Geoff Ninnes Fong & Partners (GNFP) is a structural, aquatic and civil engineering consultancy with broad experience in the design of new municipal and institutional swimming pools, hydrotherapy…read more
Richmond Tigers report loss but confident on future operations
The Richmond AFL club has reported a small financial loss of $80,257 for the 2016 financial year, the club’s first deficit in 12 years.
The 2016 result has been blamed on the club’s poor on-field performances in 2016 which saw match day attendances drop 14.6%, as did bad debts related to two club sponsors which totalled more than $300,000.
In 2015, Richmond recorded an operating profit of $458,586 yet that was down on 2014’s operating profit result of $1,329,530.
The Tigers generated an operating surplus of $1.2 million but after amortisation and depreciation, a loss became the result. The club remains debt-free and generated revenue of $47.5 million, an increase of $825,000 from 2015.
A renewed $1 million sponsorship deal with insurer Bingle in September is another boost for the Tigers but the affect of the collapse of apparel sponsor BLK remains to be seen.
Richmond President Peggy O’Neal (pictured below) moved to assure club members that the Tigers are in a solid financial position.
O’Neal stated “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.
“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.”
16th November 2016 - SPORTSWEAR SUPPLIER BLK ENTERS RECEIVERSHIP
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