Club Reports a $80,257 Loss for 2016

[WilliamPowell]

Despite a doomsday prediction a few weeks back about a loss around $1mil-$2mil club has recorded a loss of $80,257 for the year
============================
Richmond 2016 financial result

richmondfc.com.au   
November 16, 2016 12:30 PM
Richmond will report a deficit of $80,257 for the financial year ended 31 October.

The Club generated an operating surplus of $1.2 million but after amortisation and depreciation, a small loss will be reported.

The Club generated revenue of $47.5 million, an increase of $825,000 year-on-year.

On-field performance saw match day attendances drop 14.6% across the season and this had a significant impact on the final result, as did bad debts related to two club sponsors which totalled more than $300,000.

Richmond President, Peggy O’Neal said that despite recording a loss for the first time in more than a decade, members can be assured the Club remains in a sound financial position.

“It has been a challenging year for our football club, but we remain debt free, have cash reserves of more than $2 million and a strong net asset position of $24.1 million,” O’Neal said.

“I can guarantee members that our hard-earned financial stability will never be taken for granted.

“The Board will continue to carefully manage finances while looking for opportunities to grow and diversify the Club’s revenue base to enable us to continue investing in our core business of football.

“This year the Board made significant decisions to establish Aligned Leisure and the Richmond Institute of Sports Leadership.

“These well-considered business decisions diversify revenue streams and will help underpin the Club’s financial stability long-term.

“I am also pleased to say that while football is our core business, and always our number one priority, we continue to invest in the community.

“Our charity partnership with the Alannah & Madeline Foundation, and our work with Indigenous youth in the Korin Gamadji Institute, which includes our partnership with the Melbourne Indigenous Transition School are industry leading, and I know that members and supporters are proud of the Club’s sincere contribution to the community.

“As we look forward now, there is a real sense of renewal and enthusiasm around the Club as the players and coaches begin the hard work of pre-season in preparation for season 2017.”

http://www.richmondfc.com.au/news/2016-11-16/richmond-2016-financial-result

[Hard Roar Tiger]

Anus Horribus

[🏅Dooks]

How does a club with 75,000 members make a loss of any sort?

Other clubs with upto 40000 less members (approx 8million dollars) must be bleeding.

Oh wait, they have proper sponsorship deals and other revenue streams.

Lmfao Peggy and the gang. Give yourselves and Dimma another 5 years

[(•))(©™]

And this, lesser amount is acceptable, because why?

[(•))(©™]

Stupid. Sack her

[🏅Dooks]

And this, lesser amount is acceptable, because why?

stuffed if i know. Anyone?

[Jackstar 1960]

Will need to check the fine print
😉

[WilliamPowell]

And this, lesser amount is acceptable, because why?

Not sure anyone said it's acceptable

How does a club with 75,000 members make a loss of any sort?

Other clubs with upto 40000 less members (approx 8million dollars) must be bleeding.

Oh wait, they have proper sponsorship deals and other revenue streams.

Well clubs with less than 40k members get hand outs from the AFL, take away that and they make losses (Hi N0rt, Saints, Dogs and Dees). Dogs will make a first time profit on their own this year ONLY because they won the flag

So I suppose it begs the question how does a club with nearly 80k members, turnover of of close to $60mil, superior sponsorship deals, better deal with the MCG than we do make only just on a $1mil rather than their normal  $2-3mill  (pies saying howdy too U to)

Or isn't that relevant?

[RedanTiger]

We await further news regarding sponsors this month.

Superannuation giant HostPlus has extended its sponsorship of Richmond's much-depleted coaching department through to the end of 2018, but shorts sponsor Decor is out of contract in November. That deal is estimated at $350,000 a season.

Other contracts that end in November include gold-level partners AGL and Viagogo, which both pay an estimated $250,000 a year to the Tigers.

http://www.smh.com.au/afl/richmond-tigers/1-million-boost-for-richmond-tigers-as-bingle-signs-on-for-another-season-20160912-grebu1.html

Not to mention the news re BLK

[WilliamPowell]

We await further news regarding sponsors this month.

Superannuation giant HostPlus has extended its sponsorship of Richmond's much-depleted coaching department through to the end of 2018, but shorts sponsor Decor is out of contract in November. That deal is estimated at $350,000 a season.

Other contracts that end in November include gold-level partners AGL and Viagogo, which both pay an estimated $250,000 a year to the Tigers.

http://www.smh.com.au/afl/richmond-tigers/1-million-boost-for-richmond-tigers-as-bingle-signs-on-for-another-season-20160912-grebu1.html

Not to mention the news re BLK

Decor and AGL look goneskis as both are gone from the bottom of the main page and the sponsors page. Disappointed losing Decor if they are goneskis,  was an excellent partnership

And just so people understand (because ive just had txt from someone who's askedme) the BLK thing has no impact or is included in the loss. Club find year finishes 31 October and this has happened after that date. Club should note it in the annual accounts as something that may have a future financial bearing but should not record in those numbers. Unless and I doubt it this would be case as it's only appeared on ASICS this morning, they were aware prior to 31 Oct

[(•))(©™]

Why can't I call her a bitch ?

Prove she isn't.

[RedanTiger]

And just so people understand (because ive just had txt from someone who's askedme) the BLK thing has no impact or is included in the loss. Club find year finishes 31 October and this has happened after that date. Club should note it in the annual accounts as something that may have a future financial bearing but should not record in those numbers. Unless and I doubt it this would be case as it's only appeared on ASICS this morning, they were aware prior to 31 Oct

I dunno WP.
I'll defer to your superior accounting knowledge but doesn't that assume that all accounts were paid out.
They were after all, due to finish their current sponsorship in November.

PS I've just been reading the Age story about Goulburn Murray's accounts being questioned by Morris Forensic who claim they're off by $150M so you can understand why I'm a bit wary.

[Raoul Duke]

So Peggy says we're in a 'sound financial position'  does she?
Two months ago when the the board being challenged she told us we were in a strong financial position.

Whats changed in 8 weeks?
 

[🏅Dooks]

So Peggy says we're in a 'sound financial position'  does she?
Two months ago when the the board being challenged she told us we were in a strong financial position.

Whats changed in 8 weeks?
 

The PR approach?

[WilliamPowell]

Oops bad typo in my 1st post