant funds flowing from the sale will be put to a Future Fund that, with the continued support of members, will secure Collingwood’s future as a strong, independent and progressive sports club.

“We view this as a prudent commercial decision but also a strategic initiative that allows us to intensify our focus on our responsibilities – Collingwood fans, elite sporting performance and community – and pursue new and different opportunities for growth.

That’s great news.
Always a problem being involved in an industry, that contributes to the circumstances that in two weeks time, we will get plenty of positive press.

 

[Black_White]

Fantastic for the community that the money from the pokies will be going to someone else instead of Collingwood.

Oh wait

Pfffttt....
No conscience at all?

 

[Kappa]

Pfffttt....
No conscience at all?

Does it make you feel better that by Collingwood selling their licenses literally no one in the community has been helped? And in actual fact instead of the money going to Collingwood who do work in the community it will now go to some random millionaire's bank account...

I'm glad your conscience has been soothed, I'm sure you also send "1 like = 1 prayer" to help those in need.

 

[MagpieJoel]

We aren’t a business?

I think that was my point.

 

[Timmy from Thomastown]

I think that was my point.

I know, I was helping you make it.

 

[MagpieJoel]

I know, I was helping you make it.

Oh, no worries.

 

[Black_White]

Does it make you feel better that by Collingwood selling their licenses literally no one in the community has been helped? And in actual fact instead of the money going to Collingwood who do work in the community it will now go to some random millionaire's bank account...

I'm glad your conscience has been soothed, I'm sure you also send "1 like = 1 prayer" to help those in need.

I’ve no issue with Collingwood getting out of the “business” of gambling.
You appear to prefer Collingwood to profit from those who’s weakness ruins theirs, and their families lives.
Collingwood is better off being a not for profit and doing the community work that we already do for those unfortunate souls who succumb.
If we need to source that money from members, sponsors or outright donations, then I’m confident that we will.
Unlike you, I prefer my club to have a clean conscience. This is one step closer.

P.S. I’m an atheist, so your prayer jibe is wasted on me.

 

[jmac70]

Does it make you feel better that by Collingwood selling their licenses literally no one in the community has been helped? And in actual fact instead of the money going to Collingwood who do work in the community it will now go to some random millionaire's bank account...

I'm glad your conscience has been soothed, I'm sure you also send "1 like = 1 prayer" to help those in need.

I understand what you are saying but I’m still glad the Collingwood brand is no longer linked to Pokies.

 

[76woodenspooners]

Does it make you feel better that by Collingwood selling their licenses literally no one in the community has been helped? And in actual fact instead of the money going to Collingwood who do work in the community it will now go to some random millionaire's bank account...

I'm glad your conscience has been soothed, I'm sure you also send "1 like = 1 prayer" to help those in need.

Not really.

Both CFC and MRC are sporting clubs, both are not-for-profits, and both run charitible foundations.

I guess one point of difference is that followers of MRC are probably more pro-gambling compared with followers of CFC.

 

[Kappa]

I’ve no issue with Collingwood getting out of the “business” of gambling.
You appear to prefer Collingwood to profit from those who’s weakness ruins theirs, and their families lives.
Collingwood is better off being a not for profit and doing the community work that we already do for those unfortunate souls who succumb.
If we need to source that money from members, sponsors or outright donations, then I’m confident that we will.
Unlike you, I prefer my club to have a clean conscience. This is one step closer.

P.S. I’m an atheist, so your prayer jibe is wasted on me.

You have completely misunderstood what I said, don't worry.

 

[Kappa]

Not really.

Both CFC and MRC are sporting clubs, both are not-for-profits, and both run charitible foundations.

I guess one point of difference is that followers of MRC are probably more pro-gambling compared with followers of CFC.

The MRC does community and charity work?

 

[ZEV]

The MRC does community and charity work?

Correct, through the MRC Foundation.

 

[Kappa]

Correct, through the MRC Foundation.

Well then it's like for like, net result, zero change for the community.

 

[Black_White]

You have completely misunderstood what I said, don't worry.

How so?
I understand you believe Collingwood are better off taking pokie money and returning a portion to the community.
Or Collingwood pokies go elsewhere and elswhere doesn’t return money to the community.
As I understand it, al, operators are required to return a percentage to the community. No matter a billionaire or a not for profit sporting club. It’s the legislation.
While your point is valid that Collingwood could direct its profit better than a billionaire, the Hawthorn FC case may differ.
I much prefer that Collingwood do one of the core things that it was originally set up to do. Help the community. Not be part of the problem that it ends up helping.
If I’ve misunderstood you, please correct me.