catempire
Premium Platinum
The Simonds Stadium Twitter might be wrong? The explanation from the club was:Given the following exchange, can some of our learned members explain to a simple fellow how the demolition of the Brownlow and Jennings stands cause such a big financial loss for the club?
The Geelong Football Club has announced a net loss of $3,318,274 for the 2015 financial year. The result is largely due to the demolition of the Brownlow and Jennings stands as part of the stage 4 redevelopment at Simonds Stadium, as well as depreciation and amortisation. The write off of the two grandstands amounted to $1,899,011 and depreciation and amortisation totalled a further $2,015,124.
Other major factors in the financial outcome include:
- The club's continued investment in the football department, with total outlay rising by $491k to $22.2 million
- A reduction in profit from the club's commercial operations, with profit dropping by $1.2 million to $19.6 million. This is largely due to reduced returns from the club's venues, match returns, events and fundraising
- A drop in average home attendance (including home games at the MCG and Etihad Stadium) from 33,915 in 2014 to 29,127
- Membership grew to 46,113 from 43,803, a 5.2% increase
- Growth in corporate profit, which rose by $544,000 in 2016
- The AFL's new equalisation policy saw the club contribute $300,000 to the fund that was distributed to rival clubs