Official Club Stuff 2025 Financial Results - Operating profit $1.677m and DEBT FREE!

[Byrons Firen]

IANAA either but because it's a debt owed to Hinkley that's already been incurred I'm pretty sure it needs to be recorded as a liability in the balance sheet.

Yep there's no getting around it, just like the man himself.

Wide in the girth like the well fed scrote he is and always was

Shame on us for too long. Regret it? you bet I do but

I rejoined coz I wannabe part of 'it' and its happening.

 

[1954]

I think we're all a little in the dark 'til REH gives us the good oil

X2, REH's take on whether any creative accounting has been involved in the process could be very interesting!

 

[RussellEbertHandball]

Operating profit of $1.677m, before grant revenue, depreciation and amortisation
+
Capital grants recognised for facility development of $2.8m
-
depreciation and amortisation approx $2.5m
=
Consolidated profit including grant revenue of $1.977m

Last year
Depreciation and amortisation = $1,837,331

add about $20m buildings added in 2024 and written off over 40 years mean depreciation and amortisation is at least $2.3mil, so $2.5m estimate above is in line what I would expect to see when the club releases full financials in late February.

• Record membership of 78,023 members representing an increase of 9% year-on-year

This constant bullshit of counting 8,000 AO Football Members when over 5,500 are crowies and we don't get a cent from any of the 8,000's AO membership fees.

 

[Burningleviathan]

I would like to see a break down of full 11 game members/3 game members etc

 

[El_Scorcho]

I would like to see a break down of full 11 game members/3 game members etc

CPI adjusted membership revenue over time would also be a good one, but then the league and all it's clubs wouldn't be able to lie.

Membership numbers are meaningless and made up. They give you a membership for buying a single game ticket in some cases, and people from this forum have been re-signed up for free despite saying no.

 

[Alberton Proud]

Saints declared an operating profit of $2.781 million for 2025 here's how:

St Kilda’s revenue from the AFL​

View attachment 2495256

Football first, debt second: The Saints said they wanted to get off ‘welfare’ but accepted extra AFL cash

While it was known that the Saints have received additional millions of dollars from the AFL, financial statements give a frank accounting assessment of the club’s reliance on the league to remain solvent as a company and meet the club’s debts.

www.theage.com.au

$1.9 million for "Signage"

 

[Grave Danger]

$1.9 million for "Signage"

The Chery on top? That "Other" item being marked down to exactly $500k sounds a bit suss.

 

[RussellEbertHandball]

Been meaning to write in here since I got the official accounts 3 weeks ago, but being a bit slack and also wanting to finish off some comparisons with other clubs, before I wrote in here.

First thing is, I was wrong about the Bequest Trust that I wrote about in the - The PAFC has secretly purchased 26 properties - thread.

The Bequests were kept off balance sheet in the Power Future Fund until the 2010 Merger between the Power and Magpies. Since then, the Future Fund and the bequests have been shown in Port's accounts.

The PAFC Property Unit Trust was the entity that started purchasing the properties. The PAFC Property Nominees Pty Ltd which will act as the Trustee company was set up 4th January 2023.

bomberclifford in the other thread made a comment -
The ASIC records for the property investment entity where changed recently. August last year and February this year.
The last sale may have triggered a change in the structure?

bomber these 4 documents on 15/7/25, 19/8/25, 29/8/25 and 2/2/2026 were appointment of directors forms lodged with ASIC.

A Trustee company usually controls the trust, but when the trust was set up, maybe a couple of Port directors could have been appointed as directors of the Trustee company, and/or a couple of the 17 club benefactors, and because this is a unit trust and not a discretionary trust, it's the unit holders who truly control the trust, so the club by corporations law didn't have to consolidate these transactions on the PAFC group balance sheet and profit and loss, until the club took over all the units.

Note 10 Investment Properties - says the club acquired all the units in the trust on 3rd July 2025. By waiting until post 30 June to do this transfer the PAFC's 2025 accounts doesn't have land tax of about $250k in them assessed for 2024. That land tax was part of the transfer of capitalised costs.



The claim by the club that Caro quoted in her story of 25th Feb - "The highly confidential scheme began three years ago and only concluded in early February when the final local landowner agreed to sell, handing Port the last piece of a complex property puzzle," is bullshit.

This came out when it did for 3 reasons;
1 The club accounts at the AGM were released the next day and despite it being only 3 pages handed out each year, there was enough info about the property trust transactions in those basic financials for people to ask what the hell is going on?
2 The AFL annual report was being released a week after our AGM at their AGM and their accounts reveal an investment in the PAFC Property Unit Trust, and
3 The members elected director position was announced the same day, so if Jonas didn't win, that story would have been buried by this announcement.

And not all the properties have been bought. Richo on Monday night at the members info night revealed they have bought 26 of the 29 properties. I counted 26 pieces of land on the google maps street view but there is one piece of land, 52 Port Road that has 6 units on it, so I suspect the owners of 1, 2 or 3 of the 6 haven't signed up yet. One of the owners who hasn't sold up attended the info night and asked a couple question - but not specifically about her situation.

In the Alberton Square FAQ's article the club (and the rental income in the accounts) implied that some of the properties are sale lease back deals as well as have been investment properties and tenanted out by previous owners - The Trust has acquired all properties at market value or more and all residents have been supported in their individual situations. Current tenants have been notified and will have at least 18 to 24 months to relocate before the next stage commences.

I still find it hard to believe the club purchased all 26 properties within 3 years, all next to each other.

I went on about benefactors and the bequest fund/trust, but I suspect some of the 17 benefactors who joined, Koch, Restas and 1 other director and the AFL as partners in this property venture, had already owned some of the properties and were asked to sell up and join the club in this venture.

So some of the 17 benefactors provided loans to the club in cash and if I'm right that some benefactors owned some of the properties in question, they transferred their properties to the club either for cash or for $nil cash, but a loan was established at the market value of the property that the club owes them.

Here are the property transactions in the accounts

Balance Sheet - In the books at $22.631m asset


Offset against a $24.146m loan



Notes to the Accounts






AFL loan is for 4 years, Maximum value of loan will be $13.5m and BBSW = Bank Bill Swap Rate, and they receive that interest rate plus a margin, which isn't revealed and the interest is payable in arrears.



This transaction affected the Profit and Loss in following way;

Rental income of $166k collected between 3 July and 31st October



Interest charged and expensed on the loan amounts was $657k. I suspect most of that is to the AFL. The 2026 cash flow statement will reveal more.



Depreciation of $19.7k



Cash Flow Statement

So looks like between 1st November 2024 and 3rd July 2025
Port borrowed $3m from the trust, and then paid back $300k before acquisition of the trust, on 3rd of July the trust had $1.806m cash in bank, which comes onto Port's consolidated books.

This acquired cash is the main reason why the asset value is $22.631m and the loan liability is $24.146m

During the full year, Port brought properties and then capitalised costs like architect fees and any major works on the properties as Note 10 says there is Work in Progress capitalised of $582,527.

Interest Paid in cash was only $371k which means interest accrued on AFL loan and others of $657k is paid in Port's 2026 financial year.

 

[RussellEbertHandball]

Rest of analysis of Port's 2025 financials.


Profit and Loss



Slowly the club is giving more revenue items details, but still includes interest received as other income.

Direct Footy Revenue was pretty flat from memberships, ticketing, stadium yield and merchandise and corporates.

The AFL distribution saw a $1.655m increase and the main reason for the increase would have been to pay AFL players got a big salary cap increase in 2025, and the AFLW players as well, (they also got a big increase in 2023), because of the start of the new TV deal (2025-32). Also in 2024, the AFL gave us the last $1m of the $5m for the High Performance Centre development and broadcast quality lights, which wasn't repeated in 2025, so effectively a net increase of $2.655m.

Edit; The AFL Salary Cap went from $15.788m in 2024 to $17.762m in 2025 and that $1.976m increase was fully funded by extra AFL distributions. The AFLW Salary Cap went from $1.962m in 2024 to $2.290m in 2025 and that $0.328m increase was fully funded by extra AFL distributions, which gives a total AFL distribution increase of $2.290m.

The Hinkley departure tour year costs us revenue $$$.



Koch and co couldn't help themselves and approved the revaluing of the memorabilia by $103k, after $190k in 2024, $146,065 in 2022, and $534,000 in 2019.

Note 9


Here's how Collingwood treat their memorabilia valuation. The purchased memorabilia is $1.169m, no depreciation and that is what is in the assets in their balance sheet. If Port had Collingwood's memorabilia collection Koch would approved adding $19m to Port's asset base.



We received $8.750m of the $17m from the state government for the new women's change room's and the eastern grandstand and part of the Bowling Club redevelopment. Looks like the state government gave it to us in 2 hits, $2,056,385 which was fully spent and is in the cash flow separately for some reason and then another $6,443,615 as per the cash at bank note and $5,681,936 is left in the bak as at 31/10/25.

So a total of $6,443,615 - $5,681,936 = $761,679 + $2,056,385 = $2,818,064 was for capital works in progress and is the amount shown above in other revenue.
The SA government has given us 2 x $1.5m grants in 2021 and 2022 for redeveloping the Williams stand first and the second grant for the MG High performance Centre and pledged $17m for the current developments.

That means they have given the crows at least $20m and what ever extra the crows get, Port will get. Originally the state government said $15m to match the $15m from the feds + $11.26m from the West Torrens Council. So if its $20m, total grants will be $46.26m. Crows are showing total grants in 2025 of $24,394,682 and $25,315,000 in 2024, so whatever difference over the $46.26m is from the state government grants over $20m, Port will ask for that amount as well.






Lockhart Road do you know why we still have a $1.488m cash balance in Power Cred (Shanghai) Sports Cultural Development Co. Ltd and what that equal amount shown as a Trade Payable relates to?


So the Work in Progress is almost the same as what I calculated above, difference is $3,373


Liquidity Current Assets vs Current Liability






Given the income in advance is from members and sponsors and the Capital Grants in advance is from the state government grants, the liquidity position of $9m extra current liabilities over current assets is not as bad as it looks.




And this note to the accounts will raise some interesting questions. HINT READ CLOSELY

2025 Note 19 Related Party Disclosure




2024 Note 18 Related Party Disclosure

 

[RussellEbertHandball]

Port vs rest of AFL some comparisons.

A few years ago I saw that the NFL clubs release their EBITDA data but not their net profits after tax except for Green Bay Packers which is a public company and has shareholders, but its shares are not trade on a stock exchange. This was grandfather by the NFL, because the company was set up in 1922, I think.

EBITDA = Earnings before Interest Paid, Income Tax, Depreciation and Amortization as some teams own stadiums and some don't and some teams have huge loans because of stadium ownership/redevelopments and others don't.

I have wanted the AFL to make this a standard for all the clubs when they report their results.

But now Interest Received is becoming a big revenue item for some clubs and represents most of their operating profit, government grants are big and need to be removed to make comparisons, depreciation and amortisation varies widely, especially clubs that have a lot of Pokies, or have big stadium or facilities right to use assets and leased assets/leased liabilities.

So I said to The_Wookie one day I'm going to do a comparison across multiple items separated from the statutory profit to come up with a comparable operating profit before ......

3 years on I finally did it. When GWS accounts are available, I will add them to my spreadsheet.

I've calculated Operating Profit before - Interest Paid, Interest Received, Capital Gain/Loss and asset impairments when facility are destroyed to build new ones, Tax, Depreciation, Amortisation, Government Grants and other grants recognised thru the profit and loss, and asset revaluation gains/losses be it marking share portfolio to market prices on 31st October or land buildings type revaluations and then shown the bottom line statutory profit/loss for the year.

I've also tried to work out what is Football Revenue and what is Other Revenue. There is no consistency across the clubs, but if the following items were disclosed, I counted them in All Other Revenue/Gains (and losses). Items from the clubs' accounts include:

Sundry Income, Other Income, Community Programs Income
Realised Gains/(Losses), Unrealised Gains/(Losses), Revaluations
Venues, Social Club, Gaming
Grants -Government and/or other, Grants and Fundraising, Donations, Club Foundation Grants
Interest, Dividends, Rental Income
Business Income (several clubs have gym business and a couple other businesses) Joint Venture income, Consulting fees


The Other Revenue column in my graphic below is for amounts clubs have used the term Other Revenue or Sundry Revenue and the amount disclosed under that classification.

Depreciation and amortisation has become a big expense item over the last 15 years. That's why clubs started talking about Operating profit and not their statutory profit. It used be around $500k or less.

Now for 12 of the 18 clubs its $2.5mil+ because of large investments in facilities that have depreciation of $1,5m or more each year and some clubs like Carlton write off their Pokie venues and gaming machine entitlements over shorter periods.

Some clubs call write downs of their leasehold assets depreciation, others call it amortisation, some depreciate their gaming machine entitlements, others amortize it. I'm using the figures each club categorized its own write downs. There is bugger all consistency across the clubs and this is just another item of inconsistency.

Hawthorn have spent about $113m to develop their new facility at Dingley to go with the $7.75m land purchase in 2016, so if they write it off over 25 years then that's a depreciation hit of $4+m a year with no income coming in to offset it as well as cash maintenance costs.

That's why Port decided if we are going to invest $100m in property lets at least have a decent income stream from renting it out to go with the big depreciation hit, and also get the capital appreciation of the land and buildings that can be sold for a profit down the track and doesn't affect the footy side of the club.

Click on all the graphics and they expand and easier to read.





I looked at the 4 clubs that had the biggest Football Revenue in 2025 and compared them to their 2019 result before covid hit.

Because West Coast won the flag and Collingwood made the GF in 2018 their success in 2018 feeds into their 2019 accounts and its good to compare them 6 years on when they have travelled in opposite directions lately. Freo have grown because of the Perth Stadium benefits and more success on the field.

Brisbane is becoming a very big, strong, powerful football club. I have been watching their results closely for the last 5 years.

Greg Swann was appointed CEO in July 2014 and its no wonder, that after some AFL executives pissed their pants at the prospect of Brendan Gale moving to HQ and said we don't want him here, Andrew Dillon finally woke up that they need more expertise from clubland and nobody is better than Swann, after Gale was rejected and he took the Tassie job. I have 2 more graphics after this one that show how Brisbane have changed their fortunes on and off the field by so much in Swann's tenure.

For many years I wrote on Big Footy, time and time again that West Coast are bullet proof to spending 4 or 5 years in the bottom 4.

They are still very profitable, but its because they have an investment portfolio of $69.707m after spending $40m of their own money on their facility with an additional $22m from federal and state government grants, That investment portfolio earned $3.136m in interest and dividend income of $1.504m in 2025.

However 4 years of finishing in the bottom 4 with only 2 wins in 2022, then 3, then 5 and only 1 in 2025 has seen WCE struggle to break even from football revenue over costs before depreciation.

They have added $2mil plus depreciation per year since 2019 as their facility was only depreciated for part of 2019, but in 6 years their football revenue has increase by only $4.4m but their costs have gone up by $15m.

Their Football and Admin expenses have increased by $10.8m, general admin has increased by $5m and I think the extra $2m depreciation is in there, the rent they pay to Optus Stadium has dropped by $700k and the royalty they pay WAFC has been basically slashed in half and decreased by $2m. The balance after these items is the increase in commercial and marketing expenses.

I knew they had taken a hit for 4 bad years, but I didn't realise it was that bad until I did this spreadsheet.




Since 2015 Brisbane have been getting GC and GWS like distributions.

Initially the AFL had to get them out of the shit as they peaked at NEGATIVE NET ASSETS of $13.3m, they were insolvent without AFL Guarantee, like we were, then they got a reported $5m from the AFL to build their new $82m ($61m+ from the 3 levels of government) home at Springfield between 2020 and 2022, but I think it might have been closer to $10m from the AFL. Greg Swann would have negotiated these increases in distributions from the AFL.

All clubs have been getting $5m from the AFL to do up their home base so that they can get broadcast quality lights, build high standard facilities for AFLW players to use and improve the ovals the women play on because as their season stretches into summer, grounds with cricket pitches aren't available and they want women to play at night when the weather warms up, rather than in the heat of a 30+ degree day.

The last few years the Brisbane men's and women's teams winning finals and premiership the prize monies are included in the distributions, but even given that, they have been surprisingly high since their Springfield facility opened in October 2022.

All the data is from AFL Annual Reports re individual club distributions. Clubs and AFL use different figures in their reports because 1) some monies the AFL distribute the clubs offset against costs, because they are cost recovery distributions and clubs don't show that as income and 2) some distributions the AFL don't pay out in cash before 31st of October to the clubs, but have provided for it as a payable to them.

I have used North Melbourne base distribution from their annual reports as they are the only club who have been consist over 12 years and shown that item in their accounts. They then showed AFLW distributions separately once they got a team. I also included St Kilda's because they first showing base distributions in 2018 then when they got a women's team they added the AFLW distribution to their men's base distribution.

The only time that WCE didn't get bottom 3 distributions was when they built their facility and the AFL provide some funding for that. Similar with Freo for the years they weren't in the bottom 4. Its reflective of their stadium deal being so good.

Hawthorn once they got their pokies profits and Tassie stadium yield cranked up they got similar distributions as WCE. You can see in 2025 they got all or most of their $5mil AFL contribution to build their new facility at Dingley.

Collingwood aren't in the bottom 3 as their 13,000 AFL Members who ticked the Collingwood support box, have generated about $1.7m to $2.3m a year over the 12 years the AFL give them as a slice of the AFL members fees. The next highest AFL members with club support is Carlton with 7,000. Take $2mil off Collingwood's figures each year and their distributions are at WCE levels, who only have about 500 AFL members with WCE club support




And as Brisbane have been given extra AFL distributions, then success on the field, basic footy income from members and selling tickets and corporates have risen steadily then rapidly and then their 200 poker machine venue that opened in late 2010 in Springwood ( which is 30km closer to Brisbane than their new base at Springfield) has started making huge profits for them. The opening of their base in Springfield in October 2022 would have some hospitality income included in the Social Club Revenue below.

For some reason they stopped allocating depreciation across expense items in 2022 so from 2022 onward there is a grand total depreciation expense in the profit and loss Social Club profits are before depreciation and after depreciation before 2022. In 2025 the Social Venues generated $9.459m before depreciation and their JV Gym business at their Springfield base generated $2.181m profit for them.

Between 2001-04 Brisbane became a juggernaut on and off the field. In 2005 they set up a $10m investment portfolio as a result. Unheard of at the time. Looks like history is repeating itself.

However as they struggled on field post 2004, they had completed liquidated that portfolio by 2010 to cover several large losses.

 

[Burningleviathan]

I don't have anything to add. A like didn't seem sufficient for all the work you put in.

 

[The Terrible Thinker]

Hawthorn have spent about $113m to develop their new facility at Dingley to go with the $7.75m land purchase in 2016, so if they write it off over 25 years then that's a depreciation hit of $4+m a year with no income coming in to offset it as well as cash maintenance costs.

That's why Port decided if we are going to invest $100m in property lets at least have a decent income stream from renting it out to go with the big depreciation hit, and also get the capital appreciation of the land and buildings that can be sold for a profit down the track and doesn't affect the footy side of the club.

Well done on the assessment, it will take many re-reads to digest it all.

Regarding the statement above, this was well highlighted in the recent AGM and you can tell how smug Kochie and Co were when they announced it even comparing their situation to Hawthorn.

Not sure how Hawthorn will fair in the long term financially, Im guessing they are banking on selling their brand rather than diversifying their income streams.

 

[Enviable Tradition]

Well done on the assessment, it will take many re-reads to digest it all.

Regarding the statement above, this was well highlighted in the recent AGM and you can tell how smug Kochie and Co were when they announced it even comparing their situation to Hawthorn.

Not sure how Hawthorn will fair in the long term financially, Im guessing they are banking on selling their brand rather than diversifying their income streams.

Koch boasting that thet weren't investing in (a depreciating asset) related to football like Hawthorn was were didn't go over how he thought it would.

 

[RussellEbertHandball]

Well done on the assessment, it will take many re-reads to digest it all.

Regarding the statement above, this was well highlighted in the recent AGM and you can tell how smug Kochie and Co were when they announced it even comparing their situation to Hawthorn.

Not sure how Hawthorn will fair in the long term financially, Im guessing they are banking on selling their brand rather than diversifying their income streams.

Hawthorn's Tassie deal will end soon, so that will be another hit to their bottom line. They will replace the billboard component of the Tasmania logo on the jumper, but probably wont get the same premium the Tassie government were prepared to pay. They say they will probably still play 1 home game in Tassie, but will they get the same stadium yield from the 3 home games they have to move to Melbourne? Maybe, maybe not.

Edit I said Hawthorn has no income coming in from their Dingley redevelopment. That's not true. They will get income from hosting AFLW, VFLW and VFL games there, they have a social club there and I think they have a functions room there so it will be earning income, but it will be nothing like what its pokie venues earned for them when they spent about $12m buying pokie licences (for minimum $5k each machine) and doing up their 2 venues back between 2010 and 2013. Or if it invested $120m in a equity and interest bearing portfolio.

 

[Chewy316]

Rest of analysis of Port's 2025 financials.


Profit and Loss

View attachment 2556146

Slowly the club is giving more revenue items details, but still includes interest received as other income.

Direct Footy Revenue was pretty flat from memberships, ticketing, stadium yield and merchandise and corporates and AFL a $1.655m increase and main reason for the increase would have been to pay AFL players a big salary cap increase, AFLW players as well but they got a big increase in 2023, with the new TV deal (2025-32) and in 2024 AFL gave us the last $1m of the $5m for the High Performance Centre development and broadcast quality lights, which wasn't repeated in 2025.

The Hinkley departure tour year costs us revenue $$$.
View attachment 2556196


Koch and co couldn't help themselves and approved the revaluing of the memorabilia by $103k, after $190k in 2024, $146,065 in 2022, and $534,000 in 2019.

Note 9
View attachment 2556164

Here's how Collingwood treat their memorabilia valuation. The purchased memorabilia is $1.169m, no depreciation and that is what is in the assets in their balance sheet. If Port had Collingwood's memorabilia collection Koch would approved adding $19m to Port's asset base.

View attachment 2556167

We received $8.750m of the $17m from the state government for the new women's change room's and the eastern grandstand and part of the Bowling Club redevelopment. Looks like the state government gave it to us in 2 hits, $2,056,385 which was fully spent and is in the cash flow separately for some reason and then another $6,443,615 as per the cash at bank note and $5,681,936 is left in the bak as at 31/10/25.

So a total of $6,443,615 - $5,681,936 = $761,679 + $2,056,385 = $2,818,064 was for capital works in progress and is the amount shown above in other revenue.
The SA government has give us 2 x $1.5m grants in 2021 and 2022 for redeveloping the Williams stand first and the second grant for the MG High performance Centre and pledged $17m for the current developments.

That means they have given the crows at least $20m and what ever extra the crows get, Port will get. Originally the state government said $15m to match the $15m from the feds + $11.26m from the West Torrens Council. So if its $20m, total grants will be $46.26m. Crows are showing total grants in 2025 of $24,394,682 and $25,315,000 in 2024, so whatever difference over the $46.26m is from the state government grants over $20m, Port will ask for that amount as well.


View attachment 2556174

View attachment 2556175

Lockhart Road do you know why we still have a $1.488m cash balance in Power Cred (Shanghai) Sports Cultural Development Co. Ltd and what that equal amount shown as a Trade Payable relates to?


So the Work in Progress is almost the same as what I calculated above, difference is $3,373
View attachment 2556182

Liquidity Current Assets vs Current Liability

View attachment 2556193

View attachment 2556194


Given the income in advance is from members and sponsors and the Capital Grants in advance is from the state government, the liquidity position of $9m extra current liabilities over current assets is not as bad as it looks.

View attachment 2556216


And this note to the accounts will raise some interesting questions. HINT READ CLOSELY

2025 Note 19 Related Party Disclosure

View attachment 2556201


2024 Note 18 Related Party Disclosure

View attachment 2556202

122k for Holly Ransom's "leadership."

JFC

 

[RussellEbertHandball]

122k for Holly Ransom's "leadership."

JFC

As I wrote, read closely, it will raise some interesting questions.

I didn't see a huge amount of great leadership across both our men's and women's in 2025. The odd player on the odd occasion did, but not the across the the board.

 

[FishingRick04]

122k for Holly Ransom's "leadership."

JFC

So many internal conflicts ots not funny, just bringing back memories of my past board experiences

 

[Tibbs]

Thank you REH, amazing work!

I can confirm, that having carefully read through that, I am now a fully qualified CPA!

 

[Powerade 08]

Whenever I read about Holly Ransom working with the players i think of this post

Oh hell no!!!

I was at the hotel last year in Perth, catching up with a mate, the night before the game and she gave a presentation to the AFLW team. When they came out, to a person they all had glazed eyes and confused expressions.

From what I overheard, most of the girls had no idea what she was going on about and a couple said it consisted of corporate buzz words that didn't actually mean anything.

She would be worse than Kock, because she is a zealot and believes everything she says.

 

[The Terrible Thinker]

Brisbane a really taking the pi55 aren't they? Cashed up, academy up and on course for a 5-peat.

Let me guess, they still get an cost of living away allowance too?

Meanwhile WA teams are floundering in no man's land. Quite remarkable how well WCE go considering the snub from the A(V)FL.

 

[Enviable Tradition]

122k for Holly Ransom's "leadership."

JFC

I thought exactly the same thing reading that line.

 

[Cheese Tastes Good]

y'all paying Random's salary