Which teams are the most likely to merge in the future?

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The opposite's probably true.
If this were an old-school situation, ie each club basically is run as a separate financial entity who have to make their own books balance, North would (still) be in strife.
But with TV money doubling, all the balancing out stuff the AFL do will have to be just about doubled too.
The TV money is just going to dwarf gate takings, normal commercial income and stuff like that now. Clubs running in the black is basically not the be-all and end-all.

TV money is going to double? All reports suggest that the AFL are going to be doing well to get a CPI equivalent increase in the next deal.

And you underestimate the value of match day income. 35,000 @ $30 is a million a game, plus another million a game from corporates x 11 home games is about 3 times what a club gets from the AFL in annual dividends.
 

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Which teams are the most likely to merge in the future?

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