Geelong has been fined by the AFL after an extensive audit discovered a series of non-disclosures and/or late disclosures of arrangements with club associates and third parties.
However, the audit found no breaches of the salary and player movement rules.
Non-disclosures were also identified in the Cats’ AFLW program, but were found to be administrative errors and did not constitute salary cap or player movement rule breaches.
Of the $77,500 sanction, $40,000 has been suspended for two years if no further breaches are identified.
The audit has been ongoing since March, when potential compliance issues relating to third-party arrangements were first identified during a general audit last year.
An extended audit of Geelong’s books, dating back to 2019, was conducted, which included reviewing documentation and holding interviews with club personnel, club associates, and third parties.
Accounting and consulting firm EY (formerly Ernst & Young) supported the process, providing external forensic expertise.
In addition to the fine, Geelong will implement further compliance requirements that will be actively monitored by the AFL over the next two years.
“The club and its personnel have fully cooperated throughout the audit process and worked closely with the AFL and EY to transparently provide access, documentation and information as required,” CEO Steve Hocking said.
“We acknowledge the outcome of the audit has confirmed the Club has not breached AFL TPP limits nor the AFL player movement rules.
“We also acknowledge the audit identified a number of non-disclosure items over the six-year period.
“We accept the AFL’s sanctions for these errors and will strengthen our education and governance processes moving forward.”
X: @krockfootball
