News Crows Licence
- Thread starter The Texan
- Start date
- Tagged users None
- Oct 16, 2011
- 15,372
- 38,209
- AFL Club
- Adelaide
You shouldn't ask but...
We were screwed by the SANFL so we had the AFL buy the license so we could move to Adelaide Oval...and we can have it back in 8 years...maybe
- Oct 16, 2011
- 15,372
- 38,209
- AFL Club
- Adelaide
Ever seen a throat gag video?
Adelaide purchased the licence off the SANFL , but effectively vendor financed it and had it guaranteed by the AFL
Originally the SANFL purchased the licence as the AFL needed someone who was capable of purchasing it and was financially viable, they couldn't sell it to the AFC being a new entity worth nothing
The SANFL basically leased it or rented it to the AFC
The AFC wanted to purchase it from the SANFL but again the AFC needed the backing of the AFL in terms of a guarantee so the SANFL was comfortable in selling it to them so they could guarantee they receive their money
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Port are in the exact same situation, as are most non-victorian teams.
AFL helped us buy our license off of SANFL who were effectively using us as their personal cash cow and were sticking their finger into too much of our operation. Trouble is its left our board with very little accountability and the members still have effectively no say on our operations. As long as we're financially stable, the AFL don't really care what's going on. They certainly don't care whether we're winning premierships or not. This is the reason our board hold the membership base in such contempt, especially whilst memberships keep getting sold.
The light is that we will have effectively "bought back" our licence by 2028 which means the board should be completely member voted, which would change the way the board act.
How will it change the board though
There are 50000 members who will vote like a popularity contest
I would bet $100 if someone like modra put his hand up he would get in
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Helped might not be the right word.
I have little doubt the AFC would have been able to raise the money, In my opinion it was a condition of the sale.
If you remember back in the day, Chapman lauded the transfer and the new constitution which stopped the ability for the board to be over thrown in a coup, effectively because the AFL are the clubs only shareholder and controls 6 of the 8 seats on the board.
What security would the AFC have put up to borrow that amount?
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Reoccurring income. Not all lending has physical security
When we are talking millions and funding an organisation with no personal guarantees and zero asset backing apart from intangible assets
You think so, good luck with that
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Yep. It happens
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Not in our financial system, maybe in some fictional made up one
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Yes, in this financial system (noting what you call intangible to others may not be)
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What I call intangible every financial institution calls the same infact they are probably even stricter than i would say.
I suppose they could have borrowed the cash from the hells angels or someone like that
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You don't know what any financial institution would or would not lend to.
You are confusing retail and small business lending with commercial, corporate and institutional lending.
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No I'm not I actually am fully aware of how they lend to public listed companies
You are the one who is unaware of credit policy in fact government credit policy to suggest anyone would lend 10 million to any organisation without solid security and not just a first mortgage debenture when the organisation has no fixed assets
The financial institution only realise their security if it can't be repaid, if the organisation is in that much trouble and cannot meet it's commitments, goodwill would be zero, as it would be trading insolvent, so what security do they hold.
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Actually I'm pretty well versed to be honest.
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Buying it back might make it possible to make the board entirely (or even just majority) member voted. But I assume that would still require the club to make the necessary changes to make it so. And I have a hard time envisioning any future in which the management of this club do anything to make themselves accountable. They're quite comfortable with how things are right now, thankyouverymuch.
You're obviously not thinking a financial institution would lend 10 million to the crows for an AFL licence
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Why do we have a license? Why can't we exist without one?
I've seen more lent to worse.
