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vfa
vfa's picture

Fingers crossed for sure. Hopefully they can work something out to help the dolphins to get out of the financial mess.

digs

Paul,

Unsure as to what arrangements Frankston entered into about three years ago when all poker machine clubs had the option of purchasing their machines or continuing to rent them.

In the Roosters case they chose to purchase their ninety machines over a five year period thus the reason why they are struggling financially  with a cash flow at the moment.

We might be from the bush. but we ain't green

paul

Same situation for Frankston digs, although I believe the options were buying them at a set price before the auction or bidding for them at auction. The Dolphs chose to pay pre-auction and ended up paying well over the odds (along with many other community clubs) and hence the current struggles. 

Bearsman
Bearsman's picture

Even if they can convince their creditors not to shut them down they still have the task of convincing the VFL that they are viable . Its only 2 years ago (I think) that they were broke and were lucky to have their licence renewed. They have had solvency problems for the last 10 years, and the 2  million  odd invested in the Function Centre and Social  Rooms looks like it  hasn't been the answer - in the short term at least. Its hard to see anymore funding being allocated to them.

They will need a very good business plan to convince the powers that be to take another risk on them. The line will have to be drawn somewhere.

paul

Word is the VFL suggested they take this action for exactly that reason, to step clear of the debts from the past few years. Sounds to me like convincing the powers that be is the least of the concerns. 

Bearsman
Bearsman's picture

I hope you're right....

paul

Me too. Would be a very sad day if not. And they still have to get a deal from creditors, I'm optimistic about that given the lack of complexity, but it's always a very real possibility that any org doesn't make it out of VA.

MegaA
MegaA's picture

Is the new function centre getting regular functions ?

17 PREMIERSHIPS, 33 x GRAND FINALISTS, 21 X Runners up

THE VFLS MOST SUCCESSFUL CLUB - THE MIGHTY PORT MELBOURNE BOROUGH!

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paul

Yes Mega, the function centre is doing well and getting busier, the overriding issue is the debt from buying the poker machine licences.

The lastest update is former Melbourne Storm CEO Ron Gauci has been brought in by the AFL to help sort the situation out. That's very promising news, his resume is pretty impressive: http://www.saxton.com.au/ron-gauci/

Here's an article from the great PA on it: http://www.heraldsun.com.au/leader/south-east/frankston-dolphins-turn-to...

vfa
vfa's picture

Ron Gauci did extremely well with the Storm and will do likewise with the Dolphins. Has a tough job but definatley no toughter than what he encountered with Melbourhe Storm. Perfect to drag the dolphins out of its current mess.

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