Can tell you that the club has traded out of its four cents in the dollar settlement. There is a small debt to the commission that the club will pay off over the next couple of years. The club has been able to achieve this by negotiating with the commission and Venues west to operate compatible to other wafl clubs. This should have been cemented when West Perth first landed at Joondalup, that’s another story. It takes a lot of money to run a wafl club, the backbone are sponsors and that’s where West Perth fell into a hole. We are out of the hole now and moving forward. Can also say that there are a few clubs that are not lucrative as you think and an Eagles alignment is not out of the question.
That is good news Winger. West Perth’s on-field success would have played a part as well. I think having played finals footy for the past 6 seasons. Many were expecting West Perth to falter and fall by the wayside. Thankfully that did not happen. Just goes to show what can be done when everyone at the club can cooperate and work together.
West ‘coast’ Perth Eagles?
Club has worked hard to survive after doing nothing to avoid failing in the first place.
Nice of west Perth to point the finger at other clubs now they have been bailed out, be nice if they thanked the other clubs for their support and acceptance of them paying players they know they didn’t have the money to pay
I’m not sure how you “trade out of a four cents in the dollar settlement”. The administrators come up with what the club can afford to pay debtors and still say afloat. What it means is that mum and dad small businesses were dudded to the tune of 96 cents in the dollar whilst the club and those in charge at the time get off relatively scott free. Love your passion Winger but it’s not something I’d be crowing about to be honest.
Money was coming in from the commission, all clubs get the same amount. Four major sponsors ended and no new sponsors were signed. Also the club could not make any money from liquor and food sales, it was actually 10 percent of turnover. The club could not survive under those conditions.
Yet knowing all that WP still paid all their players and made finals.
maybe next time pay your bills first
Thanks Winger for the update.
I really wish WP were a perfect club like all the other wafl clubs,no paper bag payments to players,no screwing the australian public via the generosity of mister morrison and jobkeeper etc etc
All we need now is the KNOB std to add his words of wisdom,got the rest of the perfect people commenting.
Go the Falcons
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I don’t know why you bother explaining anything Winger old mate, this mob hate West Perth, but the club is in a good place now run by West Perth people, another big profit this year without any job keeper, purely good management ?
Great to here that WP have finally realised that good management is something to aspire to.
So tell us, how does a bankrupt football club trade it’s way out? What trading name was declared bankrupt? West Perth Football Club?
I reckon there must have been some dodgy deal done under the table which would be just this clubs style. Was the WAFC and Venues West under threat? I reckon you must have had something serious to leverage to get the deal of a lifetime to weasel your way out of just under a million bucks in debt only having to pay back 4 cents in the dollar.
Note to suppliers. Check the background of any club in the northern suburbs placing an order. Insist the terms are C.O.D for the first two years.
Bit rich claiming the glory for turning a profit all of a sudden. Isn’t that due to the previous administration doing the work to build new club rooms you now have total control over?
[quote=“Senior Seagull post=212887 userid=922”]Great to here that WP have finally realised that good management is something to aspire to.
cheers mate yes makes a big difference ?our new CEO has done well
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BC my friend. Venues west employed the staff and contractors that serviced the arena; they all got paid by VW. No mums and dads small businesses suffered. Did you hear of any business complaining? The WPFC paid the 4% and the loan from the commission paid the 96% which BTW is three quarters paid off. The club paid the players, their superannuation but a second loan from the commission paid the tax department which has been paid off. The club now is in a strong financial position but it needed help and all we owe is a small loan to the commission. Other clubs in the past have been in similar positions; I remember giving money to Subiaco because they were on their knees. East Perth were stuffed and they aligned with the Eagles. Remember CAST the first stone.
[quote=“Winger post=212898 userid=846”]BC my friend. Venues west employed the staff and contractors that serviced the arena; they all got paid by VW. No mums and dads small businesses suffered. Did you hear of any business complaining? The WPFC paid the 4% and the loan from the commission paid the 96% which BTW is three quarters paid off. The club paid the players, their superannuation but a second loan from the commission paid the tax department which has been paid off. The club now is in a strong financial position but it needed help and all we owe is a small loan to the commission. Other clubs in the past have been in similar positions; I remember giving money to Subiaco because they were on their knees. East Perth were stuffed and they aligned with the Eagles. Remember CAST the first stone.
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So Winger you are trying to sell it to us that in fact once you have finished paying off your loan from the commission, you will have paid 100% of all outstanding debts? That’s a lot better than 4 cents in the dollar. I’ll take your word for it but if you can provide evidence of that to back it up I think it will buy you guys a lot more credibility. I hope it’s true.
Yep..agreed DD. I have no doubt Winger is telling it as he knows it but the arrangement doesn’t sound right to me. The administrators found that only 4 cents in the dollar could be paid to unsecured creditors in total satisfaction of what was owed which if I recall correctly, finished up being zero cents in the dollar. The loan from the WAFC was to cover players wages, club operating expenses etc to keep it going. I’ll stand corrected if wrong but that’s the whole purpose of going into administration is to reconcile debts from current assets, draw a line in the sand and start again if it’s at all possible.
[quote=“BC post=212905 userid=892”]Yep..agreed DD. I have no doubt Winger is telling it as he knows it but the arrangement doesn’t sound right to me. The administrators found that only 4 cents in the dollar could be paid to unsecured creditors in total satisfaction of what was owed which if I recall correctly, finished up being zero cents in the dollar. The loan from the WAFC was to cover players wages, club operating expenses etc to keep it going. I’ll stand corrected if wrong but that’s the whole purpose of going into administration is to reconcile debts from current assets, draw a line in the sand and start again if it’s at all possible.
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Yep it doesn’t sound right to me BC. If it looks like bullshit and smells like bullshit, it’s probably bullshit.
WP and EP fans are peas in a pod. Do the wrong thing, shaft people along the way, then boast about how well you’re travelling and expect everyone else to celebrate your good fortune.
Who have we shafted teddy you simpleton,we haven’t been caught for any salary cap rorting or jibbed any creditors,and its good to see Bomber Thompson and Dean Brennan had the good sense to get out of the toxic joint, so keep wallowing in your own misery.
RL come on mate. EP are by far and away the biggest scab in the history of the WAFL.