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North Melbourne are the latest AFL club to launch a “debt demolition” campaign, calling on fans to help end their $5 million financial burden.
The Kangaroos have announced the “Box On” scheme, where North supporters can make financial pledges to the club.
In return, the club will guarantee fans grand final tickets if North make the premiership decider over the next five years.
Last month, the financially-struggling club announced an operating loss of more than $500,000.
Club chairman James Brayshaw said the club could be debt-free now, but had decided to concentrate on putting more money into the football department and the construction of their new Arden St headquarters.
“We needed to invest in footy, we needed to invest in facility – we’ve done both of those things and therefore we now think it’s appropriate to tackle the debt issue,” Brayshaw said.
He added that the debt was costing the club about $450,000 per year in interest repayment.
The Kangaroos are also mindful that free agency will start in the AFL late next year.
“It’s money that (coach) Brad (Scott) should have … and the footy department should have, not a bank,” Brayshaw said of the interest bill.
Brayshaw said the club had started their debt reduction campaign a month ago and had received an “amazing” response from fans.
Under the Box On scheme, fans can donate $300, $1000, $2500 or $10,000 to the club in return for a range of benefits, including the guaranteed grand final tickets should the Kangaroos get that far.
“It’s no surprise that when we call upon the supporters, who are the most loyal in the competition, they respond the way they do,” Scott said.
“What we’re really asking them to do is to be part of the journey with us.
“When you have this debilitating debt, you can’t do all the things you want to do.”
Scott said reducing debt was also critical so the club could invest more money into the Hobart and Ballarat areas.
North are one of the league’s smallest clubs and they hope to grow their supporter base in those regions.
Brayshaw said the Kangaroos are a “boutique-sized club”, but is confident they can secure their financial future.
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