The AFL recently announced that it will be providing the Richmond Football Club - and, indeed, all AFL clubs - with a new “super dividend” over the next five years from its newly established Club Future Fund. This is a prudent investment in all clubs and in the future of the competition and we again thank the AFL for providing us with this support.
It is, however, important that we put this contribution in context, particularly given that we will soon escalate our Fighting Tiger Fund (“FTF”) activities.
When the FTF was launched, we were very clear that it was about making this Club great again. That ambition has not changed and will not change.
The importance of the FTF has in no way been diminished in light of the AFL’s investment strategy announcement.
Indeed, we have an opportunity in the next 12 months to catapult this Club forward. It is an opportunity we simply can't afford to miss.
The AFL Club Future Fund financial support will address a number of key resource requirements, mainly in the Club’s administration. These resources will assist us in member acquisition and retention, business development, creating more engaging digital platforms and content, fan development and community engagement.
In short, it will bring us up to what the AFL has established as the minimum standard in terms of resources. For too long we have been operating with one arm tied behind our back in these important areas, and I’m confident these investments will allow us to continue to develop a business model that will underpin football requirements long-term.
The FTF on the other hand is different. The FTF is about raising funds to invest purely in football department capability and to retire debt. Thanks to the fantastic support of our people, we will reduce our debt by about $1 million this year.
The balance of FTF support that flowed from our fundraising in 2011 has been earmarked for the football department’s top priority - a state-of-the-art resurfacing and reconfiguration of Punt Road Oval. A portion of the AFL funding will support the Fighting Tiger Fund to ensure that the redevelopment of the oval becomes a reality in 2012.
This is wonderful news for the Club - but it would not have been achievable without your great support of the FTF. We will provide more details around these works in the near future.
It is important to note that a portion of the money pledged in 2011 will flow through to the Club post-2011, in accordance with payment terms agreed with some major donors.
So the FTF has delivered two very important outcomes for us this year, but there remain some significant investments the Club needs to make in football that will be reliant on us successfully implementing the next stage of the FTF. We still need to:
- pay 100% of the salary cap to put us in a strong position for free agency;
- enhance the Club’s coaching panel to fast-track the development of our young players;
- develop our high performance program, including the provision of IT resources to assist with player development;
- enhance our recruiting and list analysis resources to ensure we continue to strengthen our playing list;
- optimise the structure that will support the development of our second-tier players;
- continue to reduce debt.
So the challenge is still squarely at our feet and, as a Club, we will remain united and uncompromising in our approach to meeting that challenge. We have made progress on and off the field and I am confident that trend will continue.
The AFL funding is important, and it will allow us to meet minimum standards in many areas where we have been deficient.
However, the FTF remains our greatest opportunity to take the quantum leap which will set this Club on the trajectory that will lead to finals football and the ultimate success.
Brendon Gale
CEO
Richmond Football Club
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