THE final siren appears to have sounded on the debt-hit Frankston Football Club.
The administrator handling the VFL club’s affairs today confirmed AFL Victoria had terminated the Dolphins’ licence to play in the state league.
A statement from Worrells Solvency and Forensic Accountants said Paul Burness and Con Kokkinos were called in to a meeting with AFL Victoria this morning.
“At the meeting they were advised that the club’s licence to compete in the VFL would be terminated imminently. As a result, FFC will not be able to compete in the VFL competition into the future,’’ the statement said.
It said the decision “concludes any prospect of a club restructure and the voluntary administrators will now turn their efforts to an orderly closure through an inevitable liquidation of the club’’.
“It’s a very disappointing outcome for a club with a history dating back to 1887. The proposal to creditors, which we recommended, would have seen the club continue into the future and would have provided the best possible outcome for staff, creditors, members, and supporters,’’ Burness said.
“As a business operating in Frankston, I am acutely aware that the club’s closure will have far reaching consequences for the local community.
“I would like to thank the players, coaching staff, employees, the board, sponsors, and supporters for their help and dedication throughout this difficult period.”
The statement said it was believed that AFL Victoria had concerns about “non-financial matters such as the historical on-field performance’’.
The club went into voluntary administration four weeks ago with debts of more than $1 million.
“While we are disappointed with the decision, we were not in a position to give any assurances on matters such as the future performances of players,’’ Burness said.
“As voluntary administrators our role was limited to dealing with the financial issues facing the club.”
The administrators said they would not tell creditors and stakeholders that a liquidation of the club was inevitable.
The liquidation is expected to be confirmed at a meeting of creditors next Monday, October 3.
Leader sent AFL Victoria spokesman Anthony Stanguts questions relating to the Dolphins this morning. Stanguts has yet to respond.
Frankston Dolphins members and supporters packed a meeting held by administrators to discuss the financially stricken club's future.