RussellEbertHandball
Flick pass expert
No, they paid $6.5m back to the AFL in 2024 after paying back $3.5m back in 2023 as Per the Cash Flow Statement on page 8.
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of AFL payables 12 (6,500,000) (3,500,000)
Note 12 confirms that the Lions no longer have any Trade Payables debt with the AFL.
In 2023 the Lions had Loans and borrowings of $20.841m and showed that all as a non current liability, which includes a lease liability for the use of Springfield.
In 2024 Loans and borrowings i $20.958m and split, $8m as current debt (cash advance) and $12.958m as non current debt (lease liability). (That's confirmed in the Cash Flow Statement, as there is no figure for paying off bank loans). It says see note 14 and for some reason note 14 shows the $8m as Income received in advance instead of Cash advance facility in 2024, but the note says
The Company has an $8.0 million (2023: $8.0 million) cash
advance facility with Westpac expiring 31 December 2024, that is
secured by a General Security over all of the Company’s existing
and future assets and undertakings. The facility is also secured
by a guarantee and indemnity issued by the AFL expiring 31
January 2025. The average interest rate on cash advanced was
5.21% (2023: 4.38%). The amount drawn at 31 October 2024 was
$8 million (2023: $8 million). Subsequent to year end the debt
expiry has been extended to 31 December 2025.
The Lions got at least $5mil from the AFL to build their Springfield facility which started being built in late 2019 and finished in late 2022. That is part of the reason why the Lions have a large AFL distribution - but not the main reason its so much larger than the base distribution.
