Not sure what you point is here. It's about providing security to minimise the risk to the lender, to obtain a lower interest rate. AFL guarantee is one way to do this - think EFC is the perfect example of this. If the club has assets it can use as security great. Not all clubs do as the land they use is often not their land (even if they paid for the buildings on the land) thus need to provide another form of security the AFL guarantee is this security. I agree that there are certainly clubs out there where the guarantee is needed to ensure being a going concern, but its not the ONLY reason to ask the AFL to guarantee, my point all along.