With the Leagues Club board making all sorts of derogatory and perhaps defamatory claims about the Chalmers Street developer, Trivest, it's somewhat disturbing to reflect on the fact that the Football Club is guarantor for the development.
On 22 February 2007, the Leagues Club board was supplied with confidential written legal advice from its lawyers. On the first page of that advice, it says:
"6. The Obligations of the Football Club are being secured by the
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SSFC Debt. How does it compare?
The AFL CEO has come out with concern that the 18 AFL clubs have a total combined debt of $40 million. This puts the average debt for an AFL club at around 2 1/4 million.
If having and average debt of just over $2 million is a concern what would you call the debt of SSFC?
The fact that SSFC is holding debt equating to a quarter of the debt held by... read more