Carlton to reap millions in hotel deal - Sports News - Fanatics - the world's biggest events

Carlton to reap millions in hotel deal

15/06/2007 09:27:00 PM Comments (0)

Carlton will reap "millions of dollars" outside normal revenue thanks to a property investor who generously decided to send the profits from nine pubs to his favourite AFL club.

Blues president Richard Pratt said a "Carlton-friendly investor" had bought nine hotels throughout Victoria and would direct the profits to Carlton, who do not have to put up any equity on the properties.

Pratt said "some" Blues directors and club financiers would instead put the equity up on the hotels, which means Carlton do not have to risk any of their finances, but can reap the profits.

"This will allow the club to obtain revenue generated from the property portfolio while at the same time incurring no liability, and I didn't put any money in," the billionaire told the pre-game function before tonight's game against Hawthorn.

"To say the least this is a very exciting initiative for the Carlton Football Club and you'll be hearing more about it soon.

"It will result in Carlton receiving millions, millions of dollars in non-football revenue over coming years with no downside risk or liability.

"To those people who have done this, thank you very much." In further good news off the field, Pratt announced the Blues had set a new membership record despite coming off back-to-back wooden spoons.

Carlton now has 35,087 paid-up members, well past the previous high of 33,534,set in 2005.

"Carlton people stick through the good times and the bad, dark times," Pratt said.

"They stuck when the famous old, dark navy blue brand was well and truly battered.

"To all the members, I say thank you for playing your part, thank you keeping the faith even during the last few difficult years.

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