Wynnum's reasons for dissolving Manly Partnership!
The real problem is this.
The Brookvale Hotel pays its 30% Company tax (after slinging a few thousand at an inventive accountant that minimises the figure as much as possible through some inventive depreciation) and then has the rest available to go into the pocket or, for the prudent businessman, available for re-investment.
You bank men would know that financing a refurbishment for a private venture like that is also an attractive proposition because they're bringing equity to the table and, more than likely, a good net profit figure going forward. Seeing as "risk" doesn't appear in your dictionary, they'll get the cash.
In contrast the Leagues Club is little more than a private benelovent institution, without the goodwill. It's post tax profits are poured into the running costs of another institution so there's no rainy day cash in the kitty for the most part - hence no dough for reinvigoration. It's not even as though the profit transfer is an investment, as it's flowing into the black hole vortex of a football club. There's no chance of a return.
Again, you finance men will be looking askance at putting up capital because of the uncertainty of future net profit returns. So, without savvy management and/or a cash injection of some sort, the asset atrophies and dies a slow death.
Perhaps Max isn't so dumb. Maybe he thinks he'll be able to roost over the carcass of a dead Leagues club in five years time and get it for a song.
Question - what would a valuer put on the asset of the LEagues Club, and how much is the club already in hock for?
Reckon there's much leverage there?