NON-AFL affiliated SANFL clubs will benefit from $16 million of debt relief handed down from the league over the next seven years, as the redevelopment of the AAMI Stadium precinct is rolled out.
Central District, Glenelg, North Adelaide, Norwood, South Adelaide, Sturt, West Adelaide and Woodville-West Torrens will each receive $2 million in game development payments from 2016-2022.
The staged redevelopment of the AAMI Stadium precinct will see the first payment of $125,000 become available to the clubs in October 2016.
Clubs will receive $250,000 in 2017, $275,000 in 2018 and 2019, $300,000 in 2020, $350,000 in 2021 and $475,000 in 2022.
SA Football Commission chairman John Olsen said that only once a club was debt-free could it commit any of the funds to savings – and it must invest the money in a way that protects the capital amount.
“The funding comes with a strict series of conditions to ensure the focus is on reducing debt and building savings," Oslen said.
“The redevelopment of our asset at West Lakes delivers some critically important short, medium and long-term benefits for South Australian football.
“In the first instance, the initial $10 million up-front payment from the developers enabled us to immediately pay off our debt with the AFL.
“Over the next seven years we will retire the league’s remaining debt and, with these additional payments, assist the SANFL clubs to significantly improve their viability."
