Because the funding for Adelaide to buy the AFL license ($11.3M) off of the SANFL came in the form of a loan from the AFL.
The club won't automatically become member controlled in 2028, there are certain conditions that were put in place by the AFL that have to be met.
So it appears Adelaide had to pay for their AFL licence twice also? As in payout the SANFL sub licence then pay for the stand alone AFL licence. Also the profits the club has made over the years couldn't eliminate the debt?