North Ballarat Roosters chair Jenny Bromley said “a number of unforeseen costs” were the cause of a cash flow problem which left players underpaid earlier in the year.
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However Mrs Bromley declined to provide specific details of the costs which caused the shortfall.
Mrs Bromley said all players’ monthly payments would be up to date by the end of next week.
“In 2016 a number of unforeseen costs put immediate pressure on the finances of the North Ballarat Football Club.
“As part of its fiduciary responsibility, the board implemented a number of measures to ensure these costs did not affect the long-term financial viability of the club,” Mrs Bromley said.
Mrs Bromley also moved to assure members of the financial stability of the club, despite the player payment issue.
The assurance comes after a number of North Ballarat members told The Courier they had received no correspondence in regards to the club’s financial situation during the payment shortfall.
“The board has done a lot of work to establish a robust and accountable financial management program,” Mrs Bromley said.
“The measures we put in place earlier in the year have shored up our financial position and we remain committed to and confident in the long-term viability of the VFL program.”
The player payment shortfall came amidst a challenging year for the Roosters, who were competing as a standalone club in the Victorian Football League for the first time since 2005.
The club’s 10-year affiliation with AFL club North Melbourne which helped yield three consecutive premierships between 2008 and 2010 came to an end after the 2015 season.
North Ballarat finished 14th in 2016 after registering just three wins for the season, one game clear of wooden spooner Frankston, who has since had its VFL license revoked.
Mrs Bromley said she was optimistic the club would be able to return to its former glory in the coming years, despite the new standalone status.
“We have had an unprecedented number of players re-sign for 2017 and beyond,” Mrs Bromley said.
“Head coach Marc Greig has brought a fresh approach and new ideas into the playing group and whilst we know there is still a lot of hard work ahead, we believe that the direction taken by the club will yield further positive results in 2017.”