rizzo
Brownlow Medallist
Golf Enthusiast
10k Posts
The Fred Medal
Geelong Cats - Travis Varcoe 2014 Player Sponsor
Geelong Cats - Travis Varcoe 2013 Player Sponsor
Geelong Cats - Travis Varcoe 2012 Player Sponsor
Geelong Cats - Travis Varcoe 2011 Player Sponsor
Geelong Cats - Travis Varcoe 2010 Player Sponsor
Geelong Cats - Travis Varcoe 2009 Player Sponsor
Geelong Cats - Travis Varcoe 2008 Player Sponsor
Geelong Cats - Travis Varcoe 2007 Player Sponsor
Geelong Cats - Travis Varcoe 2006 Player Sponsor
- Joined
- Sep 11, 2003
- Posts
- 14,342
- Reaction score
- 1,037
- AFL Club
- Geelong
- Other Teams
- Everton, Melbourne Heart, Raptors
Geelong has finally cleared a $5.1 million debt it has had since 1999, after it was announced on Thursday that it had paid its last installment of $700,000 to the Bendigo Bank.
Geelong chief executive Brian Cook said it was terrific to pay off its long-standing debt.
"The club has posted five consecutive profits and we expect 2005 to be our best yet. We would like to thank our loyal sponsors and members for their ongoing support in recent years," Cook said.
"Generating revenue from new income streams has also been important for us, for example the results of our telesales team who have generated $1.7 million net for the club over the past five years. They sell $300 raffle tickets over the phone, day-in, day-out."
Geelong took out a new $3.6 million loan in November 2004, which will fund the bulk of the club's $4.5 million redevelopment of Skilled Stadium.
It is forecast that this debt will be repaid by 2009 at the latest, with $2.5 million to be repaid from cash generated club sources, including ticket levy and cash surpluses. The remaining $1.1 million will be repaid with the club's share of Waverley Park proceeds.
Geelong estimates it will generate at least $1.0 million each year through the sale of premium seats, corporate boxes/suites and the growth of memberships, via the redevelopment of the stadium.
Cook said the club is 'very well positioned' to service this debt.
"We see this debt as an investment into the club's future. We thank the Bendigo Bank for their ongoing support and long term sponsorship," Cook said.
--------------------------------------------------------------------
Well done Frank and Cook
Geelong chief executive Brian Cook said it was terrific to pay off its long-standing debt.
"The club has posted five consecutive profits and we expect 2005 to be our best yet. We would like to thank our loyal sponsors and members for their ongoing support in recent years," Cook said.
"Generating revenue from new income streams has also been important for us, for example the results of our telesales team who have generated $1.7 million net for the club over the past five years. They sell $300 raffle tickets over the phone, day-in, day-out."
Geelong took out a new $3.6 million loan in November 2004, which will fund the bulk of the club's $4.5 million redevelopment of Skilled Stadium.
It is forecast that this debt will be repaid by 2009 at the latest, with $2.5 million to be repaid from cash generated club sources, including ticket levy and cash surpluses. The remaining $1.1 million will be repaid with the club's share of Waverley Park proceeds.
Geelong estimates it will generate at least $1.0 million each year through the sale of premium seats, corporate boxes/suites and the growth of memberships, via the redevelopment of the stadium.
Cook said the club is 'very well positioned' to service this debt.
"We see this debt as an investment into the club's future. We thank the Bendigo Bank for their ongoing support and long term sponsorship," Cook said.
--------------------------------------------------------------------
Well done Frank and Cook
