On ABC 891 between 8:30 and 9AM, they will be talking to financial administrator Bruce Carter about the situation.

KG is on the 5AA breakfast show discussing it all right now (it's just before 8AM).

This will be the most coverage BBall has had for a long time. Shame it is negative.

sense of dejavue here isaac this almost happened 6months ago when it should have happend

at least they got the right ppl there now carters saved a lot of high profile business in this position and jackson is credited in bringing the afl out of its financial hole

I believe the timing has been to Basketball's advantage. Just before a state election how would it appear if the state govt let BASA fall over, especially with both senior teams in the finals. Hopefully the terms of reference will be about allowing the sport to grow as well as tending to the dollars.

Same thing happened to Soccer before their time came - and that was all very public. Let's hope that basketball in SA can have the same result and move forward positively.

$1.2M loss?

6ers Salaries - $800K
Fellas Salaries - $200K
Coaching Salaries - $400K
Admin Salaries (20) - $1M
Total - $2.4M

2K season Tickets - $650K
2K @ $15(15 games) - $450K
Parking ($7K @ 15) - $100K
Fellas(500 @ $10 x12)- $60K
Dist Club($50K pcrt) - $1M
Total - $2.26M

These are very rough simplified figures and don't take into account any income from Sponsors, Catering, Corporate Packages etc. But how do you lose $1.2M.
The $50K per crt for District Clubs is what I know our club has paid to BASA (actually we pay more like $65K per court)

Add around $500k a year from Corp boxes.

$150k from Caterers

$250k from Pura Milk.

What the hell is going on?

Minus cost of cleaning stadium, renting stadiums from local councils, all the usual overheads etc etc.

All figures I assume are speculative. Unless people are privvy to actual figures, it's hard to simplify.

Are we still paying Paul Rogers?

Ten news just confirmed that Wayne Jackson has been appointed to help out.

5aa are opening with it just after 4pm, KG and Studley speaking with Kevin Foley and Mike Dawes...1395 am

It's on the ABC news site too.

IMO, the Sixers would be profitable but for one thing - the cost put against them for the use of the Dome by BASA. So, if you made that figure more realistic and in line with what other NBL clubs would be paying, the Sixers would be financially viable.

I can't remember specific figures, but the difference is huge - e.g., BASA might be putting down a $1m/year cost for the Dome on the Sixers, whereas a club like Melbourne would be paying far far less for their venue. In addition, NBL clubs generally rent their facility for game nights, and then train elsewhere, cheaper. The Sixers use the Dome for game nights as well as their trainings most days of the week.

It is for this reason (the Sixers being viable) that BASA are adamant that they will not sell the club. Since the news broke, they've been approached, but they are not interested in selling.

I just can't get over this difference in figures (below) and the gap between forecast in reality has happened before.

"After having been earlier told by the board that losses were in the order of $200,000 and $300,000, independent auditors have advised that loss is now $1.2 million." - Kevin Foley

Yeah thats some very 'clever' accounting by the looks of it. However, "interims" may not have shown the full scale of debt at the time presented for a reason (what i dont know ?)
I will follow this with great interest.

WOW awesome interview on 5AA - Kevin Foley has openly said he was very close to just closing down the whole thing!

Me thinks there is some people who wouldnt be sleeping well at the moment as surely trhere would have to be some legal ramifications in regards to this!

The story was second up on Channel 10, showing some footage of the Sixers training, the administrator saying that a selling of the club would be considered, Paul Bell walking down a street and then talking about representing a 'consortium', and Foley saying that the financial management of the sport had been bad with, to his recollection, no payments having been made on the Dome loan within his tenure.

I believe from memory the Titans were paying $10,000 plus per game day/night for Vodafone Arena in Melb so no where near teh $1mill figure for a season. And this was regarded as WAY overpriced hence the Tigers moving to the State Netball & Hockey Centre.

could the paul bell people like co-own the team with the gov like 50/50 until its back up and they buy it out after. i dont like the idea of sole private owners cos it can just fold like we see now with no help but a co owner thing would be ok. I dont know if thats even a viable business decision though.

Isaac, you are right. As a financial type by trade, you cannot be $1 mill out in your budget (forecast) compared to your actuals only 6 months later, unless someone has either :-

1. Stufed up (read incompetent) or
2. Just lied by not including the correct numbers.

If Foleys numbers are right, then I would suggest that someone is deep in pooh...legally.

Basketball SOS to former AFL boss:

Mr Jackson said: "There are financial reasons why you may or may not want to sell the 36ers.

"Experience elsewhere has shown the interests of a sport are best served when they (teams) are not privately owned."

I picked up on that too Isaac - I suppose what he is saying there is taht the all mighty dollar can maybe rule to much if the team was in the hands of a private group. If Belly was to buy the team for say 2 million he would want to see a significant return on his investment. If the team was struggling and attendances were low he would very fast get sick of just pumping money in 'for the good of the team and the good of the sport' (Why Eddie Groves contantly does it up here is beyond me - obviously has waaaay too much coin!) This would lead to cost cutting and in the extreme case Belly pulling out as it cant sustain itself and make him a return on his investment - he is a businessman afterall and making money is what he does!

On the other hand if the Sixers were ownded and run by the association or govt then they could at least balance out the team not bringing in a large profit with the non monetary benefits the sixers provide to the sport as a whole.

Either way I think we are in for some big changes and there will be a few horror stories uncovered about what has actually been gong on over the last few years!

Why would Belly or any investor seriously want to buy a basketball team in Australia?

I'm not sure your numbers are right statman but your thread is one of the most sensible read in the last 36 hours.

Lets say they could buy them for $2 mill. Businesses (or investors) are looking for an ROI (return on investment) of at least 15%. Thats $300,000 profit, just not possible in this country in this sport, in this city.

If Belly is serious (I have my doubts), and this "rumour" continues to be an option for his backers (remember its not his money) then the only reason they would buy the 36er's is that they love the sport and want to put something back and this is admirable.

Jacksons quote is a universally accepted fact that private ownership of sporting teams does little if anything for the bloke in the street.

There is only one man who can fix BASA'a financial woes....Michael Sweeney! That man is a wizz with numbers!!!!!!