THE administrator tasked with sorting through Frankston Football Club’s finances says it is too early to determine the way ahead for the Dolphins.
Worrells Solvency and Forensic Accountants managing partner Paul Burness said he hoped to have a clearer picture of the Victorian Football League club’s financial position this week.
About $800,000 in debts is believed to have caused the football club to put itself into voluntary administration this month (“Dolphins sink under”, The News 30/8/16).
Tabcorp Gaming Solutions is owed money for pokies machine licences.
The 27 electronic gaming machines at the Dolphins’ stadium and function centre, rebuilt at a cost of $3.4 million last year, were removed by the club in May.
“Tabcorp are a large creditor, there are other large creditors as well,” Mr Burness said.
“As far as the plan to resolve the position, probably a lot depends on what falls out of our financial analysis. We’re not quite there yet but we’re working very hard on it.”
Frankston Council, who contributed $1.5 million of ratepayers’ money to the redevelopment of the Dolphins’ stadium and function centre, hoped “a positive way forward” can be found for the club.
“Council is aware of Frankston Football Club’s financial situation and is currently working with key stakeholders including the appointed administrators, club representatives and AFL Victoria,” council CEO Dennis Hovenden said.
“All stakeholders have the same objective of working toward a positive outcome for the club. The club is a tenant of council’s and is vital to the fabric of the Frankston community.”
Worrells will hold meetings with creditors this month and is working with the Dolphins board, AFL Victoria and the VFL “to explore all potential resolutions for the club’s current financial position”.
First published in the Mornington News – 6 September 2016