Crows to announce 1.6 mil loss for 2012
Posted: Thu Dec 12, 2013 5:30 pm
Although a loss is never good news it appears that the 1.6 mil loss for 2013 is associated with the Adelaide oval move in 2014. Expect a significant improvement in 2014!
Adelaide Crows to unveil a loss of $1.6 million, the club's biggest in its 23-year history
JESPER FJELDSTAD
THE ADVERTISER
DECEMBER 12, 2013 8:17AM
82 COMMENTS
Adelaide Crows chairman Rob Chapman, left, with chief executive Steven Trigg. Chapman says the club is in a "sound financial position". Source: News Limited
THE Adelaide Crows will unveil a financial loss of $1.6 million tonight - its biggest since the club joined the AFL in 1991.
The result is a significant downturn after the Crows managed to stay just above the red line with a $122,434 net profit last year.
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It is only the second loss since the club joined the competition - the first was an $882,130 deficit reported in 2010.
The loss has been put down a big hit in depreciation costs, the creation of two senior management roles and costs associated with the shift to Adelaide Oval.
What do you think? Have your say and comment below now
But the Crows' management was comfortable with the figures ahead of Thursday night's annual general meeting, and described this as a transition year for the club.
Adelaide had braced itself for the loss as its tenure at Football Park was coming to an end, and the blow has been lessened by projections of an uplift of close to $4 million at Adelaide Oval next year.
The explanation for the loss will be that the club sought to lump all of its expenses into this year and heavily invest for the club's first year at Adelaide Oval.
"The club's in a sound financial position,'' chairman Rob Chapman told The Advertiser.
"We've invested this year to make sure that we have the most seamless transition to Adelaide Oval so that we can realise our maximum potential from 2014 and beyond.''
Port Adelaide will not report its financial result for 2013 until January, leading up to its annual general meeting in February.
SUMMER WATCH: RORY SLOANE
Adelaide's loss come as the senior figures in football have indicated they want more uniform reporting for clubs, with some choosing to inform members and shareholders of their cash profit/loss rather than the traditional profit/loss approach.
From next year, the AFL has also informed that there will be more transparency when it comes to how clubs use the funds they receive from the equalisation fund, which continues to be a divisive issue when the 18 clubs sit down to discuss to future of the game.
Adelaide Crows to unveil a loss of $1.6 million, the club's biggest in its 23-year history
JESPER FJELDSTAD
THE ADVERTISER
DECEMBER 12, 2013 8:17AM
82 COMMENTS
Adelaide Crows chairman Rob Chapman, left, with chief executive Steven Trigg. Chapman says the club is in a "sound financial position". Source: News Limited
THE Adelaide Crows will unveil a financial loss of $1.6 million tonight - its biggest since the club joined the AFL in 1991.
The result is a significant downturn after the Crows managed to stay just above the red line with a $122,434 net profit last year.
MORE: TEX WALKER DUE BACK IN ROUND SEVEN
It is only the second loss since the club joined the competition - the first was an $882,130 deficit reported in 2010.
The loss has been put down a big hit in depreciation costs, the creation of two senior management roles and costs associated with the shift to Adelaide Oval.
What do you think? Have your say and comment below now
But the Crows' management was comfortable with the figures ahead of Thursday night's annual general meeting, and described this as a transition year for the club.
Adelaide had braced itself for the loss as its tenure at Football Park was coming to an end, and the blow has been lessened by projections of an uplift of close to $4 million at Adelaide Oval next year.
The explanation for the loss will be that the club sought to lump all of its expenses into this year and heavily invest for the club's first year at Adelaide Oval.
"The club's in a sound financial position,'' chairman Rob Chapman told The Advertiser.
"We've invested this year to make sure that we have the most seamless transition to Adelaide Oval so that we can realise our maximum potential from 2014 and beyond.''
Port Adelaide will not report its financial result for 2013 until January, leading up to its annual general meeting in February.
SUMMER WATCH: RORY SLOANE
Adelaide's loss come as the senior figures in football have indicated they want more uniform reporting for clubs, with some choosing to inform members and shareholders of their cash profit/loss rather than the traditional profit/loss approach.
From next year, the AFL has also informed that there will be more transparency when it comes to how clubs use the funds they receive from the equalisation fund, which continues to be a divisive issue when the 18 clubs sit down to discuss to future of the game.
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