TonyK
CibbuanoDemons in massive debt
June 15th 2008 01:14
NEW Melbourne chairman Jim Stynes has revealed that the club owes $4.5 million.
Stynes and his board went through the club's books on Friday and the former Brownlow medallist said tackling the debt is his number one priority.
"I would say that the debt is a real priority for us," Stynes said.
"It is going to be up around the four and half million (mark). The weight of that - and the interest to be paid on it - is hurting, so we need to look at strategies to reduce it.
"That's why we need supporters to come on board.
"It puts too much of a noose around our neck. We have got to get it down to get some breathing space."
Stynes said one way to assist this in the short term was to continue to attract new members before the June 30 deadline. The club has signed at least 300 new members since the board handover on Thursday.
The Demons have 27,658 members, only 419 short of the club's all-time membership record.
"The way I see it, the first step is to break our record, which is just over 28,000, and then we can head to 30,000 for next year," the chairman said.
"If we sold another 1000 memberships that would mean an extra $100,000. That will make a difference."
Stynes and his board went through the club's books on Friday and the former Brownlow medallist said tackling the debt is his number one priority.
"I would say that the debt is a real priority for us," Stynes said.
"It is going to be up around the four and half million (mark). The weight of that - and the interest to be paid on it - is hurting, so we need to look at strategies to reduce it.
"That's why we need supporters to come on board.
"It puts too much of a noose around our neck. We have got to get it down to get some breathing space."
Stynes said one way to assist this in the short term was to continue to attract new members before the June 30 deadline. The club has signed at least 300 new members since the board handover on Thursday.
The Demons have 27,658 members, only 419 short of the club's all-time membership record.
"The way I see it, the first step is to break our record, which is just over 28,000, and then we can head to 30,000 for next year," the chairman said.
"If we sold another 1000 memberships that would mean an extra $100,000. That will make a difference."
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