TOPIC:

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?

Senior Seagull wrote:

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 
 

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.

Winger wrote:

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.

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.

BC wrote:

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.

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.

Barra just said on 7 news that Perth are looking to align with West Coast, you know anything about this STD ?