For your PC needsExt User(David Clayton)
08-12-2005, 05:25 PM
From
http://theage.com.au/news/Sport/Port-posts-loss-of-more-than-500000/2005/12/08/1133829709495.html
Port posts loss of more than $500,000
December 8, 2005 - 3:45PM
AFL club Port Adelaide has forecast continued tough financial times after
posting a loss of more than $500,000 this year.
The club posted a consolidated loss of $514,723 for 2005, with president
Greg Boulton predicting another lean result next year.
"We continue to incur $576,000 in costs that other AFL clubs do not have,"
he said.
"These costs include establishment costs of entering the AFL, which are
being written off over 10 years, and a licence fee of $4 million which is
paid in instalments until the end of 2006."
Boulton said this year's loss included a payout to retired captain Matthew
Primus for his 2006 contract and redundancy payments to club staff after a
sales and marketing department restructure.
Those payouts accounted for $409,000 of this year's loss, he said.
"Although you are never pleased in announcing a loss, there are some clear
reasons why this is the case," he said.
"We have made some decisions which have impacted this year's financials
but which leave us in a stronger position going forward.
"Although costs were up primarily due to a player payout and redundancies,
pleasingly we had an increase in revenue from match receipts and season
tickets and memberships."
Boulton said despite the loss, the club remained financially strong with
net assets of $5.3m.
http://theage.com.au/news/Sport/Port-posts-loss-of-more-than-500000/2005/12/08/1133829709495.html
Port posts loss of more than $500,000
December 8, 2005 - 3:45PM
AFL club Port Adelaide has forecast continued tough financial times after
posting a loss of more than $500,000 this year.
The club posted a consolidated loss of $514,723 for 2005, with president
Greg Boulton predicting another lean result next year.
"We continue to incur $576,000 in costs that other AFL clubs do not have,"
he said.
"These costs include establishment costs of entering the AFL, which are
being written off over 10 years, and a licence fee of $4 million which is
paid in instalments until the end of 2006."
Boulton said this year's loss included a payout to retired captain Matthew
Primus for his 2006 contract and redundancy payments to club staff after a
sales and marketing department restructure.
Those payouts accounted for $409,000 of this year's loss, he said.
"Although you are never pleased in announcing a loss, there are some clear
reasons why this is the case," he said.
"We have made some decisions which have impacted this year's financials
but which leave us in a stronger position going forward.
"Although costs were up primarily due to a player payout and redundancies,
pleasingly we had an increase in revenue from match receipts and season
tickets and memberships."
Boulton said despite the loss, the club remained financially strong with
net assets of $5.3m.