Demetriou vows Port's future is secure - Sports News - Fanatics - the world's biggest events

Demetriou vows Port's future is secure

By Guy Hand 09/04/2009 09:24:13 PM Comments (0)

The AFL has pledged financially-stricken Port Adelaide will not be allowed to go to the wall following talks on Thursday with the club's licence holder, the South Australian National Football League (SANFL).

AFL chief executive officer Andrew Demetriou says the SANFL has agreed to provide $1.85 million in grants and advances to ensure the club's short-term survival as it battles crippling debt and cash flow problems.

Demetriou said his organisation was committed to helping Port through what he termed "serious" financial problems and that the club would not be allowed to fold on his watch.

"It's a very serious financial situation. They've got significant debt, they've got a significant shortage in their cash flow," Demetriou said of Port.

"But we're committed like the SANFL to working with Port Adelaide.

"They're a very important franchise in the AFL competition.

"All of our clubs from time to time go through various difficulties, and what's important is to reiterate how committed we are with the SANFL to helping Port Adelaide."

Port lost $1.4 million last year and are carrying $3.5m of debt.

But after talks in Melbourne on Thursday between AFL heavies and the SANFL, Demetriou announced the SANFL was providing a seven-figure sum which he believed would help guide Port over their financial hump.

"The SANFL has already contributed two very large amounts of money to Port Adelaide to help them through their cash flow problems," Demetriou said.

"The first one is an $850,000 amount as an advance against future monies they were to distribute to Port Adelaide, and a further $1 million cash injection into the Port Adelaide Football Club as a grant to help Port Adelaide during these difficult times."

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