News A letter from the President: Mid-season Update

[sammm]

A letter from the President: Mid-season Update

St Kilda President Andrew Bassat's letter to Saints members and supporters at the midpoint of the 2022 AFL Season.

www.saints.com.au

 

[gringo2011]

A letter from the President: Mid-season Update

St Kilda President Andrew Bassat's letter to Saints members and supporters at the midpoint of the 2022 AFL Season.

www.saints.com.au

Just had him on SEN. Sounds like Ratts contract is a formality and he spoke well. Nothing exciting but sounds in control. Nice change from some of the past presidents who couldn't tie their own laces without help.

No excuses this time and basically said that we don't know where we are at until the second half of the season against the good sides. Sounds like he's nervous that results could go either way.

He had a couple of Albernese moments where he couldn't remember the debt or membership numbers but batted it away well.

 

[Diehard Saint]

Just had him on SEN. Sounds like Ratts contract is a formality and he spoke well. Nothing exciting but sounds in control. Nice change from some of the past presidents who couldn't tie their own laces without help.

No excuses this time and basically said that we don't know where we are at until the second half of the season against the good sides. Sounds like he's nervous that results could go either way.

He had a couple of Albernese moments where he couldn't remember the debt or membership numbers but batted it away well.

Definitely worth a listen if someone wishes to post it on here.

He may not have remembered the membership numbers but he did remember that we had broken the record.

What was more important to me is that it sounded like selling our home games and playing away could very well be a thing of the past. Gerard broached the subject, saying that members were not happy that doing this could ( and has) cost us wins, and his answer was interesting - and hopefully that'll be it because we only had a two year agreement.

 

[BrutThough]

The audio from Bassat's interview

St Kilda president Andrew Bassat in the studio (2.6.22)

St Kilda president Andrew Bassat joined Gerard in the studio for a lengthy interview where they chatted about the letter he sent to club members last year, the changes they had at the end of 2021, and to announce that conversations on a contract extension with Brett Ratten will start soon. He...

player.whooshkaa.com

Sounds like a return trip to Cairns next year is unlikely. He also seems less concerned about our debt then the North supporters over on the main board are.

 

[Cairnsman]

The audio from Bassat's interview

St Kilda president Andrew Bassat in the studio (2.6.22)

St Kilda president Andrew Bassat joined Gerard in the studio for a lengthy interview where they chatted about the letter he sent to club members last year, the changes they had at the end of 2021, and to announce that conversations on a contract extension with Brett Ratten will start soon. He...

player.whooshkaa.com

Sounds like a return trip to Cairns next year is unlikely. He also seems less concerned about our debt then the North supporters over on the main board are.

I listened to the interview and it was interesting to hear a president say he wasn't aware of what our debt was and nor was he worried about it. What is the debt currently at, $8 or $9 million? I wish I could be as care free about about that level of debt.

 

[BrutThough]

I listened to the interview and it was interesting to hear a president say he wasn't aware of what our debt was and nor was he worried about it. What is the debt currently at, $8 or $9 million? I wish I could be as care free about about that level of debt.

It's a good sign he wasnt concerned by it. Suggests he is confident we won't have trouble paying it back and that there isn't a lot of pressure coming from the AFL to do it immediately either.

And the decision to prioritise Moorabbin over paying it back quickly will end up being one of the best decisions the club makes.

 

[Mowman]

I listened to the interview and it was interesting to hear a president say he wasn't aware of what our debt was and nor was he worried about it. What is the debt currently at, $8 or $9 million? I wish I could be as care free about about that level of debt.

Pretty sure its around $10M after paying roughly $3m off last year and looking at paying a similar amount off this year

 

[George]

I listened to the interview and it was interesting to hear a president say he wasn't aware of what our debt was and nor was he worried about it. What is the debt currently at, $8 or $9 million? I wish I could be as care free about about that level of debt.

The club reduced its debt by $4,264,806 in 2021, reducing overall debt to $9,562,300

 

[botts]

The club reduced its debt by $4,264,806 in 2021, reducing overall debt to $9,562,300

He definitely doesn’t seem concerned over it. Maybe because he is a billionaire and if s**t hit the fan he could stump up some pocket change

 

[gringo2011]

He definitely doesn’t seem concerned over it. Maybe because he is a billionaire and if s**t hit the fan he could stump up some pocket change

Try getting a cent off a rich guy and you'll be very disappointed. More likely the myriad of recently unemployed guys will send their last few bucks in.

 

[Sun Ra]

Try getting a cent off a rich guy and you'll be very disappointed. More likely the myriad of recently unemployed guys will send their last few bucks in.

Lindsay Fox recently threw $100m to the Vic Art Gallery. Pretty sure he has also previously donated money to Melbourne High School.
Some rich folk do it, but you're right, most don't.

 

[Cairnsman]

The club reduced its debt by $4,264,806 in 2021, reducing overall d

The club reduced its debt by $4,264,806 in 2021, reducing overall

It's a good sign he wasnt concerned by it. Suggests he is confident we won't have trouble paying it back and that there isn't a lot of pressure coming from the AFL to do it immediately either.

And the decision to prioritise Moorabbin over paying it back quickly will end up being one of the best decisions the club makes.

You'd think there is a fair bit of pressure from the NAB to get their $600 loan paid back and with crowd numbers down significantly it will be interesting to see how the AFL P&Ls fair this FY. It's unclear how hard our economy dips and what that means for memberships over the next few years. Personally I wouldn't like to have high debt ratio while this all plays out.

 

[FQFjt]

You'd think there is a fair bit of pressure from the NAB to get their $600 loan paid back and with crowd numbers down significantly it will be interesting to see how the AFL P&Ls fair this FY. It's unclear how hard our economy dips and what that means for memberships over the next few years. Personally I wouldn't like to have high debt ratio while this all plays out.

Banks like loans on the book. That's where the revenue comes from. I doubt the AFL is missing its interest payments.

 

[FQFjt]

Lindsay Fox recently threw $100m to the Vic Art Gallery. Pretty sure he has also previously donated money to Melbourne High School.
Some rich folk do it, but you're right, most don't.

Carlton have made good use of their uber rich fans, but the Pratts are not quite Bassett or even Fox.

 

[jwikked]

The club reduced its debt by $4,264,806 in 2021, reducing overall debt to $9,562,300

If I remember rightly, 6 million is owed to the AFL so as far as I’m concerned that $6 million doesn’t count. They don’t deserve to be paid back.

 

[tomjoad]

I think you'll find most of his public speaking and pressers are dumbed down for us fans.

Well, that's a relief.

 

[bergholt]

You'd think there is a fair bit of pressure from the NAB to get their $600 loan paid back and with crowd numbers down significantly it will be interesting to see how the AFL P&Ls fair this FY. It's unclear how hard our economy dips and what that means for memberships over the next few years. Personally I wouldn't like to have high debt ratio while this all plays out.

No percentage for the lender in defaulting a high-profile org like the AFL. Bad for PR and won’t make them any margin anyway. In the unlikely event the AFL has trouble making payments, the lender will just renegotiate the terms.

 

[bergholt]

I listened to the interview and it was interesting to hear a president say he wasn't aware of what our debt was and nor was he worried about it. What is the debt currently at, $8 or $9 million? I wish I could be as care free about about that level of debt.

It’s completely different for them than for you. St Kilda are a subsidiary of the AFL, which still has a reasonably strong balance sheet and ridiculous future earning potential. Unless you think that footy is going to disappear from the national consciousness then the AFL’s debt is very low risk.

 

[Saintos The ITK]

Lindsay Fox recently threw $100m to the Vic Art Gallery. Pretty sure he has also previously donated money to Melbourne High School.
Some rich folk do it, but you're right, most don't.

I think most do. They just don’t advertise it.

 

[gringo2011]

I think most do. They just don’t advertise it.

You'd be surprised. Most people are rich because they don't give money away. The cheapest people I know are the wealthiest.

 

[Diehard Saint]

You'd be surprised. Most people are rich because they don't give money away. The cheapest people I know are the wealthiest.

Think that’s a huge generalisation.
There are many, very philanthropic people around.

 

[gringo2011]

Think that’s a huge generalisation.
There are many, very philanthropic people around.

Possibly, not many in my experience.

 

[sammm]

Possibly, not many in my experience.

Looks like you don't know people.

 

[gringo2011]

Looks like you don't know people.

I do, most are not giving it away unless there is a return for them. Tax dodges, networking, political favours etc.

 

[George]

If I remember rightly, 6 million is owed to the AFL so as far as I’m concerned that $6 million doesn’t count. They don’t deserve to be paid back.

All we needed was another Sam "Lord of the Skies" Fisher run and we'd be in the clear. Obviously his arrest was a culmination of the police working with the AFL to make sure we don't pay off our debt and remain a bottom feeder to the competition. Disgracefully corrupt organisation and the proof is now laid bare.