Dear members,
You will recall I wrote to you just last week to inform you that the Board had finalised terms of sale of the WestWaters Hotel and Entertainment Complex in Caroline Springs to the Oscars Hospitality Group.
Well, I have further news for you on this subject today.
We have now agreed to terms on the sale of our Waverley Gardens venue, this time with the Melbourne Racing Club.
This move will complete our exit from gaming venue investments and is of course subject to the appropriate regulatory approvals. As a club, we are a signatory to the Victorian Responsible Gambling Foundation charter to minimise gambling harm, this change is part of our ongoing commitment to the charter.
As I said last week, these are significant decisions for our football club. We feel both of these deals have secured a price at the top of the market and that is good news for the club.
These deals will substantially solidify the club’s Future Fund and ensure the club holds itself in strong stead in the years to come. As I said last week, these venues have been producing a significant income for the club – the Future Fund will be critical to replacing that income with other sound investments.
One of the primary focuses of both the Board and yourselves, our loyal members, is that Hawthorn remains an independent club which balances a strong community-first mindset with sound, forward-thinking commercial decisions.
We are confident this pair of sales is proof of this attitude. There will be a tangible effect for the club as a result of these decisions too, with a portion of the funding helping to support the development of our Kennedy Community Centre in the short term while we await further philanthropic funds to flow through to our Capital Campaign.
Of course, we are not there yet. Further financial support will be required in order to help us achieve the full potential of the KCC – as the club and our people deserve.
But, have no doubt, this is an important moment in the club’s off-field history. We are in as strong a position as ever and I am extremely proud of all the work that has gone into these decisions.
Finally, on behalf of the of the Board I would like to thank the officers of the club who have been working on these transactions for many months.
I will be sure to keep you up to date with any further updates but, for now, keep cheering on our Hawks as they continue to navigate the ups and downs of an AFL season.
Onwards and upwards!
Jeff Kennett
President
Hawthorn Football Club
