Runner-up Cats post $1.22 million profit - Sports News - Fanatics - the world's biggest events

Runner-up Cats post $1.22 million profit

20/11/2008 10:40:11 AM Comments (0)

Geelong's AFL grand final loss may have put a dampener on their great season on the field but it hasn't stopped the Cats posting a $1.22 million operating profit in 2008.

It's the ninth consecutive profit for the 2007 premiers.

Geelong CEO Brian Cook says revenues increased by seven per cent from $33.3 million in 2007 to $35.7 million.

The club enjoyed a 22 per cent growth in membership, which totalled a record 36,943, and a nine per cent rise in reserved seating revenue to $2.93 million.

That helped offset the fact that the club did not have a home game at the MCG.

Merchandise sales grew by 43 per cent to $2.47 million.

Football costs increased by eight per cent to $14.87 million, due largely to increased costs in player payment, coaching, staffing and recruiting.

The club's net assets now total $8 million following asset write offs primarily associated with the demolition of the Ross Drew stand, totalling $1.16 million.

The club repaid $1.09 million of loans it took out associated with stage one of the Skilled Stadium redevelopment.

The balance of that debt is $413,000 and this is expected to be fully repaid by March 2009 at the latest.

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