News St Kilda finally pays back its its heroes

[Fehring]

I see that this has been posted on the media thread, but I thought it deserved its own thread.

Some good news on Channel 7 tonight - St Kilda has finally repaid the St Kilda stars who it basically forced into taking a 22.5c deal in 1979 as part of a scheme of arrangement to keep the club from folding.

https://7news.com.au/sport/afl/st-k...-historic-repayment-to-past-greats-c-18295542

This has long been a sore point for a lot of Saints fans, me and my family included. The players who took the deal included Trevor Barker, Barry Breen (who kicked the winning point in 66), Allan Jeans (our only premiership coach) and Bruce Duperouzel (a very talented player who played a 139 games for the Saints without ever playing a final). So, it included some of the absolute greats of our history. We even fleeced the great Alex Jesaulenko who was our playing coach in that era.

To be clear, the repayments are in 1979 dollars. They are not adjusted for inflation.

My understanding is that this was a delicate negotiation. The danger was that the payments could trigger the other creditors to also claim the money they were owed - about $1.2m in 1979 dollars, or $8m adjusted for inflation. Seeing as one of our largest creditors was Carlton, that would not have been OK - my recollection is that they were, in fact, the only creditor to vote against the scheme of arrangement at the time (please feel free to fact check me on that).

I assume that the Saints would have got waivers from the other creditors to make these largely symbolic payments, which would have taken a fair bit of work. If Carlton in fact agreed to that, maybe I'll hate them just a little less for a day.

Here's to the righting of a wrong.

 

[Mat Mann]

Good move from the club.
Hopefully a step in the right direction in the club's desire to strengthen ties to ex-players.

For those interested

 

[austinnn]

A bit mean to not adjust for any inflation over the last 46 years (a loaf of bread cost 54 cents in 1980 according to this website https://guides.slv.vic.gov.au/whatitcost/groceries so im guessing you can multiply all amounts by 7? Is that how it works?), but at least it's a long awaited effort, and speaks volumes about this current Saints admin)

 

[Sarcoidevo]

She is comparing this to the Blacksox scandal which was a game fixing cheating scandal??

Just fk off you ancient battleaxe

Can't help herself giving the club a sly drive-by for trying to put right a decision they had to make nearly 50 yrs ago in order to save the club from extinction ..... and pretending she is emotional about it .... like she flipping really cares.

And fk Carlscum ..... hope they didn't get a penny

 

[Silkie]

This is awesome. I wonder if this is the curse on the club and it's now been lifted?

 

[Fehring]

A bit mean to not adjust for any inflation over the last 46 years (a loaf of bread cost 54 cents in 1980 according to this website https://guides.slv.vic.gov.au/whatitcost/groceries so im guessing you can multiply all amounts by 7? Is that how it works?), but at least it's a long awaited effort, and speaks volumes about this current Saints admin)

It certainly suits the club not to have to adjust for inflation, but as I mentioned, I have heard that repaying some creditors would have opened themselves up to claims from other (much larger) creditors so maybe this was a solution that those creditors were willing to accept, on the basis that it's symbolic. I'm not sure if that's the reason, but that was a stumbling block that Finnis mentioned when he was in charge.

 

[chris_h_11]

Well done to the club, this is one of those "do what's right, not what's easy" moments which are becoming a bit of a foundation of our club in recent times.

Now just get rid of the debt, and pay back the supporters with that silver cup we're owed!!!

 

[PoppedCorn]

Excellent news
Would be nice to have adjusted for inflation or even put a cherry on top.

And screw carlton
They wanted us to fold, well one bloke did

 

[StFly]

It certainly suits the club not to have to adjust for inflation, but as I mentioned, I have heard that repaying some creditors would have opened themselves up to claims from other (much larger) creditors so maybe this was a solution that those creditors were willing to accept, on the basis that it's symbolic. I'm not sure if that's the reason, but that was a stumbling block that Finnis mentioned when he was in charge.

AFL CBA things and such means a lot of people in suits from many persuasions would have had to sign off on such things also. I kind of figure even if club went "adjust this nonsense" to be as lump sum as they possibly could be, there'd be someone at AFL house going "yeaaah how about no" to scuttle it as vested interests of where that money goes to.

So, something being sent out, can only be a benefit at this stage, as you say, it's likely this is where they all landed as acceptable.

 

[stavro#4]

A bit mean to not adjust for any inflation over the last 46 years (a loaf of bread cost 54 cents in 1980 according to this website https://guides.slv.vic.gov.au/whatitcost/groceries so im guessing you can multiply all amounts by 7? Is that how it works?), but at least it's a long awaited effort, and speaks volumes about this current Saints admin)

It’s purely symbolic. The club wouldn’t have been able to afford repaying anyone back when factoring inflation.

I think Caro said BB would have been eligible for 400k if that was the case.

The key bit of information is that whilst the club fought for it, the AFL needed to agree to it and it’s taken 2 years to get from our 150th celebrations where the idea was born to the payment.

 

[Oh When the Saints]

A lot of people in prior administrations had a go at fixing this. As far back as Butters and Waldron (not sure if Plympton tried to do anything) but a few Presidents and CEOs have had a crack. The sticking point as others have said has always been the need to avoid triggering a liability to repay other creditors, which would have made this unaffordable.

Huge credit to Basset for following through on this and not taking no for an answer - he and Funky Carl have done a great job to actually get this over the line. It's a great sign for the club - actually being able to execute things and not just have ideas that ultimately do not progress.

 

[sammm]

A lot of people in prior administrations had a go at fixing this. As far back as Butters and Waldron (not sure if Plympton tried to do anything) but a few Presidents and CEOs have had a crack. The sticking point as others have said has always been the need to avoid triggering a liability to repay other creditors, which would have made this unaffordable.

Huge credit to Basset for following through on this and not taking no for an answer - he and Funky Carl have done a great it took so long.to actually get this over the line. It's a great sign for the club - actually being able to execute things and not just have ideas that ultimately do not progress.

I always wanted them to to repay the creditors, so i am glad this occured. I ddidn't realise it took so long for an agreement.

 

[Fehring]

Lots more information about the intricacies in loved with getting the deal done.

‘It cost me a house’: St Kilda’s 1966 hero explains why he couldn’t forgive club powerbrokers

Both the AFL and St Kilda refused to publicly discuss the club’s settlement with 38 players and officials. In fact, they did not want this story to become public at all.

www.theage.com.au

Some people have covered themselves in glory. Others have most definitely not. But most importantly, never forget this bit...

 

[The Jack]

Lots more information about the intricacies in loved with getting the deal done.

‘It cost me a house’: St Kilda’s 1966 hero explains why he couldn’t forgive club powerbrokers

Both the AFL and St Kilda refused to publicly discuss the club’s settlement with 38 players and officials. In fact, they did not want this story to become public at all.

www.theage.com.au

Some people have covered themselves in glory. Others have most definitely not. But most importantly, never forget this bit...

Fukc Carlton.