Port business group raises $1.8 million - Sports News - Fanatics - the world's biggest events

Port business group raises $1.8 million

Steve Larkin 15/12/2010 04:02:05 PM Comments (0)

A group of businessmen have raised $1.8 million for cash-strapped AFL club Port Adelaide.

The group, formed three months ago, created the new revenue through sponsorships and hospitality and events packages, Power chief executive Mark Haysman said on Wednesday.

The new funds, from Port's business ambassadors group of 200 members, would be gained over the next three years, Haysman said.

"The group has sourced an additional $1.3 million in sponsorship over the next three years, including $450,000 in 2011," Haysman said in a statement.

A further $500,000 in hospitality and events would be raised next year, he said.

Before SANFL, AFL and government grants, Port Adelaide suffered a trading loss of $1.6m in 2008 and $2.9m last year.

The 2010 financial result will be released on Thursday night at the club's annual general meeting.

But Haysman said some $950,000 would be banked by the club as new revenue in 2011 alone.

"We have very well defined medium and long-term business strategies, but identified the need for ways to bolster our short-term revenue," Haysman said.

Wealthy businessman Gordon Pickard also last month pledged a "multi-million dollar" cash injection to Port, Haysman said.

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