Australian Football League Meeting Reveals Substantial Increase In Club Debt

Up to 10 Australian Football League clubs -- the most on record in the same season -- "have forecast a financial loss this year," according to Greg Denham of THE AUSTRALIAN. While the overall profitability of the 18 clubs has been estimated at amounting to a combined A$5M ($4.6M), "the figure will be inflated by powerhouse clubs -- Collingwood, West Coast and Hawthorn." Club CEOs were "informed of their overall financial state of play by the AFL at a two-day conference in Victoria" that ended Thursday. The only clubs that have "budgeted for a profit this year are the Magpies, Eagles, Hawks, Geelong, North Melbourne, Fremantle, Richmond and Essendon." The "most disturbing data received was the record overall debt now carried by the clubs." The AFL revealed that "combined club debt had jumped" from about A$50M last year to A$95M. The overall debt figure includes A$9M owed to the AFL, and A$31M owed to banks, "which has significantly decreased in recent years" (THE AUSTRALIAN, 8/9).