Brand new Kennel: Dogs unveil $78m upgrade to Whitten Oval

[Stevo]

When you follow the links in the email by pressing "Donate Now" twice , it indicates that donations are tax deductible.

Thanks PI. I'd still prefer to know what we are up against debt wise.

[Stevo]

I seem to recall it was more like $10 million but don’t quote me on that

Jeez if true that's a substantial blow out. I'm staggered it could be to that extent and it proves you can't trust construction project work to get anywhere near close to what they quote. We will be paying for that for years to come.

[jeemak]

Couldn't the rises in interest rates be partly responsible?

[GVGjr]

Couldn't the rises in interest rates be partly responsible?

It could but the devil is in the detail which hasn't been shared yet.
I know in January the projection/hope was to have the work completed by the end of March, then the end of April and then pushed back until the work was completed in early July. That delay has nothing to do with the additional work when asbestos was located.
All that was factored in the previous year and earlier than that.

Interest rates might play a big part in how long it takes to service any debt.

[bornadog]

Jeez if true that's a substantial blow out. I'm staggered it could be to that extent and it proves you can't trust construction project work to get anywhere near close to what they quote. We will be paying for that for years to come.

Of course there would be some blow out, but I thought I read that the club knew of the shortfall.

[jeemak]

It could but the devil is in the detail which hasn't been shared yet.
I know in January the projection/hope was to have the work completed by the end of March, then the end of April and then pushed back until the work was completed in early July. That delay has nothing to do with the additional work when asbestos was located.
All that was factored in the previous year and earlier than that.

Interest rates might play a big part in how long it takes to service any debt.

Sorry, maybe I wasn't clear but to me that's probably a major reason why more funds need to be raised. The club can only be burdened by debt for so long, so a big hit to the principle of the loan upfront reduces the impost.

There'll always be construction blow outs of varying severity. Labour is still difficult to source, supply chain costs are still unusually high. Interest rates were supposed to have softened by now but it doesn't look like that's happening any time soon.

[Prince Imperial]

Thanks PI. I'd still prefer to know what we are up against debt wise.

Last year's financial statement indicated that the club still had $6.4m of remaining budget project costs to pay for but that it had $3.5m of pledges to the Forever Foundation for the project (presumably from our high end supporters). What's happened since then, I have no knowledge.

[bornadog]

Sorry, maybe I wasn't clear but to me that's probably a major reason why more funds need to be raised. The club can only be burdened by debt for so long, so a big hit to the principle of the loan upfront reduces the impost.

There'll always be construction blow outs of varying severity. Labour is still difficult to source, supply chain costs are still unusually high. Interest rates were supposed to have softened by now but it doesn't look like that's happening any time soon.

Interest rates will only apply on the shortfall. The rest was funded.

[jeemak]

Interest rates will only apply on the shortfall. The rest was funded.

I understand that and PI has helped answer what the shortfall was above, so not sure on the cost of debt on the $6.5M was, less whatever's pledged. Perhaps we're just wanting to clear whatever's left and focus on whatever future costs we've got coming our way.

[bornadog]

I understand that and PI has helped answer what the shortfall was above, so not sure on the cost of debt on the $6.5M was, less whatever's pledged. Perhaps we're just wanting to clear whatever's left and focus on whatever future costs we've got coming our way.

I think you are correct

[Pleather Sole]

I got that email. Wargamed it in my mind.

Best way to clear the debt is to finish 4th and win the Premiership.

[ledge]

I was talking to someone at the club early in the year and they were worried about not having the money to finish it.
The reason being the court case loss.
Obviously they finished it and now it’s about paying this case off I would say .
How the club spins it I don’t know.

[Pleather Sole]

Jeez if true that's a substantial blow out. I'm staggered it could be to that extent and it proves you can't trust construction project work to get anywhere near close to what they quote. We will be paying for that for years to come.

Court case was 5 or 6 mill. Bizarre we didn't indemnify ourselves retrospectively, especially for a club with injury and class-action lawyers at the helm. The victim deserves every penny, ruined his life. Now we need to be smart about recouping the loss, learning the lesson.

[bornadog]

Court case was 5 or 6 mill. Bizarre we didn't indemnify ourselves retrospectively, especially for a club with injury and class-action lawyers at the helm. The victim deserves every penny, ruined his life. Now we need to be smart about recouping the loss, learning the lesson.

I agree the victim deserves compensation, but the amount is way above anything ever awarded previously. The club is appealing to lower the amount, not to dispute the right to compensation.

[GVGjr]

Apparently the debt is 12m