Re: Victorian Premier Cricket 09/10
Cash loss hits Hawthorn-Monash University
BY KIRSTEN LEIMINGER
27/07/2009 11:35:00 AM
HAWTHORN-Monash University Cricket Club is under investigation by Cricket Victoria following an operating loss of about $140,000 for the 2008-09 season.
However, the Hawks' new management team, headed by president Petar Ivetic, has the backing of CV and Monash University and is confident it will restore the club to its former glory.
Last month, an audit revealed the club had an operating loss of about $140,000 for the 2008-09 financial year.
Money was spent on flag poles ($10,000), coaching staff ($27,000), professional players ($33,000) and annual reports ($9800).
CV executive officer Tony Dodemaide said the audit revealed a "horrendous" loss.
"There are certain conditions CV imposes for the financial health of a club and on that basis we are working with the club to gain an understanding of how it got itself in that position."
He said a CV pennant committee was investigating the liquidity and financial health of the club and professional player arrangements.
The investigation, which should be completed within a week, had not revealed any breaches that had to be reported to police, he said.
Mr Dodemaide said he didn't think the club would be closed down.
"We're finalising the terms including the repayment of [a $44,000] grant. We're very conscious of the new administration and in principle we support them and are looking to help. They have been very open and co-operative."
The club has secured at least five revenue streams for the 2009-10 season including sponsorship from Bendigo Bank's Glen Waverley branch and Pinewood Community Bank, cricket balls from Platypus, and apparel from AGS Sports.
Revenue will also come from CV dividends, Monash University grants and social members.
The club has implemented processes to protect it against financial mismanagement, including that any expense of more than $1000 required committee approval.
While the Hawks lost seven players last season, a number have returned since the new committee was voted in last month. They include Matthew Hewat and Dale Christie, who have rejoined as assistant coaches.
The Journal also believes the club is negotiating an affiliation with the Hawthorn Football Club that
would allow the cricketers to use the football club emblem during Twenty20 and one-day matches.
Ivetic acknowledged the committee would have its challenges on and off the field as the Hawks battled a "distressed financial situation".
Ivetic said that while the club was in financial difficulty, the level of optimism among the players and the supporters meant one of Victoria's oldest cricket clubs would have the chance to prove it was worth keeping alive.
He said CV and Monash University had been supportive and provided guidance and direction to help turn the club's situation around.
"Words cannot describe how excited we are by the potential here."
Monash Sport director Martin Doulton felt "very positive" about the club's future.
He said the university had been working closely with the new committee, which had met all the conditions of reaffiliation.
"They are certainly trying hard to build the club's reputation back up."
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