Finance crisis dulls Essendon profits - Sports News - Fanatics - the world's biggest events

Finance crisis dulls Essendon profits

24/11/2008 02:40:22 PM Comments (0)

The annual profit of $755,142 posted by AFL powerhouse Essendon was affected by the global financial situation, managing director Peter Jackson said on Monday.

The financial result included a community contribution in excess of $200,000 to Essendon's affiliated sporting clubs and $300,000 on the upkeep of the associated community sporting club facilities.

Jackson said the final profit result was affected by the drop in business and consumer confidence during January-June and the write-down in the value of club investments from the share market - a loss that remains unrealised at this stage.

The Bombers recorded a record membership of 41,947 in 2008.

"The rebuilding of the football department has continued with the appointment of Paul Hamilton as football operations manager, Stuart Cormack as high performance coach and Alan Richardson as an assistant coach," said Jackson.

"Significantly, we have also increased resources in recruiting and also in our off-field player development.

"We have built a new football department to take this club to its next era of sustained success and these changes were recommended as part of our Football 2010 strategy.

"Season 2008 was the second year of that strategy and most of its recommendations have now been implemented."

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