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AGM

Post by Andos Mullett on Mon Dec 15, 2014 8:45 pm

Anyone give us a summary? Apparently it's not pretty.

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Re: AGM

Post by blueandwhite on Mon Dec 15, 2014 10:15 pm

Andos Mullett wrote:Anyone give us a summary? Apparently it's not pretty.


just got home...

what a disaster.
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Re: AGM

Post by JoPan on Tue Dec 16, 2014 7:18 am

I've been telling you all for a while. The peanut we had running our club turned annual profits of around 200k, into massive losses overnight, to the point we are struggling to exist. Club should look to sue him. I know we have a good board, and will get out of this mess, but it's going to take some time. Evil or Very Mad

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Re: AGM

Post by blueandwhite on Tue Dec 16, 2014 9:32 am

I think Im correct in saying that thiss was the result...

footy club -160k
licensed club - 280k

total...-$442k- ouch. Shocked

Im figuring that a percentage of that loss would be put down to the fact we were paying Ron Fuller  to coach this year as well as Gotchy.
There has been a general downturn in gaming revenue across the state over the last 2 years.
Our club is guilty as charged of throwing all of its revenue generating eggs into the one basket(gaming) and this has proved very costly. The decision to restructure memberships a couple of years ago whhich drove people away from the club has also proved costly.Thankfully that situation has been addressed and there is now pretty much a membership available for everyone and their circumstances.
The club is now going to turn back to increasing traditional revenue streams of membership, sponsorship and marketing to assist in generating revenue.
The club has made some tough decisions already to redress this dire financial situation but in my opinion will have to make more.The budgets of all departments have been slashed and the club has budgeted for a return to profit next year....... Rolling Eyes  

The performance of Jimmy Deanes must be of grave concern for the club, and its performance must be addressed immediately.

The sanfl has sold footy park for $71 mill and initially was going to retire its own debt of $36m and keep the balance.
Due to the insistence of our club in particular and the other sanfl clubs ,the sanfl changed its mind and will pay off its own debt over a longer period of time and issue a "sizeable" dividend on a yearly basis to the 8 clubs beginning 2016.
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Re: AGM

Post by panther magic on Tue Dec 16, 2014 1:34 pm

That's a poor financial result! I heard rumours we were in for a bad result but I did not envisage this! What's worse is we had our best on field results in a long while so something wasn't going according to plan. It's definitely tough times financially for all and sundry so it's going to take some shrewd heads to navigate our way out of this!
As you said B&W membership is definitely important to the club, we need as many as we can get! The more members we have should return bigger crowds at home games which will help the bottom line.
I can't believe the licensed club lost 280 thousand!

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Re: AGM

Post by Andos Mullett on Tue Dec 16, 2014 4:22 pm

I can't believe the Club hasn't tweeted the financials yet. Very quiet indeed.

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Re: AGM

Post by blueandwhite on Tue Dec 16, 2014 7:44 pm

Andos Mullett wrote:I can't believe the Club hasn't tweeted the financials yet. Very quiet indeed.  

all financial members were emailed a copy of the annual report including a financial report last night..
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Re: AGM

Post by Andos Mullett on Tue Dec 16, 2014 8:22 pm

blueandwhite wrote:
Andos Mullett wrote:I can't believe the Club hasn't tweeted the financials yet. Very quiet indeed.  

all financial members were emailed a copy of the annual report including a financial report last night..

So a couple hundred people would have them then

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Re: AGM

Post by Panther74 on Tue Dec 16, 2014 9:33 pm

Andos Mullett wrote:
blueandwhite wrote:
Andos Mullett wrote:I can't believe the Club hasn't tweeted the financials yet. Very quiet indeed.  

all financial members were emailed a copy of the annual report including a financial report last night..

So a couple hundred people would have them then

If you were a member .. Yes you would have one in your email inbox.

If not, become a member.
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Re: AGM

Post by B&W63 on Tue Dec 16, 2014 9:51 pm

That's what we really need More Members

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Re: AGM

Post by Paradigm_shift on Tue Dec 16, 2014 10:23 pm

I'm a member but I didn't get a copy of the Annual Report sent to me. I've just e-mailed the club asking for a copy.
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Re: AGM

Post by saintal on Wed Dec 17, 2014 2:27 pm

ANNOUNCEMENT FROM THE BOARD

At the Annual General Meeting held on Monday 15 December 2015, I updated members on a number of important matters affecting the South Adelaide Football Club

First, it was with considerable regret that I advised the meeting that our CEO – Commercial Operations, Mrs Trudi Hower, had submitted her resignation due to a health issue.  Trudi had made a significant impression during her three months in the role and will be missed.  I have sincerely thanked her for her contribution to our Club and wished her well.

Secondly, the club has recorded a loss for the 2014 year of approximately $443,000.  This is a significant sum comprised of both a blowout in expenses and a below budget income performance. Losses incurred over the last two years have eroded reserves built up over the previous five years. The Club’s balance sheet remains very strong, but the assets are illiquid and do not assist the tight trading conditions experienced this year.

On the back of our significant on field improvement during 2014 the financial result is particularly disappointing.

A process has commenced immediately by the Board to identify and appoint a new CEO - Commercial Operations within the parameters set earlier this year.

In response to the deterioration in the Club’s financial position, the Board has implemented a revised management structure, sought to reduce costs and will focus on growing traditional club revenue in membership, sponsorship and fundraising activities with the aim of returning to a profit position in 2015.

I urge all members and supporters to get behind the Club.

The senior playing squad is in full training, bursting to get back into action and continue the improvement that they displayed in 2014.

Please sign up your membership for 2015 as soon as possible, get your friends to do the same, consider whether you can become or introduce a sponsor of the Club or assist in another way.

All of us at South Adelaide are in this together.

Our club needs your support now.

Go Panthers!!

Andrew Luckhurst-Smith

SAFC Chairman

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Re: AGM

Post by darley16 on Wed Dec 17, 2014 3:53 pm

Uh-oh, i feel the bad dark days returning, this is grim news and just when on-field is looking good. Sign up folks, i'am going Kingstonian membership the grand old club needs us more than ever.

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Re: AGM

Post by Andos Mullett on Wed Dec 17, 2014 4:05 pm

Not good. It's going to take something special to get us out of this predicament. I wonder who our next part time volunteer CEO will be?

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Re: AGM

Post by Ben W on Sun Dec 21, 2014 8:13 pm

I felt that the recatogorizing of memberships was a massive step backwards for the SAFC and its a good thing to see this has been addressed for season 2015. The current situation needs more than that of course, yet it is a start.

I know this is perhaps not appropriate to say, yet nothing used to give me the sh*ts more than getting letters from the SAFC gloating to members about another profit made whilst our league side had yet again finished in the bottom three for the season. Whilst I Would rather the loss was not as high as it is, I enjoyed our form this year and got to see one of our best years as a club in a very long time. If we record another loss next season but do the same and better I am happy to let it go through to the keeper!
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Re: AGM

Post by darley16 on Mon Dec 22, 2014 10:09 am

The "keeper" Ben in this case is the Commonwealth Bank to whom we owe $2.8ml and we know what banks do when those that borrow can't repay. Our club was very lucky to survive in 1988/89 when debt almost closed the club, then there was no AFL, larger supporter base, much smaller debt. I for one loved having correspondence from our club proudly announcing profits and i hope those days return soon because with no ability to finance our overheads there will be no SAFC.

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Re: AGM

Post by Andos Mullett on Mon Dec 22, 2014 10:52 am

darley16 wrote:The "keeper" Ben in this case is the Commonwealth Bank to whom we owe $2.8ml and we know what banks do when those that borrow can't repay. Our club was very lucky to survive in 1988/89 when debt almost closed the club, then there was no AFL, larger supporter base, much smaller debt. I for one loved having correspondence from our club proudly announcing profits and i hope those days return soon because with no ability to finance our overheads there will be no SAFC.    

Very true. Without money coming in to service our debts and run our football we may as well shut the door. Unfortunately time spent pumping up tyres on social don't pay the bills and is better spent knocking on doors to increase our dwindling sponsor and membership base.

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Re: AGM

Post by blueandwhite on Mon Dec 22, 2014 12:00 pm

Ive at last had a bit of time to fully digest the Annual report and especially the Financial report.
There are 2 critical figures to me..

1. The footy department lost 160k. I understand that the previous coaches settlement would be a large part of that, and clearly after our results in 2014 -in my opinion that has been money well spent.

2. Jimmy Deanes lost 280k. This figure does not sit well with me at all.!!
  I cannot believe that our licensed venue which has been so profitable in recent years can produce such a disastrous return.
My limited understanding of pubs etc ,is that on meals you break square..hopefully,..... drinks- you make quite a bit...and I assume you make plenty on the gaming..I realise that pokie revenue is down quite a bit statewide, but surely with such a downturn our costs would be reduced as well???

I sincerely hope that the Board is currently going through the operation with a fine tooth comb and forensicaly finding out what went wrong and what changes need to be made,and implement them immediately.

One thing is for sure, the Financial situation of the Club is not good and  a repeat next year would be a disaster.
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Re: AGM

Post by Andos Mullett on Mon Dec 22, 2014 2:44 pm

blueandwhite wrote:Ive at last had a bit of time to fully digest the Annual report and especially the Financial report.
There are 2 critical figures to me..

1. The footy department lost 160k. I understand that the previous coaches settlement would be a large part of that, and clearly after our results in 2014 -in my opinion that has been money well spent.

2. Jimmy Deanes lost 280k. This figure does not sit well with me at all.!!
  I cannot believe that our licensed venue which has been so profitable in recent years can produce such a disastrous return.
My limited understanding of pubs etc ,is that on meals you break square..hopefully,..... drinks- you make quite a bit...and I assume you make plenty on the gaming..I realise that pokie revenue is down quite a bit statewide, but surely with such a downturn our costs would be reduced as well???

I sincerely hope that the Board is currently going through the operation with a fine tooth comb and forensicaly finding out what went wrong and what changes need to be made,and implement them immediately.

One thing is for sure, the Financial situation of the Club is not good and  a repeat next year would be a disaster.


2015 will tell a massive story for us financially. Get a third strike it could be catastrophic.

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Re: AGM

Post by Panther Pack on Thu Jan 29, 2015 9:42 am

Me and my mates (who have all been members for the past 5 years & are again this year) were only talking recently about the huge loss the club made and was wondering if there was any connection between the CEO quitting and this loss. After reading some of the comments on here sounds like other people have similar thoughts.
What really surprised me was it was by far our most successful year in a long time and yet we made a huge loss not great.

I also wish the club told us how many members we actually have. I know we are the lowest in the league but it would be good to know.
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Re: AGM

Post by Andos Mullett on Sun Feb 15, 2015 8:08 am

Interesting that the Advertiser is running articles on club finances. I hope we're not next.

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Re: AGM

Post by Spiritof64 on Mon Feb 16, 2015 10:23 pm

[quote="Andos Mullett"]
blueandwhite wrote:
2. Jimmy Deanes lost 280k. This figure does not sit well with me at all.!!
  I cannot believe that our licensed venue which has been so profitable in recent years can produce such a disastrous return.
My limited understanding of pubs etc ,is that on meals you break square..hopefully,..... drinks- you make quite a bit...and I assume you make plenty on the gaming..I realise that pokie revenue is down quite a bit statewide, but surely with such a downturn our costs would be reduced as well???


We used to eat at least once a month at JD's. We just can't afford it now. We get a great feed for the two of us at the Lonsdale for half the price, and stay to drop some more dollars in their Pokies
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Re: AGM

Post by bluecat on Tue Feb 17, 2015 3:21 pm

Have You been to the Club lately? I reckon you will be pleasantly surprised. The new CEO has had a pretty big impact on the place. I was down there today. I reckon we all should check it out. Give it a go. I'm sure the Club would be open to suggestions and or criticism. But I reckon it's up to the members to get behind it. Perhaps that's been a problem for a while at South a lot of talk and no action. Check it out. If you like it bring some friends there. If you find something wrong tell some-one get it fixed .Be proud of it . Talk positive about it. HELP IT!
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Re: AGM

Post by Andos Mullett on Fri Feb 20, 2015 7:13 am

I like the new ceo already. He sent me a letter and didn't sign his name with a Mr. like the previous aloof flog did. He's got plenty of work to do off field. Hopefully he has put the blow torch under our marketing department. It's now almost as big as our footy department so there are no excuses.

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Re: AGM

Post by Andos Mullett on Wed Mar 04, 2015 4:32 pm

More new sponsors announced. Well done. Good to see some work being done. Maybe the penny finally dropped that Facebook birthday tweets alone won't get us back into the black. Keep it up Good Guys.

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