Opinion Brian Cook

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SparkleNarkle said:
I don't remember ever mentioning the on-field performances, which has nothing to do with management. It does concern the football department, however



Yeah this is what I don't understand. I think it may have to do with the rent the club pays for the stadium. And it's on record that the club has removed half of it's pokies and plan to remove them all. This from an AFL.com.au article published in May 2018:



Carter says in the article that the club is looking for other revenue streams - and I don't think we've found one (well, if you count jacking up membership prices as a revenue stream, then we have one).

According to the most recent published financial report, the club has $28,000,000 in liabilities (I have no idea what it means in a financial sense - school doesn't teach me that) but I would say that it relates to how much money we owe people.
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Nah we aren't 28 million in debt haha. I think after the debt wipe out campaign we're a few hundred grand which isn't bad at all.
We've lost half our pokies but will still do allright out of them as the Point Cook venue is starting to clean up with pokies cash.
Don't think the rent on the stadium is a big deal as I believe we used to pay all our own upkeep on the place and it actually cost us more.
 
Spazz Cat said:
Not sure how we're just a break even club TBH.
Even Norf can make a slight profit with no fans and pokies.
We have the best stadium deal in the country with 85%+ paid seats, decent membership and have pokies.
Also the club is nearly debt free thanks to benefactors.
Not going over on the soft cap either.
Something doesn't seem right not to be making a profit.
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SparkleNarkle said:
I'd say it's only the highest since 2011 because the new stand means 28,000-30,000 can go to our games, compared to the 24,000 in 2011. Also, the home game against Hawthorn on Easter Monday (which was 73,189) drags up the average. And if finals are included, then the 90k from the EF also drags up the average

I'm no financial planner or accountant (and I'm not amazing at maths either) but if we're setting record membership numbers, shouldn't we be turning a profit?
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As someone with a background in accounting I’ll give you a quick rundown of 2017 accounts (given this year hasn’t been released yet).

At the conclusion of the 2017 report (so going into 2018) we still owed nearly 4.2m in loans, of which 3.5m was to do with Stage 4 and Players Stand combined as at 31 October 2017. With less than 350k left on the stage 4 bridging loan remaining, and that the Players stand loan (3.17m) not due to commence being paid off until March 2019 I suspect the new accounts for 2018 will see that portion paid off.

In 2017 we paid nearly 1.8m off various loans principle and interest and turned a small deficit of around 450k.

However we have retained profits of close to 10m so we have heaps of cash in the bank and we’re seemingly at present (last couple of years) turning small losses whilst paying off loan debts.

These will be temporary, and by enabling increase in capacity will in the long run lead to future prosperity.

Without having seen this years data I suspect loan facility repayments will be what hampers our attempts at turning a profit, especially with the pokies now a non factor.

Nothing to be concerned about tbh. We’re reasonably financially sound
 
SparkleNarkle said:
I don't remember ever mentioning the on-field performances, which has nothing to do with management. It does concern the football department, however



Yeah this is what I don't understand. I think it may have to do with the rent the club pays for the stadium. And it's on record that the club has removed half of it's pokies and plan to remove them all. This from an AFL.com.au article published in May 2018:



Carter says in the article that the club is looking for other revenue streams - and I don't think we've found one (well, if you count jacking up membership prices as a revenue stream, then we have one).

According to the most recent published financial report, the club has $28,000,000 in liabilities (I have no idea what it means in a financial sense - school doesn't teach me that) but I would say that it relates to how much money we owe people.
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Not really.

Over 10m of it is our KP lease agreement. As a non-cancellible lease it presents a financial obligation for the duration of the lease, that’s another 27 years. This figure will depreciate with each passing season as we become 1 year nearer to the end of the lease.

There’s also another 1.2m that has been set aside (as a liability) by law as built up annual and long service leave for staff.

These are liabilities not worth worrying about at all. Add in our redevelopment loans and there’s not a lot in that 28m worth worrying about.
 

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Doctor Gero said:
As someone with a background in accounting I’ll give you a quick rundown of 2017 accounts (given this year hasn’t been released yet).

At the conclusion of the 2017 report (so going into 2018) we still owed nearly 4.2m in loans, of which 3.5m was to do with Stage 4 and Players Stand combined as at 31 October 2017. With less than 350k left on the stage 4 bridging loan remaining, and that the Players stand loan (3.17m) not due to commence being paid off until March 2019 I suspect the new accounts for 2018 will see that portion paid off.

In 2017 we paid nearly 1.8m off various loans principle and interest and turned a small deficit of around 450k.

However we have retained profits of close to 10m so we have heaps of cash in the bank and we’re seemingly at present (last couple of years) turning small losses whilst paying off loan debts.

These will be temporary, and by enabling increase in capacity will in the long run lead to future prosperity.

Without having seen this years data I suspect loan facility repayments will be what hampers our attempts at turning a profit, especially with the pokies now a non factor.

Nothing to be concerned about tbh. We’re reasonably financially sound
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Thanks for the write-up Doctor Gero - good to know that the finances are going okay. What concerned me was the revenue streams, but because we've got money in the bank, we've got time to figure it out
 
Doctor Gero said:
As someone with a background in accounting I’ll give you a quick rundown of 2017 accounts (given this year hasn’t been released yet).

At the conclusion of the 2017 report (so going into 2018) we still owed nearly 4.2m in loans, of which 3.5m was to do with Stage 4 and Players Stand combined as at 31 October 2017. With less than 350k left on the stage 4 bridging loan remaining, and that the Players stand loan (3.17m) not due to commence being paid off until March 2019 I suspect the new accounts for 2018 will see that portion paid off.

In 2017 we paid nearly 1.8m off various loans principle and interest and turned a small deficit of around 450k.

However we have retained profits of close to 10m so we have heaps of cash in the bank and we’re seemingly at present (last couple of years) turning small losses whilst paying off loan debts.

These will be temporary, and by enabling increase in capacity will in the long run lead to future prosperity.

Without having seen this years data I suspect loan facility repayments will be what hampers our attempts at turning a profit, especially with the pokies now a non factor.

Nothing to be concerned about tbh. We’re reasonably financially sound
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Do you remember this?
https://www.geelongadvertiser.com.a...a/news-story/c899767e823f2901a88c31c1c8280094
Or did some people not pay up or something?
 
Spazz Cat said:
Do you remember this?
https://www.geelongadvertiser.com.a...a/news-story/c899767e823f2901a88c31c1c8280094
Or did some people not pay up or something?
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That doesn’t mean we can’t or don’t have present financial obligations. Redevelopments cost money, as does our yearly use of the ground which for beancounter purposes represents a long term liability (which you can’t simply pay off now).

But again, there’s a loan that’s not due to be repaid until next year so largely irrelevant to that article, dare say it will be a part of some agreement that it’s not to commence being paid off or accruing interest until then.
 
Doctor Gero said:
That doesn’t mean we can’t or don’t have present financial obligations. Redevelopments cost money, as does our yearly use of the ground which for beancounter purposes represents a long term liability (which you can’t simply pay off now).

But again, there’s a loan that’s not due to be repaid until next year so largely irrelevant to that article, dare say it will be a part of some agreement that it’s not to commence being paid off or accruing interest until then.
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I thought that might be the case, be better putting the money in the bank getting interest before commencing to pay the loan off.
I dunno, although unable to make the revenue of a club like Hawthorn due to pokies or Eagles due to membership demands to me the club looks to be in a decent financial state now and even better in a few years.
Probably even more so than Adelaide who are much bigger.
I don't really understand the concern from management that we'll go broke from dropping down the ladder or that we can't break the soft cap when supposedly going for a premiership.
 
We will be fine as long as state and federal governments keep pouring money in for the marginal seat gains. Somehow they think that electoral seats are won or lost on the success of the GFC
 
ATSAM said:
We will be fine as long as state and federal governments keep pouring money in for the marginal seat gains. Somehow they think that electoral seats are won or lost on the success of the GFC
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Has any money been committed to redeveloping the Gary Ablett Terrace in the lead up to the election? Usually around this time one or both of Labor or Liberal pledge money. Hopefully they have and development is imminent - I'll finally get to sit in a fancy seat :D
 
SparkleNarkle said:
Has any money been committed to redeveloping the Gary Ablett Terrace in the lead up to the election? Usually around this time one or both of Labor or Liberal pledge money. Hopefully they have and development is imminent - I'll finally get to sit in a fancy seat :D
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What constitutes a "fancy seat" mate. ;)
 
SparkleNarkle said:
Has any money been committed to redeveloping the Gary Ablett Terrace in the lead up to the election? Usually around this time one or both of Labor or Liberal pledge money. Hopefully they have and development is imminent - I'll finally get to sit in a fancy seat :D
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Think Labor already has. Promised elite cricket facilities.
Geelong NEEDS elite cricket facilities.
 
AM said:
What constitutes a "fancy seat" mate. ;)
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Well, the seats in the Brownlow Stand fold down, are a nice shape, and they have cup holders. Big improvement on the plastic bucket seats that we have in the GAT
 

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Regarding the upgrade to the Gary Ablett Terrace, is it safe to suggest that it's at least 2 years away from construction starting on that redevelopment and that may impact funding promises from political parties?

Looking at the timeframe it's taken the previous stages, it's generally been 12+ months of construction until the new stand opens. So I'm not sure anything would start until late November/December 2020 at the earliest - Geelong's been named as one of the match venues for the mens T20 World Cup to be played October & November 2020.

Even if they had the money available & could start things September/October next year it would have to be doubtful to be finished before the T20 World Cup & not sure they'd want to use a venue with a stand under construction to host matches.

Hearing anything serious from any political party about funding could be 18 months away
 
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