Vale Club Swans

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  • Xie Shan
    Senior Player
    • Jan 2003
    • 2929

    #31
    Complete non-issue. The Swans are NOT insolvent, what's caused the confusion is that Club Swans, which has been losing money for some time now, is included in the Swans' overall bottom line under the accounting rules.

    The Herald article includes a few more quotes from Colless, link here:

    ''We don't have any ownership of Club Swans but because we had influence over the governance of financial and operating policies, we are bound by accounting guidelines to annually consolidate the Sydney Swans [Ltd] and Club Swans. But that's the only time it's ever done, and it's a pretty theoretical notion.

    ''Any exposure that we had to the club has been written off in prior periods, and I think it's very simple that if you extract Club Swans out of the consolidated entity, you are left with Sydney Swans, and the position is as it's been for 20 years. It's a low-margin business, we don't turn a profit every year but we've got no debt, and I think what's really encouraging is this year our spon-sorship is up over 30 per cent.''

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    • stellation
      scott names the planets
      • Sep 2003
      • 9718

      #32
      Originally posted by i'm-uninformed2
      What did you play - both instrument and musical styles?
      Most everything, but mainly guitar. Lots of different styles in lots of groups over the years, but mainly silly indie teased hair dufferness.
      I knew him as a gentle young man, I cannot say for sure the reasons for his decline
      We watched him fade before our very eyes, and years before his time

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