Kangaroos 581k loss

[tiger101]

The North Melbourne Football Club has recorded an operating loss of $581,352 for 2011, its first loss since 2007.

Key factors in the result include:

- Injury payments exceeding budget by $192,000

- $199,000 membership shortfall

- Increase in Football Department expenditure from $11.9 million in 2007 to $15.3 million in 2011

Chief Executive Officer Eugene Arocca said the results highlight the need for the club to increase membership numbers and initiate a debt reduction campaign.

“Member numbers need to improve and we strongly believe with the teams we currently have in place on and off the field, those figures will steadily rise. A poor start to the season and unfavourable commercial fixture had a significant negative impact on our 2011 budget in this area.

“We have started talking to members about contributing to a debt reduction program which will start next month and so far, the response has been overwhelmingly positive. Reducing debt has become the main focus of the club’s Board and administration. To reinforce this, it’s worth pointing out we paid more than $310,000 in interest due to our current debt level. We must start to bring that figure down immediately.

“Unfortunately we were hit very hard with injuries which had a direct impact on our bottom line to the tune of almost $200,000. Most of which were unpreventable collision type injuries or injuries carried over from the previous season.”

http://www.kangaroos.com.au/latestnews/newsarticle/tabid/4912/newsid/126483/default.aspx

They tried to sneakily put this out given they released it at 6:41 PM Thu 24 Nov.
Fancy blaming injuries on there bottom line they will be hoping that Hobart pays off big time.

[Dubstep Dookie]

Pathetic.

[Coach]

[WilliamPowell]

What is most concerning from an accountants point of view is they increased their footy dept spend by $3.4mil but didn't appear to have a plan in place to cover it.

If you take the $1.0mil hand out from the AFL out of their numbers they've lost just over $2.mil

But they have still gone ahead and increased footy spend by over $3mil

Talk about spending above your means

And to throw up about membeship shortfall and extra injury payments is a joke as well because they don't even come to close to covering $3.4mil

Joke of a club 

[Dubstep Dookie]

Spending their way out if Arden Street to Tassie.

[Loui Tufga]

Spending their way out if Arden Street to Tassie.

Yes, and you know what happen to Kangaroos down here.....

[Dubstep Dookie]

Spending their way out if Arden Street to Tassie.

Yes, and you know what happen o Kangaroos down here.....

 

[gerkin greg]

I like how they released the financial statement 19 mins before the National Draft   

 

[10 FLAGS]

They call it shinboner spirit lads 

[Hellenic Tiger]

Even if they moved to the Gold Coast their club their brand their ethos their finances their "Skataboner Spirit" stands for Nought. Hence their called Nought Melbourne.

They are a non viable non profitable organisation and their money eventually would have run out and the AFL would have spent 100 million bucks on that piece of poo of a footy club which would have been worse.

Eff them. Let them suffer in Tassie and at Etihad playing blockbusters against Port in front of 15000.

So the rumours were true they only had 20 bucks in their account so that they could buy a pack of smokes.

Not a joke of a club WP that's St Kilda, Nought are the disgrace of a club. Begging for crumbs and scraps and making out like they rule the roost.