Rob Kerin announces healthy SANFL finances in first meeting as SA Football Commission chair
New SA Football Commission chair Rob Kerin proudly told the league’s annual meeting on Tuesday evening its debt is the lowest since 1992. A number of SANFL life memberships were also awarded on the night. SEE THE LIST.
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New SA Football Commission chairman Rob Kerin has taken over the role with the SANFL in an extremely healthy financial position.
Just hours after being named as the replacement for another former Liberal premier, John Olsen, Kerin told the league’s annual meeting on Tuesday night that debt was now only $2.8 million – its lowest since 1992.
It is a staggering $34.2 million down from its position in 2013 – following another $4.5 million in repayments from land sales at Football Park – and is on track to retire all debt by 2021.
The debt of the eight member clubs has also dropped by $10 million in that period to $8 million after payments totalling another $2.5 million.
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It is the fourth instalment of the $16 million being distributed to the clubs over seven years from the Football Park residential development.
Kerin said the result reflected the league’s ongoing commitment to prudent financial management.
“It’s certainly a far cry from the position the SANFL and its clubs occupied before the move to Adelaide Oval in 2014,” he said.
“Prior to that, we were facing combined league and club debt of $55 million against just $28 million in net assets.
“The move to Adelaide Oval and the sell-down of Football Park enabled us to set out a deliberate strategy to rebuild our financial position while refocusing all our organisational efforts on game development at every level.”
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The SANFL recorded a statutory net profit of $3.39 million, has net assets of $95.9 million, and also registered savings in financing expenses of $205,000 due to its lower debt position.
However, cash earnings fell a whopping $2.2 million, mainly due to fewer major events and increased operating costs at Adelaide Oval.
Kerin said the redevelopment of the Mosaic Hotel at Football Park and building the Adelaide Oval Hotel, scheduled to open in October, would significantly improve revenue.
Olsen, the commission chairman for 10 years, was honoured at the meeting with SANFL life membership.
Neil Balme, Mark Williams, Phil Carmen, Haydn Bunton Jnr, Mark Mickan, Jarrod Cotton and Seamus Maloney received SANFL life memberships, introduced last year and awarded to any person involved in 200 games as a coach or combination of coach and player.
Zane Kirkwood, James Boyd, Scott Lewis, Bradley Crabb and Brady Dawe gained player life membership for playing 200 games.