Rumour AFL asks WAFC to commit 65 mill to competition over 3 years

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GoEaglesGoSGIO

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Go check their annual report for 2019.

Page 51, Section 4 of the notes (revenue breakdown)
AFL distribution is listed as 28,253,204 to consolidated (i.e. WAFC and it's subsidiaries...AKA, WCE & Freo) and 5,388,533 to 'WAFC inc' directly
This isnt a grant? Its revenue distribution. Barring contractual obligations, WAFC have received 185,000 per year since 2001

If you are arguing the AFL should withold TV rights money before they ask for a loan, you should do a read up of contract law :D
 

GoEaglesGoSGIO

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Given they're already being given the third degree by State Parliament for burning $10-odd million of taxpayer funds on salaries for Don Trevor's cronies and hangers on, giving any money to the AFL would be nuclear-level stupidity on the Commision's part.
Fair chance the two are related id guess.
 

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Kwality

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Who do you think owns the Eagles? Seriously am confused by this point altogether.
Ownership is but one very small part of the financial/legal arrangement IF thats the extent of your understanding.

The WAFC is a legal entity.
Indian Pacific Ltd is a separate legal entity.

Compre?
You can readily look these entities up, look at their Annual Reports, their Financials & a quick look will reveal all.

Office holders have legal responsibilities, they cant simply do whatever suits them. The WAFC own the Eagles but it cant simply appropriate their funds, anymore than the AFL can seize club funds.
 

SunshineBoy

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I will give this its own thread. AFL have asked WAFC to commit 65 mill to the AFL over the next 3 years in return for better revenue sharing conditions going forward. It is effectively expected to be loan to the competition which will be paid back over a 15 year period thereafter via improved profit share. The AFL cannot commit to any more loans and due to higher then expected losses they are about 60-80 mill short. WAFC has 90 mill in money in the bank + investments. About 70 mill of that is entirely from the West Coast Eagles.

Nisbett is still negotiating with the AFL and so far has only briefly touched the subject on the radio. He expects the Eagles to have to commit around 50-60 mill however as a minimum from Eagles alone.

The game is officially on its knees it seems.
I would tell the AFL to shove it , maybe the 370 people junket to the gold cast for two months could have been smaller
 

Kwality

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Brunswick Trap King

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Hand over the dosh you arrogant WA lanky pillocks.

Us poor little struggletown melbourne clubs are doing it tough, while you lot want to flaunt your wealth and rub it in our faces.

You just don't want the working class battlers to have a fair go.

Don't be so greedy. Share the wealth.
Bro, you gotta earn this wealth. What are you willing to do for it?
 

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GoEaglesGoSGIO

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Ownership is but one very small part of the financial/legal arrangement IF thats the extent of your understanding.

The WAFC is a legal entity.
Indian Pacific Ltd is a separate legal entity.

Compre?
You can readily look these entities up, look at their Annual Reports, their Financials & a quick look will reveal all.

Office holders have legal responsibilities, they cant simply do whatever suits them. The WAFC own the Eagles but it cant simply appropriate their funds, anymore than the AFL can seize club funds.
This is akin to saying Kogan shouldnt include the sales on Dick Smith or touch its profits in its ASX Financial Reports because they are named differently..

Like cmon man. Be better
 

Kwality

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This is akin to saying Kogan shouldnt include the sales on Dick Smith or touch its profits in its ASX Financial Reports because they are named differently..

Like cmon man. Be better
Funny thing about legal entities, they are defined by the law. Are you up with this stuff, Dick Smith suggests you are floundering around AGAIN ....

Everyone can see Kogan sales reported: https://www.asx.com.au/asx/share-price-research/company/KGN

As for Dick Smith, the company was founded in Sydney in 1968 by Dick Smith and owned by him and his wife until they sold 60% to Woolworths Limited in 1980, the remaining 40% two years later. The company closed in 2016*, four years after its acquisition by Anchorage Capital Partners.*

*https://www.smartcompany.com.au/fin...ngs-we-learnt-from-the-administrators-report/

Fortunately WA footy has access to talent, e,g Paul Fitzpatrick:
Paul has been a partner of Clayton Utz since July 1, 1985 and practises in the areas of commercial litigation, competition law, national competition policy, international and domestic arbitration and sports law. He is a former partner in charge of the Perth Office of Clayton Utz, and has conducted a wide range of complex litigation, including contractual disputes and cases relating to the Competition and Consumer Act, the Corporations Law, professional negligence, and intellectual property.
 

GoEaglesGoSGIO

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Funny thing about legal entities, they are defined by the law. Are you up with this stuff, Dick Smith suggests you are floundering around AGAIN ....

Everyone can see Kogan sales reported: https://www.asx.com.au/asx/share-price-research/company/KGN

As for Dick Smith, the company was founded in Sydney in 1968 by Dick Smith and owned by him and his wife until they sold 60% to Woolworths Limited in 1980, the remaining 40% two years later. The company closed in 2016*, four years after its acquisition by Anchorage Capital Partners.*

*https://www.smartcompany.com.au/fin...ngs-we-learnt-from-the-administrators-report/

Fortunately WA footy has access to talent, e,g Paul Fitzpatrick:
Paul has been a partner of Clayton Utz since July 1, 1985 and practises in the areas of commercial litigation, competition law, national competition policy, international and domestic arbitration and sports law. He is a former partner in charge of the Perth Office of Clayton Utz, and has conducted a wide range of complex litigation, including contractual disputes and cases relating to the Competition and Consumer Act, the Corporations Law, professional negligence, and intellectual property.
LMFAO

You realise Kogan bought Dick Smith?
 

telsor

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This isnt a grant? Its revenue distribution. Barring contractual obligations, WAFC have received 185,000 per year since 2001

If you are arguing the AFL should withold TV rights money before they ask for a loan, you should do a read up of contract law :D
Distributions of TV rights goes to clubs. The $5.3M to the WAFL isn't that.

As for it being contracted...what contract? Do you have a copy?

Seems odd for a contracted payment to vary so much year on year (was ~$4M in 2018).
 

Kwality

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LMFAO

You realise Kogan bought Dick Smith?
My last knowledge of Dick Smith (the business not Dick personally) went belly up* a few years back, but you are correct as of May 2016, Kogan.com acquired the Dick Smith brand name. Kogan does indeed report Dick Smith sales just as Qantas reports Jetstar sales.

*Creditors of Dick Smith miss out on at least $260 million, according to the company’s administrators, who released their report into the collapse of the electronics chain ....
The Dick Smith group of companies collapsed in early January 2016 with debts of close to $400 million. Administrators McGrathNicol took control of the group on January 4, with Ferrier Hodgson subsequently appointed as receivers.


So back to the Eagles & the WAFC as legal entities, they differ to Kogan (a legal entity) and Dick Smith (a business name is not a legal entity). A quick look at the WAFC & Eagles Financials is transparent but does require a level of understanding.


Sorry for not investigating your Dick Smith /Kogan reference when you made it.
 

GoEaglesGoSGIO

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Distributions of TV rights goes to clubs. The $5.3M to the WAFL isn't that.

As for it being contracted...what contract? Do you have a copy?

Seems odd for a contracted payment to vary so much year on year (was ~$4M in 2018).
Not just TV rights but a part of the revenue share they have. I was just using TV rights as 1 example of a contracted amount. Other things like sponsorship etc change a fair bit and is the changed amount....

In W.A and S.A clubs it doesnt just all go to the clubs. Part goes to WAFC/SANFL . Been like that since the competition began

Did you think the WAFC agreed to be part of the AFL and then said "Nah we dont want any money"?
 

Kwality

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Nonsense. You just want to hoard the money like greedy capitalists.

The wealth must be redistributed equally among ALL clubs, for the greater good of the competition.
Come on Tige, just put your membership rates up to the same level as the Eagles - the Tiges are still kings of the 3 game memberships arent they.
Why dont you get those pseudo members who send their subs to the AFL to pay the money to the club - those blood sucking leeches of the AFL Members Club bleed the Melbourne clubs dry & get treated as up market members, DO SOMETHING you Easty Tiger ... maybe a membership badge with a leech not a Tiger !!
 

Tippett2Goal

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Hard to get a read on this one.

If true that AFL is already essentially tapped out (ie cant raise any further funds via commercial loans), and have already drawn down more than $400M of their existing line of credit (rumoured at $500-$600M), how is it possible the competition survives even with $65M from WAFC?

What does the $65M over 3 years accomplish, if the AFL have 20 - 30% left of a $500-$600M line of credit, how are they possibly going to continue for another year if COVID impacts on next year.

Also why are there rumours that list cuts will only be 4 players if the situation is that dire?
 
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