Debt-free Tigers are roaring The Age
November 19, 2013 - 8:37PM Back in the finals and now clear of debt, it has been quite a year for AFL club Richmond.
The Tigers announced on Tuesday a net surplus of $3.317 million for the financial year which ended on October 31.
Richmond has posted their ninth consecutive profit and are now out of debt, one year ahead of their schedule.
Richmond's net asset position rises from $19.07 million to $22.38 million.
"This is a very pleasing result and one we have been able to deliver while making significant investments in our football program and our facilities at the ME Bank Centre," Richmond's president Peggy O'Neal said.
The Tigers, who broke a 12-year drought by playing finals football in 2013, ploughed $1.59 million into their football department.
They also spent $2 million resurfacing Punt Road Oval.
O'Neal said the burden of significant debt had been holding the club back.
"Improved business performance driven by our committed members, coteries, supporters and sponsors combined with the wonderful support provided to the Fighting Tiger Fund, means that is no longer the case," O'Neal said.
"The board made a conscious decision that developing the club's financial muscle was a priority if we are to deliver on-field success, and we are working to build a business that is at the forefront of professional sport."
Richmond's 60,321 members provided a record net membership revenue of $6.35 million and merchandise sales grew by 17 per cent, the Tigers said.
Read more:
http://www.theage.com.au/afl/afl-news/debtfree-tigers-are-roaring-20131119-2xtge.html#ixzz2l5Enkvrg- Total revenue: $44.8 million (Club record)
- Record net membership revenue of $6.35 million, representing 60,321 members
- Match attendance grew by 19% (excluding final), ranking the Club second in the AFL
- Record sponsorship net revenue
- Merchandise sales grew by 17%
- Record coterie revenue
http://www.afl.com.au/news/2013-11-19/tigers-record-massive-profit
