one would think it will balloon based on recent revenue, possibly to a point where they may not get it all back
they want there money which is long over due = fly in the oitment...
another lender would not be so naive to not implement strict convenants in lieu of recent public financial history
one of the onerous conditions in the report is that the club is now forced to sell all entitlements not being exercised - ol' mate up the road just keeps rubbing his hands together so much so, now he offers free yum cha to patrons after 11pm
if you compare annual reports from 5 years ago, there was a $30m net gaming revenue pool between tradies and sharks. the break-up was tradies $16m and sharks $14m. recent 12 months trade now show tradies - excess of $20m and sharks $9m
annual reports show the clubs net revenue drops around 10% per year while ol' mate increases, as is the club industry. majority of the industry has recovered post july 07 and continue to experience growth
the revenue stream that seemingly is about 80 - 90% of total revenue should be prioritised
i agree on this being the only way out and it has to happen, but i cant see any current positives that provide light at tunnels end - we still have another trading year on these accounts - have we fallen further behind the debt repayments in this 12 months - is this the reason the bank are saying the debt will blow out to $13.5m?
watching the team get dusted by the cellar dwellars (with such statistics) reflecting on people through the gate makes it hard to see robin hood riding up and over peachey hill sometime soon
They have stated it will blow out hence the $13.5m figure.Yep the meeting noted as did the pamphlet that the club was in contravention of its Banking requirements.If the bank wanted to they could call in the lot and have a fire sale.
the fact the club honchos and the developers in talks with the bank,appeard to set the bank at ease.
Yep currently Tradie and others are doing OK.Should the poker machine restrictions come in,it will be a different scenario,
The reason the club is going down this development path,it sees itself a community asset and poker machines will be well down the pecking order,for monetary reliance.
Your last par,could not agree more.Bums on seats is what the club needs now.
On the matter of another lender.If the 3A received the go ahead ,the retail section would be first cab off the rank,and I can't see the need for the club refurbishment until the retail section was near to or complete,by which time the club's financial positioned would be further strengthened,as they would be entitled to sell the retail development and secure profits therewith.
If they don't get the 3a through it's all hypothetical anyway.
