St Kilda has added to the woes of Victorian AFL clubs, recording a $3.7 million loss for the 2002 season.

The Saints, following a similar move by Carlton regarding Optus Oval, wrote down the value of their Moorabbin club and training base by $1.5 million blowing out the extent of the loss.

"Following the review, the directors assessed that the carrying values of plant and equipment and leasehold improvements exceeded their recoverable amounts," chief executive Brian Waldron said.

Along with the write-downs and other abnormal allowances, the Saints' bottom line deteriorated due to a $1 million fall in corporate support, a $250,000 increase in players payments, and a $400,000 membership revenue shortfall.

Waldron said the club maintained confidence in its strategies despite the dire result.

"While we tailored a plan that called for tough restructuring decisions, we are buoyed by the indications and early spirited support we are getting from our members and corporates, who recognise the on-field potential we have with our exciting young playing list."

The club had already signed 10,000 members for next season - a quarter of which were new members.

There had also been a sharp spike in merchandise sales while sponsorship renewals were at 80 per cent.

St Kilda anticipated a financial benefit from playing two home matches in Tasmania in 2003, with a financial lure from that state's government plus potential membership growth.

Combined with Carlton's massive losses, the struggling Victorian clubs Kangaroos, Melbourne, Western Bulldogs and St Kilda all recorded large deficits for the past financial year.

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