Members' Information Night

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Post by Lee Harradine on Sat Nov 22, 2014 12:38 pm

It's Council land, ST. The Council decided to make it a kid's park.

You can compain officially to the Mayor of West Torrens.

It will be opened at the Cyclethon, for which we're looking for volunteers.

Can I put your name down as a volunteer?

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Post by Lee Harradine on Sat Nov 22, 2014 12:41 pm

Oh, I should also acknowledge the generous help given to us by the Council with the Cyclethon.
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Post by Lee Harradine on Sat Nov 22, 2014 12:59 pm

Of course.
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Post by Lee Harradine on Sat Nov 22, 2014 4:36 pm

It doesn't matter whether you're in your 'later years', whether you've had a decency bypass, or whether you're just a perennial whinger, being a Board Member is still voluntary work, ST.

Oh, I work full time away from the club, although the old zimmer frame's taking a beating lately.   Very Happy
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Post by Lee Harradine on Sat Nov 22, 2014 6:15 pm

I don't worry.

Perhaps we can now get back to the topic - the Information Night.
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Post by Audamus on Sun Nov 23, 2014 8:26 am

Lee, I have a zimmer frame I don't use. Good condition and barely used. You can have it if yours is worn out. Laughing
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Post by Lee Harradine on Sun Nov 23, 2014 8:46 am

Thank you, Audamus, I accept that kind offer.

I can use it getting to Board meetings as I go through my later years.  lol!
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Post by billrobs1 on Sun Nov 23, 2014 7:05 pm

Lee and ST. I usually enjoy both of your posts. Both passionate but often from different perspectives.

This thread takes me back to the school yard though boys.

Can we not leave this kind of banter to the Redlegs supporters?
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Post by bundy on Sun Nov 23, 2014 7:33 pm

I say give them both a packet of gob stopper lollies. Smile
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Post by Lee Harradine on Sun Nov 23, 2014 7:38 pm

billrobs1 wrote:Lee and ST. I usually enjoy both of your posts. Both passionate but often from different perspectives.

This thread takes me back to the school yard though boys.

Can we not leave this kind of banter to the Redlegs supporters?

Totally agree, billrobs, it would be nice to be able stick to the subject.
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Post by Jamo on Mon Nov 24, 2014 8:28 pm

Very happy with tonight's outcome. Thankyou to the board for there effort and honesty.

When you have more with the syndicate idea to invest in the club. I am intrested.

_______________________________________________________________________________________________________________________
RED BLACK 2015.
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Post by Richmond Rocker on Mon Nov 24, 2014 11:48 pm

Wasn't there tonight due to work commitments.
What was the boards plan?
What was the feedback from the attending members?
Was there any other suggestions or questions from the floor?
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Post by Lee Harradine on Tue Nov 25, 2014 7:34 am

I'll give a detailed response today, RR.
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Post by Lee Harradine on Tue Nov 25, 2014 12:44 pm

If I wasn't on the Board, my answer would be

"If that's what we're relying on, then we're ...... , ST" Very Happy

Seeing that I'm on the Board and that answer would be unbecoming of a Board Member, my official answer is:

"No, I won't be an investor at all".
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Post by Lee Harradine on Tue Nov 25, 2014 12:51 pm

I'll give a summary of last night, as promised:

Part 1:

The meeting opened with the President, Richard Sykes, addressing members. His speech was based on the fact we had no cash flow, we had to do something dramatic, but responsible, to change the club from a struggler to a force and he outlined a plan to achieve this.

His plan was to transfer the ownership of our building to a Unit Trust and seek investors, possibly with ties to the club, or known to the club, up to the value of the building, which was approximately $1.8 million.

We would retain the right to purchase back units in this Unit Trust.

The effect of this would be to give us a cash injection of up to $1.8 million, which wuld enable us to pay off our bank debt in total, our loans from Board members in total and a large majority of our creditors.

It would leave us paying rent instead of bank interest and the investors would get a fair return for their investment.

He urged members to be confident of the future under this plan.
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Post by Lee Harradine on Tue Nov 25, 2014 12:56 pm

Part 2:

CEO John Kantilaftas outlined the difficulties we faced on a daily basis trying to operate with the constant stress of not being able to pay our bills on time.  He said we faced a crucial decision and stated his confidence in the Board's plans.

He emphasised that the club would be far better off if he had the resources to concentrate on revenue and other initiatives instead of spending so much time talking to creditors.

Finance Director, Dean Withers, spoke about the effect on our Balance Sheet of the move and discussed a slide showing our current Balance Sheet and how it would be after the transfer.  He reiterated the underlying strength of our financial position.


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Post by Lee Harradine on Tue Nov 25, 2014 1:06 pm

Part 3.

The meeting was then opened for questions.

The first questioner spoke at length and was highly critical of recent Boards and their decisions. A member for over 50 years thanked the Board for their proposal and supported it.  A Westonian member asked very relevant questions about the structure of the Unit trust.  Various members then raised ponts about trust, the  scoreboard decision and a number of other issues, although none stated opposition to the Board's proposal or raised any alternative.  All their points were noted, though and several ideas were raised about other possible actions to help the club.

An SANFL Commissioner, David Shipway (a long-time great supporter of the club) was then asked to speak about the possibility of funds flowing from the SANFl in future from the sale of West Lakes.  He stated that this was obviously a possibility, but was commercially confidential at this time and was not in the time frame of this proposal, if at all.

He did assist the meeting by stating that some other clubs were in a far more difficult position than West and he was very reasoned and helpful in his contribution to the meeting.

At the end, a member raised the question of members not being able to vote and the position of appointed Board members.  I answered that and referred to the Constitution requiring appointed members (I am one) having to stand at the next AGM.


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Post by Lee Harradine on Tue Nov 25, 2014 1:10 pm

Part 4.

After the Board meeting much later, I chatted in the bar to some of the members who had expressed criticism of past Boards and answered questions from them.

All in all, it was the first Information NIght I can recall (I may be wrong) and there were a lot of comments afterwards appreciating the meeting.

That's my best recollection, RR, but I was looking at things from a Board position and I welcome others who had a less biased view to add to or correct what I have written.
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Post by testy on Tue Nov 25, 2014 6:36 pm


A great run down Lee on last night's meeting, that's pretty much sums up the outcome.

For what its worth I fully support all of the proposals by the board to go forward and secure the clubs future.
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Post by Richmond Rocker on Wed Nov 26, 2014 1:15 am

Thanks Lee,

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Post by Lee Harradine on Mon Dec 01, 2014 12:03 pm

Here is the Press Release from last week, now on the Club website under 'News"


The West Adelaide Football Club wishes to advise of a bold new initiative regarding the future direction and prosperity of the club. At an information night held at the club on Monday, November 24, the WAFC Board outlined to the members a proposal in relation to the future ownership of the club’s land and buildings.

The Board has resolved to undertake a due diligence process in regard to the transfer of ownership of the club’s land and buildings to a WAFC Unit Trust for the purposes of attracting investment from individuals or entities who may or may not have ties to the club.

This would result in a substantial injection of funds into the club which would enable it to pay off bank debt, other loans and creditors, and thus shift the club’s focus from servicing debt to growing the club.

The club is fortunate to be in the position where its assets comfortably exceed its liabilities and can use its equity of approximately $2million to overcome a long-standing cash-flow problem in order to ensure the strength and growth of the football club on and off the field.

The Board thanks the members for their attendance and their interest in the proposal and looks forward to a more secure and more successful future.

A Sub-Committee has been appointed to oversee this initiative and undertake the relevant due diligence. The members of the Sub-Committee are:

Richard Sykes (President)
Dean Withers (Finance Director)
John Levy (Legal)
Steve Georganas
John Kantilaftas
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