@Maryann @mcleod yeah I thought when I read the article how many of the to-be Mavericks players were wondering if they’d hitched their horse to the wrong cart.
For those that haven’t seen the news, here’s a portion of the article:
“ Reports emerged this week that SEG, which includes the extensive Sports Entertainment Network and its SEN Teams division, which will run the Melbourne Mavericks next year, was at the mercy of the Commonwealth Bank after it breached loan conditions.”
“ The uncertainty stems from a going concern note included in the auditor’s notes in the SEG annual report.
The report, prepared at the end of October and released ahead of the company’s AFM next week, includes a note from auditors BDO Audit that “a material uncertainty exists that may (cause) significant doubt over the ability of the Group to continue as a going concern. The Directors consider that the Group remains a going concern and that and these financial statements have been prepared on this basis.
Reasons for their optimism included SEG’s continued positive cash flow despite a reported operating loss of $9.2m, no plans for further material investing, forecast improved trading performance and support of creditors and suppliers.”
That line from the Directors about no plans for further material investing has me worried – is the netball not an investment, in that they will be putting money in and expecting a return (or at least not a loss)?
