Port post $1.74m loss in 2010 - Sports News - Fanatics - the world's biggest events

Port post $1.74m loss in 2010

16/12/2010 05:46:31 PM Comments (0)

AFL club Port Adelaide posted an operating loss of $1.74 million in 2010.

Port president Brett Duncanson said the club remained revenue challenged, with a debt of $3.6 million.

"We want to return to consistent profitability and thats what we are working towards in conjunction with our key stakeholders, the SANFL and AFL," Duncanson said in a statement on Thursday.

"As with many clubs, ours is a revenue challenge, while of course keeping a close eye on costs.

"Importantly, we now have short, medium and long-term revenue strategies which are starting to bear fruit.

"In the short term we have still faced financial challenges and required reinvestment from our parent bodies."

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

Duncanson said the club's revenue strategy involved a series of strategic business initiatives to diversify and grow the clubs revenue base away from football-dependent income sources.

In 2010, Port had a turnover of $31.9 million, football department expenditure of $15.3 million and net assets of $8.3 million.

The club's new Business Ambassadors Group raised $1.8 million in its first three months of operation and $950,000 of this will be banked in 2011.

Port have set a membership target of 35,000 following their reunification with the Magpies in the SANFL and say early signs are promising.

Duncanson said the club intended to diversify its business to grow the revenue base away from football-dependent income sources.

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