Key footy figure off to clubland as Hutchy’s cost cutting bites
As Crocmedia boss Craig Hutchison’s financiers delivered a huge cash injection to help him keep his media business afloat, it’s been revealed that a key footy figure has left Hutchy for clubland.
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SEN head honcho Craig Hutchison’s tin rattling has produced the goods, delivering a $13.5 million cash injection to keep the doors open.
There was talk of a white knight being required but instead Hutchison’s existing financier dug further into their deep pockets and extended on an existing $15 million debt facility.
The former sports presenter is the chief executive of Pacific Star Network, the parent company of the SEN radio network and Crocmedia.
On Friday, the Pacific Star Network, which is publicly listed as PNW, resumed trading on the stock market after being forced to halt in March because of the impact of the coronavirus on its business.
While the AFL and NRL have been in lockdown, the cost-cutting and job losses have been widespread across Hutchison’s businesses.
Included in the departures was key executive and shareholder Sam Bingley who has moved to the North Melbourne Football Club as the chief commercial officer under new boss Ben Amarfio.
But in typical Hutchison spin-doctor fashion, on the day he announced that his business once more had a pulse, further expansion was revealed.
His radio network has added another country AM station in Western Australia with Spirit 621, which is based out of Bunbury, purchased from the Southern Cross Austereo Group.