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Cats announce record $2 million profit
THE Geelong Football Club will cap off its most successful on-field season in history with a record profit of close to $2 million.
The Cats had initially forecast a profit pre-season of $750,000, but re-evaluated that during the season to $900,000.
The flow-on effect from the club's premiership win will add about another $900,000 to the coffers.
``The auditors still have to sign off on it and there's a board meeting next week, but $1.7 million to $1.9 million, around that figure,'' chief executive Brian Cook said yesterday.
``That's a record, the biggest in the history of the club.
``We were looking at $900,000 before the grand final and winning the grand final has probably doubled that.''
The Cats recorded a profit of $340,000 last year and $737,000 in 2005.
Cook said the windfall would be used to clear a large part of the club's debt.
``The business model looks good, or a lot better than it was, it's improving year on year,'' he said.
``We've got $1.4 million in debt left on the redevelopment of the Reg Hickey stand and we might pay $1 million off that and have half a million left.
``It will help us to be very competitive with the best clubs in terms of football department expenditure.
``That's very important and ensures we keep the best people (at the club), no matter where they're from.''
Cook said the money could be used to help fend off would-be poachers of employees from departments throughout the football club.
``We've had quite a few approaches for our people,'' he said.
``Basically all leaders of the club _ assistant coaches, managers, commercial operations people.
``It comes with the territory of winning a premiership.''
From The Geelong Advertiser http://www.geelongadvertiser.com.au/article/2007/10/26/8259_gfc.html
Well done to the club and CEO Cook. This remarkable man has the midas touch that has turned many things into gold for the Cats.
Another important step towards a long and successful era at the summit.
Hopefully we'll be equally successful in fending off poachers from getting near our premiership players.
THE Geelong Football Club will cap off its most successful on-field season in history with a record profit of close to $2 million.
The Cats had initially forecast a profit pre-season of $750,000, but re-evaluated that during the season to $900,000.
The flow-on effect from the club's premiership win will add about another $900,000 to the coffers.
``The auditors still have to sign off on it and there's a board meeting next week, but $1.7 million to $1.9 million, around that figure,'' chief executive Brian Cook said yesterday.
``That's a record, the biggest in the history of the club.
``We were looking at $900,000 before the grand final and winning the grand final has probably doubled that.''
The Cats recorded a profit of $340,000 last year and $737,000 in 2005.
Cook said the windfall would be used to clear a large part of the club's debt.
``The business model looks good, or a lot better than it was, it's improving year on year,'' he said.
``We've got $1.4 million in debt left on the redevelopment of the Reg Hickey stand and we might pay $1 million off that and have half a million left.
``It will help us to be very competitive with the best clubs in terms of football department expenditure.
``That's very important and ensures we keep the best people (at the club), no matter where they're from.''
Cook said the money could be used to help fend off would-be poachers of employees from departments throughout the football club.
``We've had quite a few approaches for our people,'' he said.
``Basically all leaders of the club _ assistant coaches, managers, commercial operations people.
``It comes with the territory of winning a premiership.''
From The Geelong Advertiser http://www.geelongadvertiser.com.au/article/2007/10/26/8259_gfc.html
Well done to the club and CEO Cook. This remarkable man has the midas touch that has turned many things into gold for the Cats.
Another important step towards a long and successful era at the summit.
Hopefully we'll be equally successful in fending off poachers from getting near our premiership players.

