Hawthorn were still a recently successful club leading into the merger wars. It was a only a financial mess, thanks to its board. Freo fell harder and quicker,with no success or money and the Brow was not far off pulling the pin on their license.
The worst fate Hawthorn would suffer would have been a merge, and all their debts paid off by the AFL and a raft of salary cap exemptions, as part of the deal. It was big money poured into both clubs by rich supporters like Gutnick that saw off the AFL shark tank.
