AFL secures massive loans with NAB and ANZ
The AFL has secured lines of credit with the NAB and ANZ, reportedly totalling as much as $600 million.
It’s a huge win for the AFL, which is facing what chief executive Gillon McLachlan has called the “most serious threat” to the sport in its history.
The loans will provide instant financial relief for the clubs and league, which has been brought to a complete standstill by the COVID-19 pandemic.
There’s no chance of any games before June, and June itself is looking increasingly unlikely.
Sportsday co-host Sam McClure said the league had also set up three “working groups” involving the CEOs of all 18 clubs.
They relate to finance, membership and state leagues.
“These guys usually protect everything they’ve got, they don’t want to let any clubs in on their secrets,” McClure explained.
“This is now the opposite.
“They’re giving each other all their ideas, all their intellectual property.”
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