- Banned
- #1
Tigers in financial turmoil
By Caroline Wilson, Jake Niall and Dan Oakes
December 1, 2004
A damning financial picture of Richmond that has raised doubts about the club's ability to continue trading as a "going concern" emerged last night with the release of the Tigers' 2004 annual report.
The revelations in the report came as football director Greg Miller took the extraordinary step of joining the ticket of embattled president Clinton Casey against the Charles Macek-led challenge at the forthcoming election.
Miller said he believed he owed it to members to do all he could to ensure the club remained stable. "Some of the events of the last few days made up my mind," Miller said. "It disappoints me to see the nastiness coming into the election. I want to change that culture."
The nastiness Miller referred to was played out on radio SEN yesterday as Macek candidates Bryan Wood and Peter Welsh argued their case and Casey his. Former player Geoff Raines also weighed in as an independent observer.
Miller said last night he had run his decision past coach Terry Wallace and CEO Steven Wright. Both have given their blessing and Miller said he would continue to serve as the club's football operations manager and saw no conflict. He confirmed, too, that he would be unlikely to remain at the club as a paid employee if he and Casey were defeated in the election. "Terry understands that I can't sit on the fence," Miller said. "He understands entirely my motivation and he understands why I have to do it . . . I think it's pretty evident that the rebel group aren't keen on retaining me."
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Brendan Schwab, vice-presidential candidate for the Macek faction, said that he was unaware of Miller's candidacy, but if true, it was symptomatic of the instability surrounding Casey's reign. "We would be extremely surprised if Greg was to nominate as a candidate for the board, because that would require him to immediately resign his position . . . and would suggest that he has a political agenda which he takes more seriously than his professional challenge to turn the club into an on-field success."
Casey's ticket was finalised amid speculation that he had sought unsuccessfully to persuade a series of former players to join his ticket. A disastrous attempt, instigated by Miller, to bring Rex Hunt on board last month was scotched when it became apparent that Hunt was not a member.
In the finish, the final position on the Casey ticket was filled by his friend and neighbour Maurice O'Shannassy, a managing director of the Merrill Lynch investment management firm.
Aspiring president Macek also released his alternative nine-person ticket in a glossy 10-page booklet outlining its plans for the resurrection of the troubled club.
The manifesto released by Macek's "Big 4" team, named for the Tigers' status as one of Melbourne's four biggest clubs, is accompanied by statements of support from a number of club legends, including five-time Richmond premiership player Francis Bourke.
"The record of the past five years speaks for itself," Bourke said. "No one can claim we are better off than we were five years ago. That's why I am supporting change."
Other former Tigers throwing their weight behind Macek's nine-man ticket include ******** Clay, Jim Jess, Emmett Dunne, Brendon Gale, Paul Broderick, Ron Branton and Paul Wright, son of Roy.
Who best addresses the club's woeful finances is shaping as a crucial issue at this month's election after the annual report raised serious doubts about the solvency of the club.
"The company currently has a deficiency in net assets and current assets in comparison to its current liabilities," the report said.
The report also revealed that the Tigers, who announced a loss of $2.19 million last week, were economically dependent on the AFL and that they had sounded out the league about a $1.5 million competitive balance fund hand-out, putting them in the same situation as the Kangaroos, the Western Bulldogs and Melbourne.
"The Richmond Football Club Limited is economically dependent on the ongoing financial assistance of the Australian Football League," the report said. "This ongoing assistance provided by the AFL is in the form of a redirection order of up to $4.27 million to the ANZ Bank as security for the current borrowing facilities . . .
"The AFL has also agreed that it could provide access to the competitive balance fund upon receiving an application from the club. The club could access up to $1.5 million per annum," the report said, but added that directors were confident "there will be no necessity to access the competitive balance fund".
Welll Miller the great saviour is now apolitician.....this sucks
By Caroline Wilson, Jake Niall and Dan Oakes
December 1, 2004
A damning financial picture of Richmond that has raised doubts about the club's ability to continue trading as a "going concern" emerged last night with the release of the Tigers' 2004 annual report.
The revelations in the report came as football director Greg Miller took the extraordinary step of joining the ticket of embattled president Clinton Casey against the Charles Macek-led challenge at the forthcoming election.
Miller said he believed he owed it to members to do all he could to ensure the club remained stable. "Some of the events of the last few days made up my mind," Miller said. "It disappoints me to see the nastiness coming into the election. I want to change that culture."
The nastiness Miller referred to was played out on radio SEN yesterday as Macek candidates Bryan Wood and Peter Welsh argued their case and Casey his. Former player Geoff Raines also weighed in as an independent observer.
Miller said last night he had run his decision past coach Terry Wallace and CEO Steven Wright. Both have given their blessing and Miller said he would continue to serve as the club's football operations manager and saw no conflict. He confirmed, too, that he would be unlikely to remain at the club as a paid employee if he and Casey were defeated in the election. "Terry understands that I can't sit on the fence," Miller said. "He understands entirely my motivation and he understands why I have to do it . . . I think it's pretty evident that the rebel group aren't keen on retaining me."
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Brendan Schwab, vice-presidential candidate for the Macek faction, said that he was unaware of Miller's candidacy, but if true, it was symptomatic of the instability surrounding Casey's reign. "We would be extremely surprised if Greg was to nominate as a candidate for the board, because that would require him to immediately resign his position . . . and would suggest that he has a political agenda which he takes more seriously than his professional challenge to turn the club into an on-field success."
Casey's ticket was finalised amid speculation that he had sought unsuccessfully to persuade a series of former players to join his ticket. A disastrous attempt, instigated by Miller, to bring Rex Hunt on board last month was scotched when it became apparent that Hunt was not a member.
In the finish, the final position on the Casey ticket was filled by his friend and neighbour Maurice O'Shannassy, a managing director of the Merrill Lynch investment management firm.
Aspiring president Macek also released his alternative nine-person ticket in a glossy 10-page booklet outlining its plans for the resurrection of the troubled club.
The manifesto released by Macek's "Big 4" team, named for the Tigers' status as one of Melbourne's four biggest clubs, is accompanied by statements of support from a number of club legends, including five-time Richmond premiership player Francis Bourke.
"The record of the past five years speaks for itself," Bourke said. "No one can claim we are better off than we were five years ago. That's why I am supporting change."
Other former Tigers throwing their weight behind Macek's nine-man ticket include ******** Clay, Jim Jess, Emmett Dunne, Brendon Gale, Paul Broderick, Ron Branton and Paul Wright, son of Roy.
Who best addresses the club's woeful finances is shaping as a crucial issue at this month's election after the annual report raised serious doubts about the solvency of the club.
"The company currently has a deficiency in net assets and current assets in comparison to its current liabilities," the report said.
The report also revealed that the Tigers, who announced a loss of $2.19 million last week, were economically dependent on the AFL and that they had sounded out the league about a $1.5 million competitive balance fund hand-out, putting them in the same situation as the Kangaroos, the Western Bulldogs and Melbourne.
"The Richmond Football Club Limited is economically dependent on the ongoing financial assistance of the Australian Football League," the report said. "This ongoing assistance provided by the AFL is in the form of a redirection order of up to $4.27 million to the ANZ Bank as security for the current borrowing facilities . . .
"The AFL has also agreed that it could provide access to the competitive balance fund upon receiving an application from the club. The club could access up to $1.5 million per annum," the report said, but added that directors were confident "there will be no necessity to access the competitive balance fund".
Welll Miller the great saviour is now apolitician.....this sucks
