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bettega
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https://www.dailytelegraph.com.au/sport/rugby/rugby-australia-in-turmoil-and-will-cut-roles-across-the-business/news-story/58c19e072d360d95e99b6ff59d274591Rugby Australia’s alarming financial position has been laid bare at their annual general meeting on Monday, with job losses to come after the organisation lost $9.4 million and failed to provide audited accounts due to the coronavirus crisis.RA conceded there is “uncertainty surrounding the business into 2020 and beyond” as lost games and live gate-takings threaten the survival of the code.The multimillion-dollar payout to Israel Folau and unpredictability of the coronavirus restrictions — set to continue for up to six months and potentially cancel Super Rugby and Test matches this year — means RA can’t give members a clear picture of their full losses for the remainder of 2020.
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bettega
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https://www.afl.com.au/news/390294/nab-anz-come-to-the-party-as-afl-secures-huge-loan NAB, ANZ come to the party as AFL secures huge loan The AFL has secured a line of credit with banks which will allow it to operate through the coronavirus crisis It is believed the total amount of the loans, derived from negotiations with NAB and ANZ, is more than $500 million, and could be as high as $600 million. The AFL announced the funding on Monday, three days after striking a restructured pay deal with the AFL Players Association. LATEST NEWS All your COVID-19 updates here
AFL RESTRUCTURE League stands down majority of workforceThe AFL industry is facing collective debt totalling hundreds of millions of dollars due to the COVID-19 outbreak. "This week the AFL stood down 80 per cent of our national workforce until Sunday May 31, with all remaining roles moved to reduced hours of three or four days a week. "All 18 clubs have taken similar steps and the players have agreed to reduced payments to both save the national AFL competition and preserve the future of the game we love at community and grass roots level." The AFL was able to leverage its ownership of Marvel Stadium, potentially worth $1 billion, in the dealings with the banks. "This is the first step in the battle to save our game but we have a long journey to go," McLachlan said.
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Waz
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+xhttps://www.afl.com.au/news/390294/nab-anz-come-to-the-party-as-afl-secures-huge-loan NAB, ANZ come to the party as AFL secures huge loan The AFL has secured a line of credit with banks which will allow it to operate through the coronavirus crisis It is believed the total amount of the loans, derived from negotiations with NAB and ANZ, is more than $500 million, and could be as high as $600 million. The AFL announced the funding on Monday, three days after striking a restructured pay deal with the AFL Players Association. LATEST NEWS All your COVID-19 updates here
AFL RESTRUCTURE League stands down majority of workforceThe AFL industry is facing collective debt totalling hundreds of millions of dollars due to the COVID-19 outbreak. "This week the AFL stood down 80 per cent of our national workforce until Sunday May 31, with all remaining roles moved to reduced hours of three or four days a week. "All 18 clubs have taken similar steps and the players have agreed to reduced payments to both save the national AFL competition and preserve the future of the game we love at community and grass roots level." The AFL was able to leverage its ownership of Marvel Stadium, potentially worth $1 billion, in the dealings with the banks. "This is the first step in the battle to save our game but we have a long journey to go," McLachlan said. Fark, don’t know what interest rate they got but that’s at least $2,000,000 per month in repayments.
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Burztur
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+x+xhttps://www.afl.com.au/news/390294/nab-anz-come-to-the-party-as-afl-secures-huge-loan NAB, ANZ come to the party as AFL secures huge loan The AFL has secured a line of credit with banks which will allow it to operate through the coronavirus crisis It is believed the total amount of the loans, derived from negotiations with NAB and ANZ, is more than $500 million, and could be as high as $600 million. The AFL announced the funding on Monday, three days after striking a restructured pay deal with the AFL Players Association. LATEST NEWS All your COVID-19 updates here
AFL RESTRUCTURE League stands down majority of workforceThe AFL industry is facing collective debt totalling hundreds of millions of dollars due to the COVID-19 outbreak. "This week the AFL stood down 80 per cent of our national workforce until Sunday May 31, with all remaining roles moved to reduced hours of three or four days a week. "All 18 clubs have taken similar steps and the players have agreed to reduced payments to both save the national AFL competition and preserve the future of the game we love at community and grass roots level." The AFL was able to leverage its ownership of Marvel Stadium, potentially worth $1 billion, in the dealings with the banks. "This is the first step in the battle to save our game but we have a long journey to go," McLachlan said. Fark, don’t know what interest rate they got but that’s at least $2,000,000 per month in repayments. Maybe secured against the future earnings at Marvel? Aren't NAB also a pre-season sponsor? So there would be contra involved to lower that cost (which is astronomical for Australian sport).
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bettega
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+x+xhttps://www.afl.com.au/news/390294/nab-anz-come-to-the-party-as-afl-secures-huge-loan NAB, ANZ come to the party as AFL secures huge loan The AFL has secured a line of credit with banks which will allow it to operate through the coronavirus crisis It is believed the total amount of the loans, derived from negotiations with NAB and ANZ, is more than $500 million, and could be as high as $600 million. The AFL announced the funding on Monday, three days after striking a restructured pay deal with the AFL Players Association. LATEST NEWS All your COVID-19 updates here
AFL RESTRUCTURE League stands down majority of workforceThe AFL industry is facing collective debt totalling hundreds of millions of dollars due to the COVID-19 outbreak. "This week the AFL stood down 80 per cent of our national workforce until Sunday May 31, with all remaining roles moved to reduced hours of three or four days a week. "All 18 clubs have taken similar steps and the players have agreed to reduced payments to both save the national AFL competition and preserve the future of the game we love at community and grass roots level." The AFL was able to leverage its ownership of Marvel Stadium, potentially worth $1 billion, in the dealings with the banks. "This is the first step in the battle to save our game but we have a long journey to go," McLachlan said. Fark, don’t know what interest rate they got but that’s at least $2,000,000 per month in repayments. Actually, that's a good question, given the figure of $600 million, should be pretty easy to reduce it to a monthly interest charge. At a lowly 2%, that comes to 12 mill per annum or $1 mill per month. Double the rate, and you're at $2 mill per month. So somewhere in between gets you to $1.5 million per month - probably where it will land in approx. terms. It's a lot when there's no cash flow, but if they did manage to get to normal operations in 4 months (not sure if that's realistic or not), they can probably cover it. There is very clearly an assumption built in that things return to some normalcy next year - otherwise they're in it deep.
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banzai
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+x+x+xhttps://www.afl.com.au/news/390294/nab-anz-come-to-the-party-as-afl-secures-huge-loan NAB, ANZ come to the party as AFL secures huge loan The AFL has secured a line of credit with banks which will allow it to operate through the coronavirus crisis It is believed the total amount of the loans, derived from negotiations with NAB and ANZ, is more than $500 million, and could be as high as $600 million. The AFL announced the funding on Monday, three days after striking a restructured pay deal with the AFL Players Association. LATEST NEWS All your COVID-19 updates here
AFL RESTRUCTURE League stands down majority of workforceThe AFL industry is facing collective debt totalling hundreds of millions of dollars due to the COVID-19 outbreak. "This week the AFL stood down 80 per cent of our national workforce until Sunday May 31, with all remaining roles moved to reduced hours of three or four days a week. "All 18 clubs have taken similar steps and the players have agreed to reduced payments to both save the national AFL competition and preserve the future of the game we love at community and grass roots level." The AFL was able to leverage its ownership of Marvel Stadium, potentially worth $1 billion, in the dealings with the banks. "This is the first step in the battle to save our game but we have a long journey to go," McLachlan said. Fark, don’t know what interest rate they got but that’s at least $2,000,000 per month in repayments. Actually, that's a good question, given the figure of $600 million, should be pretty easy to reduce it to a monthly interest charge. At a lowly 2%, that comes to 12 mill per annum or $1 mill per month. Double the rate, and you're at $2 mill per month. So somewhere in between gets you to $1.5 million per month - probably where it will land in approx. terms. It's a lot when there's no cash flow, but if they did manage to get to normal operations in 4 months (not sure if that's realistic or not), they can probably cover it. There is very clearly an assumption built in that things return to some normalcy next year - otherwise they're in it deep. They were gifted the billion dollar stadium that was meant to be a rectangular shape in the first place. If their worst case is losing that to cover the loan if things go bad, it's not really a disaster for them.
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LFC.
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+x+xbet365 sponser Stoke. Not sure they own any clubs though. Coates done alright as much as I dislike gambling. Bet365 was founded in 2000 in a portakabin[3] in Stoke-on-Trent by Denise Coates. Denise developed a sports betting platform and trading team to launch the business online in March 2001. The business borrowed £15 million from RBS against the family's betting shop estate which had been started by Peter Coates in 1974 and had been run by Denise Coates as managing director from 1995. Bet365 sold its betting shop chain in 2005 for £40 million to Coral and paid off its loan to RBS.[9] Bet365 has grown into one of the world's largest online gambling companies with its reported figures to March 2018 showing amounts wagered on sports at £52.56 billion, revenues of £2.86 billion and an operating profit of £660.3 million. Denise Coates, joint chief executive, continues to run Bet365 and is the majority shareholder with 50.1% of the shares. Her brother John, joint chief executive, runs the business alongside her, with her father Peter holding the position of chairman The Bet365 group own Stoke City, Denise's father Peter is chairman of both Bet365 and Stoke. Thanks mate, I knew you kept tabs on EPL/EFL etc :) I should have known this by the way :(
Love Football
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Barca4Life
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So it seems the AFL will get big help from banks, but the rest of the sports will get little help? Where to next for Australian sport.
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bettega
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+xSo it seems the AFL will get big help from banks, but the rest of the sports will get little help? Where to next for Australian sport. The AFL is the most cost hungry of all the codes, so they probably need the $600 mill. NRL might only need half of that. Cricket will need much less. A-League might only neerd 10% of that, i.e. might be small enough that government throws us a bone.
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bettega
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Blast from the past, fighting a new battle:  North Melbourne @NMFCOfficial· North Melbourne chairman Ben Buckley says talk of relocation is "bloody disappointing"."We’re a Melbourne-based team. Any speculation is complete nonsense, is not on the agenda, is not being discussed and won’t be discussed."
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The_Wookie
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+xSo it seems the AFL will get big help from banks, but the rest of the sports will get little help? Where to next for Australian sport. Banks need collateral. None of the other codes have any assets to leverage. Although the NRL has evidently been offered a 100m loan from some english private equity firm
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con m
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+x+xSo it seems the AFL will get big help from banks, but the rest of the sports will get little help? Where to next for Australian sport. Banks need collateral. None of the other codes have any assets to leverage. Although the NRL has evidently been offered a 100m loan from some english private equity firm how do you think the afl will come out of this The_Wookie
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bettega
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everyone will have a haircut
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con m
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+xeveryone will have a haircut yes everyone will the question is will it be a number one or number two or a crew cut
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bettega
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Melbcityguy
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paladisious
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The low intelligence levels of these people really comes through in their communication skills.
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LFC.
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+xThe low intelligence levels of these people really comes through in their communication skills. spot on......
Love Football
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aussie pride
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Kane Cornes is the exact same as his father...an utter fuckwit.
He tries to fill the shoes in Melbourne as a “shock jock” to stay relevant but at the end of the day he’s really a nobody in this state trying make a name for himself.
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scott20won
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Now Eddie is suggesting AFL play games at suburban grounds.
He was on their loan task force. I’m sure they can wrangle so cash for upgrades.
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Footballer
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+x+xSo it seems the AFL will get big help from banks, but the rest of the sports will get little help? Where to next for Australian sport. The AFL is the most cost hungry of all the codes, so they probably need the $600 mill. NRL might only need half of that. Cricket will need much less. A-League might only neerd 10% of that, i.e. might be small enough that government throws us a bone. its not really about needing the cash - which they do - its about getting it, as a loan, to survive. by getting the loan the AFL have basically guaranteed their survival, and the survival of all the clubs - even the suckers like GC and GWS, the NRL is in real strife. They have no money, no real assets, and its just been revealed theyve been stiffing all the players the superannuation - to the tune of $10Million!!! its a guarantee that some NRL clubs will go under. i find it hard to see where the ALeague is at. We were basically a sinking ship before coronavirus, but now nothing is certain. they way i see it, if we have some cashed up owners who are willing to save their clubs and the competition, we'll be fine. If they don't, and we can't sell our 2021 seeason, we're farked.
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aussie pride
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I’ve been thinking about the NRL situation and how we can somehow manoeuvre it to be mutually beneficial for both codes. To me as a Victorian they seem far less hostile towards football as a code besides a few bogans in their media.
Could Sydney sides such as Penrith, Cronulla and Manly look to introduce a summer tenant as a way to generate further income and all round year use of their rectangular stadiums?
They could be the perfect regions for second div sides which would cover the entirety of Sydney; far west, south and north.
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bettega
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+xCould Sydney sides such as Penrith, Cronulla and Manly look to introduce a summer tenant as a way to generate further income and all round year use of their rectangular stadiums? That's not a bad idea. Recalling that the new A-League is likely to be stripped down, semi-pro, and located on the East Coast. Don't be surprised if 5 out of 8 clubs are from NSW.
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Melbcityguy
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Waz
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Valid debate. Especially if the season is shortened significantly.
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Melbcityguy
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+xValid debate. Especially if the season is shortened significantly. i agree i don't mind eddie's response on this either
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bettega
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@FOXFOOTY‘Potentially fatal’: Bulldogs CEO paints bleak picture for clubs if members demand refunds https://bit.ly/3aMKzEN
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walnuts
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It was quite pitiful seeing McGuire essentially ask for donations (in the form of members not asking for membership refunds) tbh. Have they not put aside any cash from years of 'record memberships'?
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Milanista
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+xIt was quite pitiful seeing McGuire essentially ask for donations (in the form of members not asking for membership refunds) tbh. Have they not put aside any cash from years of 'record memberships'? Couldn’t agree anymore. Put himself on the board of Athletics Victoria so he could get a hold of Olympic Park for Collingwood to use, and now cries poor when asked if he will refund people’s memberships in rise of a global pandemic with millions losing their jobs. Soon he’ll use the analogy of growing up in Broadmeadows...Such a tool.
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scott20won
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“Westfield's 89-year-old founder Frank Lowy timed his retirement well, relinquishing control of a global empire he started during the 1950s in Sydney's west. Two years ago, he sold his business to French property giant Unibail-Rodamco for $32.7billion. Its now worth less than half of that, with a market capitalisation of $11.93billion as of Wednesday afternoon. “
https://www.dailymail.co.uk/news/article-8174831/Credit-ratings-agency-Moodys-says-Westfields-future-uncertain.html
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