AFL club Kangaroos suffer $2m deficit - Sports News - Fanatics - the world's biggest events

AFL club Kangaroos suffer $2m deficit

19/12/2005 06:59:53 PM Comments (0)

The Kangaroos have taken a self-imposed $2 million financial hit as the AFL club restructures its operations.

The `Roos, who receive $1 million each year from the league under the competitive balance fund, announced a "nett negative result" of $2.19 million because of the restructure.

The result relates to long-term loans it made to the North Melbourne Football Club Social Club, which will be integrated into the club's operations.

"At the moment, it's a separate entity and it will become a business unit of the football club," chief executive Geoff Walsh said.

"We're taking a hit on the loan, but it isn't a cash situation.

"If we take that out, we've made a profit this year.

"In terms of our operations, we're continuing to recover the business... the loan dates back quite a number of years"

The Kangaroos had planned to make a profit of $220,000, but ended up $48,894 in the black before the restructure.

"The board of the North Melbourne Football Club Limited (the Kangaroos) considers that the social club was not in a position to meet these liabilities and in any event the social club would be re-structured in the coming year," the club said in a statement.

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