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Record profit for Tigers
4:20:08 PM Thu 23 November, 2006
Paul Gough
Sportal for afl.com.au
Richmond's remarkable revival over the past two years under coach Terry Wallace has culminated in the club recording its highest ever profit in 2006.
Just two years ago the Tigers were in crisis - on the bottom of the ladder after ending the 2004 season with 14 straight losses, which culminated in the club suffering a loss of about $2.2 million that season.
But after making a small profit last year, the Tigers have announced a profit of almost $1 million in 2006 - a year in which the team only just missed the finals after improving for the second successive season under Wallace, who was appointed following at the end of that disastrous 2004 season.
Richmond president Gary March said the Tigers' financial position had undergone a turnaround of more than $3 million in the past two years.
The Tigers' net profit for 2006 of $948,586 even exceeded the club's previous highest profit of $918,635 set in 1990 - the year the club raised thousands of additional dollars during the 'Save Our Skins' campaign at a time when the club was on its knees.
March said there were many factors behind the Tigers' improved financial performance, besides the on-field improvement.
“This significant financial turnaround has come about as a result of better disciplines across all facets of the business, as well as the ability of the club to increase its revenue base," he said.
But March said the Tigers were not resting on their laurels.
“We believe that the financial improvements made during the 2005-06 period are sustainable, and we are projecting continued profits over the next few years whilst repaying significant debt," he said.
“The club’s board, CEO, management and staff have all done an outstanding job and the club has benefited significantly from their hard work, dedication and professionalism."
Richmond chief executive Steven Wright said the Tigers improved financial position was due to the club achieving record membership levels, record sponsorship levels as well as an increase in attendances with the Tigers ranking third in the AFL for crowds this season.
Wright added "the club was also pleased to have achieved another key outcome, with the approval of over $5.5 million of funding from the State Government, City of Melbourne and AFL to improve the football facilities at Punt Road to an elite level and to build a new community centre”.
"Whilst it was a very positive year for the club, it was important to recognise that significant work is still required," Wright said.
"The club needs to continue to invest further in the football department, undertake the redevelopment of Punt Road Oval, repay debt and start to build revenue earning assets."
4:20:08 PM Thu 23 November, 2006
Paul Gough
Sportal for afl.com.au
Richmond's remarkable revival over the past two years under coach Terry Wallace has culminated in the club recording its highest ever profit in 2006.
Just two years ago the Tigers were in crisis - on the bottom of the ladder after ending the 2004 season with 14 straight losses, which culminated in the club suffering a loss of about $2.2 million that season.
But after making a small profit last year, the Tigers have announced a profit of almost $1 million in 2006 - a year in which the team only just missed the finals after improving for the second successive season under Wallace, who was appointed following at the end of that disastrous 2004 season.
Richmond president Gary March said the Tigers' financial position had undergone a turnaround of more than $3 million in the past two years.
The Tigers' net profit for 2006 of $948,586 even exceeded the club's previous highest profit of $918,635 set in 1990 - the year the club raised thousands of additional dollars during the 'Save Our Skins' campaign at a time when the club was on its knees.
March said there were many factors behind the Tigers' improved financial performance, besides the on-field improvement.
“This significant financial turnaround has come about as a result of better disciplines across all facets of the business, as well as the ability of the club to increase its revenue base," he said.
But March said the Tigers were not resting on their laurels.
“We believe that the financial improvements made during the 2005-06 period are sustainable, and we are projecting continued profits over the next few years whilst repaying significant debt," he said.
“The club’s board, CEO, management and staff have all done an outstanding job and the club has benefited significantly from their hard work, dedication and professionalism."
Richmond chief executive Steven Wright said the Tigers improved financial position was due to the club achieving record membership levels, record sponsorship levels as well as an increase in attendances with the Tigers ranking third in the AFL for crowds this season.
Wright added "the club was also pleased to have achieved another key outcome, with the approval of over $5.5 million of funding from the State Government, City of Melbourne and AFL to improve the football facilities at Punt Road to an elite level and to build a new community centre”.
"Whilst it was a very positive year for the club, it was important to recognise that significant work is still required," Wright said.
"The club needs to continue to invest further in the football department, undertake the redevelopment of Punt Road Oval, repay debt and start to build revenue earning assets."
