Sydney Titans Fanatic
01-03-11, 06:55 PM
FOOTBALL Federation Australia boss Ben Buckley has confirmed North Queensland Fury have been axed from the A-League after being deemed "too big of a financial risk".
Buckley said on Tuesday that the Fury had secured less than $300,000 of the required $1.5 million capital that would have earned them a one-year conditional licence from the FFA.
The axe fell despite the Fury claiming to have raised more than $1 million in sponsorship money and with a $500,000-a-year sponsor announcement looming.
"Whilst the club and the advisory board had attracted some very encouraging sponsorship commitments, the projected loss to run the club next season is still in our assessment in excess of $2m," Buckley said.
"FFA had been looking for capital from the campaign to set the foundations for a move to local ownership and a long term future for the club.
"However with the capital-raising falling well short of the target, FFA has had to make the hard decision that it cannot continue to own and finance the club in these circumstances."
Had the $1.5 million capital requirement been achieved, it would have bought the Fury some much-needed time to fully implement a broad-based member ownership structure.
However, time had run out for a club that never recovered after foundation chairman and owner Don Matheson ran into severe debt and cut ties with the Fury last year at the end of the club's first A-League season.
FFA stepped in, with the Fury believing they had been promised necessary financial support from FFA for two years. But Buckley has denied ever making such a guarantee.
The Fury entered the A-League in 2009 along with fellow Queenslanders Gold Coast United, with the competition expanding from eight to 10 teams.
An 11th franchise, Melbourne Heart, was added last year.
But the A-League will revert to 10 sides next season, with a fixture schedule expected to be released this month, possibly before Sunday week's grand final at Suncorp Stadium.
Buckley believed cutting the embattled Fury would strengthen the A-League.
He said continuing to fund North Queensland in excess of $2 million "reduced the capacity to invest in the A-League as a whole".
"We need to concentrate our resources on the growth, promotion and stability of the entire A-League competition and this level of investment would prevent us from undertaking programs to achieve the above," he said.
"Many leagues around the world have adjusted the composition of clubs in early years and we feel this move will strengthen the Hyundai A-League just as it did for Major League Soccer in the United States and the J-League in Japan.
"We acknowledge the region is an important development area for football and there are some fantastic supporters, and FFA remains committed with Football Queensland to nurturing football in North Queensland.
"I would like to thank everybody who supported the Fury including the fans, staff, players, sponsors and the Fury Advisory Board."
http://www.couriermail.com.au/sport/soccer/lack-of-money-spells-end-for-nq-fury/story-e6frepmf-1226013801429
Buckley said on Tuesday that the Fury had secured less than $300,000 of the required $1.5 million capital that would have earned them a one-year conditional licence from the FFA.
The axe fell despite the Fury claiming to have raised more than $1 million in sponsorship money and with a $500,000-a-year sponsor announcement looming.
"Whilst the club and the advisory board had attracted some very encouraging sponsorship commitments, the projected loss to run the club next season is still in our assessment in excess of $2m," Buckley said.
"FFA had been looking for capital from the campaign to set the foundations for a move to local ownership and a long term future for the club.
"However with the capital-raising falling well short of the target, FFA has had to make the hard decision that it cannot continue to own and finance the club in these circumstances."
Had the $1.5 million capital requirement been achieved, it would have bought the Fury some much-needed time to fully implement a broad-based member ownership structure.
However, time had run out for a club that never recovered after foundation chairman and owner Don Matheson ran into severe debt and cut ties with the Fury last year at the end of the club's first A-League season.
FFA stepped in, with the Fury believing they had been promised necessary financial support from FFA for two years. But Buckley has denied ever making such a guarantee.
The Fury entered the A-League in 2009 along with fellow Queenslanders Gold Coast United, with the competition expanding from eight to 10 teams.
An 11th franchise, Melbourne Heart, was added last year.
But the A-League will revert to 10 sides next season, with a fixture schedule expected to be released this month, possibly before Sunday week's grand final at Suncorp Stadium.
Buckley believed cutting the embattled Fury would strengthen the A-League.
He said continuing to fund North Queensland in excess of $2 million "reduced the capacity to invest in the A-League as a whole".
"We need to concentrate our resources on the growth, promotion and stability of the entire A-League competition and this level of investment would prevent us from undertaking programs to achieve the above," he said.
"Many leagues around the world have adjusted the composition of clubs in early years and we feel this move will strengthen the Hyundai A-League just as it did for Major League Soccer in the United States and the J-League in Japan.
"We acknowledge the region is an important development area for football and there are some fantastic supporters, and FFA remains committed with Football Queensland to nurturing football in North Queensland.
"I would like to thank everybody who supported the Fury including the fans, staff, players, sponsors and the Fury Advisory Board."
http://www.couriermail.com.au/sport/soccer/lack-of-money-spells-end-for-nq-fury/story-e6frepmf-1226013801429