Casper The Ghost
First Grade
- Messages
- 9,924
how do you turn around 11 million when gaming only grew by a few million? keep in mind that gaming accounts for 95% of the revenue of the leagues club?
sums dont add up.
2008 was an asset impairment, hence the massive loss
2009 was a sale of assets (two blues sale)
2010 not over yet,
i am a big parra fan and i hope that the club can turn it around, the problem is i have little faith in the ability of the people being employed by the club.
Any outsider who reads the "2010 Board Report" I expect would raise their eyebrows at a few items as it does present more like a strategically worded election piece rather than a genuine report to the members. I say that because it appears to leave many questions unanswered or perhaps some topics omitting important information.
A few things:-
- It states that the Board asked Fitzy to "attend a meeting with the Board" and that Fitzy commenced court proceedings to "restrain the board from dealing with him". Thereafter it states that the Board has given the court undertakings "not to continue with the process". It seems odd that they can't be up front about the fact that this is all about revoking his life membership. Clearly they felt that supplying all the facts would not be politically advantageous.
- I am unaware if using the clubs funds for election matters is illegal and what Project Pittsburgh (PP) entailed. It seems odd however that they have spent $250k on legals and PI's on a witch hunt when the PP allegedly cost the club only $100K.
- It does smack of a employee witch hunt. There is one thing to bring in new practices for the better in the workplace, but to go about digging to find dirt on people so you can punt them seems on the surface to be dirty pool. Again we have only been given a rough outline on some of the terminations but one wonders if these staff were given fair opportunity to work under the new regime's expectations and standards.
- It's interesting to see the club's position with Ando at the moment; "the decision was taken to negotiate a buy-out of the balance of Daniel's contract and that is what is occurring." So they are not paying him the remainder of his contract but actually trying to pay him less.
- It's financial shenanigans to suggest that there has been a $9m turn around in profits. We all know that the $8m loss in 2008 was a paper loss only brought about by asset revaluations. This is what companies do to reduce their tax burden. Putting that aside their figures after the Global Financial Crisis have improved the bottom line from $1.5M to a projected $2.1M. It's not ground breaking but hey they are running leaner with wages and other contracts so I can't say it's not an improvement. Having said that I am not privy to the numbers from clubs of a similar size and it would be nice to be able to compare apples with apples. I suspect that their numbers would have improved comparatively.
- LOL at them using Fitzy's infamous "5 year" comment. That will haunt him until the day he dies. I don't often defend the pelican but I must point out that the 5 year comment was used by him with his Registered Clubs lobbyist hat on when the State Government increased the way that they calculate pokie tax. He referred to how the increase in tax would make it hard to put a team on the paddock. Spag is now using that out of context and suggesting that he predicted the demise of the licensed club. FYI Fitzy's comments are here and here.
- Finally, I though that club and football operations were separate ? Reading that report it does not seem that the football club have much say about what happens around the place.
Agreed, read it 3 times.... its propaganda time.... out come the boxing gloves. I'll keep reading this string.