After playing just two seasons in the A-League, Football Federation Australia (FFA) has axed the North Queensland Fury FC from the league after it was deemed “too big of a financial risk”. North Queensland Fury will now join the New Zealand Knights in the A-League graveyard.
The Fury, which is solely owned by the FFA, was required to raise $1.5 million in capital for the 2011-12 season to earn a one-year conditional licence . As of today the club has secured less than $300,000. The FFA has axed the club despite the fact that the Fury claims to have raised more than $1 million in sponsorship deals with a $500,000/yr sponsor announcement pending.
“While 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 $2 million,” 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.”
The A-League will revert to a 10-team competition for the 2011-12 season.
Source:
http://www.smh.com.au/sport/a-league/north-queensland-fury-axed-from-aleague-20110301-1bcru.html