SOCCER FINANCE.

Auckland Star, Volume LXII, Issue 262, 5 November 1931, Page 16

SOCCER FINANCE.

RECONSTRUCTION PLAN.

AUCKLAND'S HOUSE IN ORDER,

CAPITAL WRITTEN DOWN 75 PER CENT.

For several months past, recognising the urgent necessity of the financial reconstruction of the Auckland Football Association, the Control Board, under the chairmanship of Dr. Neil McDougall, has carried out an exhaustive study of the position of the code, with particular reference to the liabilities and assets. When the association in 1925 finalised the Blandford Park project, furnishing a home for the game in the heart of the city, which, as a material asset, was valued at something like £10,000, the association's financial responsibility in the matter of interest on debentures and running expenses, amounted ito roughly £45 weekly during the playing season, which was the only revenue producing period. The association raised some £4600 in 8 per cent debentures, and for some time after the opening of the ground the code was able, handsomely, to pay its way from gate receipts. Misfortunes with the_ ground, however, accentuated by the disastrous landslide of 1926, caused by continuous heavy rain, brought embarrassing legal difficulties, which mulcted the code in heavy costs. The greatest disappointment, however, and what has proved the most serious drawback to the game and to the association's _ finances, was brought about bv the persistently bad playing order of the ground in the rainy season, accentuated by extensive damage to the interior drainage system consequent on the slip. This, reduced the playing area to a quagmire for almost half of each playing season, causing a marked deterioration of the standard of the iplay, with a serious, in fact at one time, almost fatal shrinkage "gate" revenue. On assuming office last April, Dr. McDougall |

and several of his colleagues instantly senseb the position, and at once set about reconstructing the financial foundations oi the code.

Generous Attitude of Debenture Holders. After months of strenuous and consistent activity, in which the debenture holders were individually interviewed or communicated with, the scheme finalised, and through the generous attitude of the public who had backed the code in its venture of Blandford Park, this has been carried through. At a recent meeting of debenture holders a. formal resolution was carried unanimously reducing the debenture capital by 75 per cent. At the meeting of the Conti'ol Board this week, Dr. McDougall, in reporting formally to the board, paid an eloquent tribute to the support that had been given the efforts of the board in the reconstruction scheme. On behalf of the association he took the opportunity of heartily thanking the debenture holders who, by their wonderful generosity, had made possible the carrying through of the reduction of the capital. This constituted, in the doctor's opinion, the biggest step in putting Blandford Park on a sound financial footing. • No finer sporting spirit, he thought, had ever been shown in this city, and such action augured well for the future, success of the code in Auckland. Dr. McDougall mentioned the great amount of time and professional advice given during the delicate negotiations by Mr. G. Uren, the association's honorary solicitor, which, he said, had been invaluable.

The chairman went on to refer to the details of the rehabilitation plan involving outstanding liabilities, and_ stated that in this respect also the association had been particularly fortunate. Most of the creditors had met the association in the same generous spirit as the debenture holders, and he felt justified in stating that when the board's plan was finalised the game would be given a new lease of life.

In this connection the doctor spolce of the really munificent attitude of Mr. Blandford towards the association's efforts at; rehabilitation, and said tliat) but for the generous terms he had conceded the scheme could not have been carried through.

Improvements at the Park. Mr. Cairns, greenkeeper to the Auek- - land Bowling Club, and a recognised authority on green . keeping, by iuvitv tion, met the board in conference, and t long and helpful discussion took place ob the reconditioning of Blandford Park, witk a view to providing an all weather surface that would afford conditions under whicli the game, with all its scientific appeal and skilful footwork, could b« played. Mr. Cairns outlined the work that would be necessary, _ not only on the top surface, but regarding the drainage, to give the desired results. He submitted several plans, all governed by the available finance, and he also stressed the I necessity of continuous attention to the ground in the off season. The information given by Mr. CairngM was noted, and will be carefully considered * by the board as the final portion of its plans to restore Blandford Park to a playing area that will cause a revival of the former keen and popular interest in the game, and also a financially sound undertaking.