The issue is the price paid for the poker machine licences. Had the club bought them at auction like most other clubs they would be in an OK position. Unfortunately the Dolphs ended up on the wrong side of that sliding door moment. If the state government waives or greatly reduces that debt things will be looking on the up again.
Hopefully things will we work out ok for the dolphins. 50 years in vfa, new social club, never aligned with afl clubs, whole of peninsula area plus now with Sandringhams new st kilda venture the dolphins could also get lucky for the vfl listed players that Sandringham have and get could cross over to the dolphins especially that now with less vfl players required by the zebras. They just need a plan to rid the debts. I thknk they will be ok.
Ron Burger - it must of been more than just the pokies as they haven't had pokies this year, they gave them up as they realised they were losing money from that stream.
How did they get the new social venue built with a lack of money ? They are top notch - would of cost millions !!!!
The function centre was funded by the federal govt, state govt, AFL and Frankston Council. There were certainly costs for the club, which are definitely a factor, but there has been revenue too.
The main financial burden is paying off the pokies licence, which I believe has something like another three years to run at the current rate of repayment.
As I mentioned earlier, if the state government waives that debt it would be a millstone taken from around the club's neck.
So the licence still needs to be paid off even though they have given up the pokies ? Isn't the licence the most expensive part of running pokies ? Why would they not keep them until the licence expires and give them up then ?
Good question. I believe it's something the previous GM pushed and my guess would be it was about reducing costs (staff hours, utilities etc) but you'd have to ask the club that one.
Hard to speculate without having any knowledge of the attitude of the major creditors, who all ultimately answer to the public. This could be as much a political VA as a financial one. There is always the very real chance you don't come out of VA, but a couple of the key organisations are supporting the club so I'm quite hopeful. Touch wood.
Not looking good.
Seems the debt has ballooned due to poorly performing pokies which most clubs seem to see as their lifeline.
So glad Coburg weren't able to secure pokies as our area is a similar demographic IMO in relation to pokies turnover (low).
With Sandy slowly morphing into the St Kilda reserves, the competition is once again starting to look farcical!
I am much more positive today than I was this time yesterday that Dolphins will be around in 2017 and beyond.
Things will play out over the next few weeks and go from there.
#dolphinspirit #proudlystandalone
The issue is the price paid for the poker machine licences. Had the club bought them at auction like most other clubs they would be in an OK position. Unfortunately the Dolphs ended up on the wrong side of that sliding door moment. If the state government waives or greatly reduces that debt things will be looking on the up again.
Hopefully things will we work out ok for the dolphins. 50 years in vfa, new social club, never aligned with afl clubs, whole of peninsula area plus now with Sandringhams new st kilda venture the dolphins could also get lucky for the vfl listed players that Sandringham have and get could cross over to the dolphins especially that now with less vfl players required by the zebras. They just need a plan to rid the debts. I thknk they will be ok.
Ron Burger - it must of been more than just the pokies as they haven't had pokies this year, they gave them up as they realised they were losing money from that stream.
How did they get the new social venue built with a lack of money ? They are top notch - would of cost millions !!!!
The function centre was funded by the federal govt, state govt, AFL and Frankston Council. There were certainly costs for the club, which are definitely a factor, but there has been revenue too.
The main financial burden is paying off the pokies licence, which I believe has something like another three years to run at the current rate of repayment.
As I mentioned earlier, if the state government waives that debt it would be a millstone taken from around the club's neck.
So the licence still needs to be paid off even though they have given up the pokies ? Isn't the licence the most expensive part of running pokies ? Why would they not keep them until the licence expires and give them up then ?
Good question. I believe it's something the previous GM pushed and my guess would be it was about reducing costs (staff hours, utilities etc) but you'd have to ask the club that one.
I believe the Administrators will be meeting with the the clubs creditors within 3 to 4 weeks. This will decide their future.
They will be extremely lucky to survive this.
Hard to speculate without having any knowledge of the attitude of the major creditors, who all ultimately answer to the public. This could be as much a political VA as a financial one. There is always the very real chance you don't come out of VA, but a couple of the key organisations are supporting the club so I'm quite hopeful. Touch wood.