Bombers record 3.2mil trading loss

[Swans4ever]

The bombers having what can only be described as a annus horribilis for 2014 have announced a 3.2 mil loss - although the forecast shouldn't be too dire with 2 mil in fines over ASADA allegations, with new training facilities and a fresh start they should bounce back in 2014!

ASADA costs hit Bombers' bottom line
Callum Twomey
November 26, 2013 9:27 AM


Essendon CEO Ray Gunston
THE FINANCIAL fallout from Essendon's ASADA saga has been revealed, with the Bombers recording a $3.2 million trading loss.

It included the AFL's $2 million fine from the AFL and the legal costs involved with the season-long ASADA investigation.

Essendon announced its financial results on Tuesday, with the club reporting an overall profit of $2.148 million for the financial year.

That included $5.3 million of funds received for the new high performance training facility at Melbourne Airport.

"It has been a difficult year both on and off the field for the club with a number of unbudgeted costs contributing to our financial result," Essendon chief executive Ray Gunston said.

"The overall profit of $2.148 million is slightly misleading as the result includes funds received this year for the development of the new training facility at Melbourne Airport."

In September the Bombers announced they were in long-term debt for the first time, after they borrowed $5 million to complete building works at the Tullamarine centre.

"With the investment of $20.5 million in the new training and administration facility this year, the club has exhausted its cash reserves and has therefore drawn down $5 million of its $7 million debt facilities," Gunston said.

"Although the club had planned for this, it is important that the club works hard to reduce this debt over the coming years.

"Importantly, from a financial perspective, the club remains in a sound position to pay down this debt quickly, aiming to be debt free by 2015/2016."

[adamj1300]

The bombers having what can only be described as a annus horribilis for 2014 have announced a 3.2 mil loss - although the forecast shouldn't be too dire with 2 mil in fines over ASADA allegations, with new training facilities and a fresh start they should bounce back in 2014!

ASADA costs hit Bombers' bottom line
Callum Twomey
November 26, 2013 9:27 AM


Essendon CEO Ray Gunston
THE FINANCIAL fallout from Essendon's ASADA saga has been revealed, with the Bombers recording a $3.2 million trading loss.

It included the AFL's $2 million fine from the AFL and the legal costs involved with the season-long ASADA investigation.

Essendon announced its financial results on Tuesday, with the club reporting an overall profit of $2.148 million for the financial year.

That included $5.3 million of funds received for the new high performance training facility at Melbourne Airport.

"It has been a difficult year both on and off the field for the club with a number of unbudgeted costs contributing to our financial result," Essendon chief executive Ray Gunston said.

"The overall profit of $2.148 million is slightly misleading as the result includes funds received this year for the development of the new training facility at Melbourne Airport."

In September the Bombers announced they were in long-term debt for the first time, after they borrowed $5 million to complete building works at the Tullamarine centre.

"With the investment of $20.5 million in the new training and administration facility this year, the club has exhausted its cash reserves and has therefore drawn down $5 million of its $7 million debt facilities," Gunston said.

"Although the club had planned for this, it is important that the club works hard to reduce this debt over the coming years.

"Importantly, from a financial perspective, the club remains in a sound position to pay down this debt quickly, aiming to be debt free by 2015/2016."

not a real big concern, for the club, next to Collingwood as the big clubs go, but with the most net assets of all the clubs, & a healthy turn over.
they spent nearly a million in legal fees, & a 2 million dollar fine from the AFL would cripple most clubs & just opened their new 30 odd million dollar High performance canter, so nothing to be concerned about financially, with the ability to pay the debt off rather quickly

[NRLCrap1]

I wonder what will happen to Cronulla when they cop it? :D

[adamj1300]

I wonder what will happen to Cronulla when they cop it? :D

lol,
well it took Cronulla all year to find a major sponsor as well. watch them, take off & want nothing to do with the old sharks