Debt Free TTA Caps Off Extraordinary Financial Turnaround

Table Tennis Australia Ltd. (TTA) is very pleased to announce we are now debt free, capping off an extraordinary financial turnaround under the guidance of a new Board and Administration.

TTA was $649,000 in debt in September 2017, which primarily resulted from a poorly executed international event. In less than 2.5 years, all debts have been repaid in what is surely one of the strongest financial recovery efforts in Australian sport.

Making the turnaround even more significant is that 100% of the funding that underpinned the recovery was sourced directly from within table tennis. When it was needed most, unity prevailed as the table tennis community rallied together to ensure TTA’s survival and viability and we are forever appreciative of this fact.

TTA is especially thankful to all parties who showed tremendous faith in the organisation and the sport by making financial contributions through loans, prepayment of fees, donations or in-kind support in late 2017:

• All State/Territory Associations: Table Tennis ACT, Table Tennis New South Wales, Table Tennis Northern Territory, Table Tennis Queensland, Table Tennis South Australia, Table Tennis Tasmania, Table Tennis Victoria and Table Tennis Western Australia.
• Clubs/Associations: Greater Dandenong Table Tennis Association and St George & Sutherland Shire Table Tennis Association.
• Former Board Members: David Wilson and Brett Sonnet.

The generous contributions by all parties ensured TTA survived and was able to continue its operations with minimal disruption; however major changes were required in order to repay the loans and absorb the prepayments. Pleasingly, TTA has implemented many best practice initiatives from a financial, governance, strategic, operational and administrative perspective. TTA is now a professionally run and profitable business that welcomes accountability and provides full transparency.

Special mention must also be provided to the new TTA Board. All Directors stepped up at a time when there was a genuine risk of personal liability. The ongoing cohesiveness and professionalism of the Board has been a significant contributing factor in TTA’s recovery.

TTA President Jamie Olsen commented, “This marks a truly watershed moment for Australian table tennis and TTA’s financial turnaround is an achievement players of all levels around the country can be immensely proud of.” 

“I would also like to pay special tribute to TTA's band of loyal, hard-working and passionate employees, who have worked hard to continue delivering high quality programs during TTA’s recovery. To TTA Directors, past and present, as well as the individuals who voluntarily participate on the various Board Sub-Committees, your leadership and personal contributions have been critical to TTA’s turnaround and ongoing success.”

TTA is now looking forward to expanding the sport and our operations in a sustainable fashion. Multiple new initiatives are currently being rolled out, such as the Table Tennis Corporate Cup and our entry level program, Spinneroos. We look forward to working in close collaboration with our funding partners, peak bodies, State/Territory Associations and the broader table tennis community to provide increased and improved offerings at every level of the sport through the 2019-2022 Whole of Sport Strategic Plan.

Scott Houston
TTA Chief Executive Officer