Frankston Dolphins make final payment to creditors
‘Club benefactors’ have helped the VFL Dolphins wipe their debts and a club that four years ago lost its state league licence is now building for a ‘magnificent future’.
Victorian Football
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The Frankston Dolphins have completed one of football’s great fightbacks.
They are debt-free.
Beset by financial problems, the VFL club went into administration at the end of 2016 and was forced to sit out the 2017 season.
But last night president Peter Geddes confirmed the Dolphins had made the last payment on their deed of company arrangement (DOCA), finalising a $415,000 commitment.
The final payment covered players, coaches and staff from the 2015 and ’16 seasons.
Geddes said the club had been in the hands of administrators since 2016 “but we now regain full control of our Frankston Football Club’’.
He told members last night that it was with “a tremendous sense of achievement and relief’’ that four years of “tireless commitment’’ had led to creditors being fixed up.
“This has only been made possible due to the generous support offered to us by some of our club benefactors, who wish to remain anonymous,’’ Geddes said.
“Our plans for a fantastic season of football and fundraising events were thwarted by the COVID-19 pandemic as our competition was stopped, deferred, rescheduled and then cancelled. Our heartfelt thanks go to those contributors who made the final payment possible. Be assured we will repay the generosity of our people by putting on a stellar season of football and club life in 2021.
“Frankston FC is an incredibly strong and resilient club that pursues success on and off the field, we now stand on our own feet and will continue to build a magnificent future.’’
Frankston general manager Rocky Lloyd said this morning the club was thrilled to finalise the deed of company arrangement.
But he said the Dolphins still faced “some serious challenges’’ because of COVID-19 and the VFL season being scrapped.
“There is no revenue coming in at all, from Functions by the Bay (social club), the market, football matches,’’ Lloyd said.
“Like many organisations, we have heavy challenges going forward. But it’s great we’ve got out of that debt. It’s a great start.’’
He said memberships were crucial to the club’s finances.
Geddes said even without football the Dolphins had attracted hundreds of new members this year.
He said he was “amazed’’ by the commitment and loyalty of the club’s members.
Geddes said Frankston was only state league club to lose its licence and then regain it.
“It was achieved through enthusiasm, love of the club, hard work and diligence,’’ he said.
“At this time, I must emphasise that regaining control of our club means we have only just begun to lay the foundations for sustained success.
“We are in the highest second tier football competition in the land and we must reflect that position in every aspect of our club, especially in having the financial stability to maintain our standing. We have given ourselves the chance to be a great club once again and we now need to take the next steps to establishing ourselves as a respected member of the VFL competition.’’
Geddes said Frankston City Council and State and Federal MPs had been unstinting in their support of the Dolphins in the past four years.
New broadcast-quality lights are being installed at SkyBus Stadium and the first of four light towers was completed yesterday.
Geddes said they would stand as a “beacon for our club and cap off the truly amazing transformation that has taken place over the last four years’’.
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