GWS midgets lose 3.7 Million in 2014
Posted: Tue Feb 24, 2015 5:42 pm
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fucking ell
after the VFL gave them an extra 3.25 million last year
they still lost 530K
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http://www.smh.com.au/AFL/greater-weste ... 3mn5e.html
The AFL's expansion into Sydney's rugby league and soccer heartland has hit a financial bump, with the league forced to tip in an extra $3.25 million into the Greater Western Sydney Giants last year.
Documents obtained from the Australian Securities and Investments Commission show the Giants slid to an operating loss of $529,315 in 2014 despite the AFL pouring in $20.16 million in grants for the year.
More alarmingly for the AFL was the revelation that the Giants suffered a large fall in marketing and sponsorship income as well as a drop in membership and merchandise revenue in a year when they increased their number of wins from one to six.
Giants' chief executive David Matthews said there had been mitigating circumstances, including sponsor Skoda having a heavily back-ended contract in 2013.
He said membership had risen but the lodged figures also took into account attendances. He also said the balance sheet was "strong".
"We are under no illusion that the connection between membership and ticketing sales correlates heavily with on-field success," Matthews said on Monday.
"That's a current weakness we have got. It's a weakness in two respects that we are trying to address. One is that we are start up club in a very, very competitive market and one where we are trying to promote the AFL as an entertainment. You add to that modest on-field success ... it just shows how important our on-field trajectory is going to be to the financial trajectory."
The grant figure was an increase of $2 million from 2013, when the AFL provided $18.16 million to the Giants, who then recorded a small operating profit of $30,836.
The Giants' 2014 financials also revealed the AFL provided the club with a $1.25 million interest-free loan for their training base, payable within four years. The Giants had not made any payments on the loan by the time the accounts were ruled off on October 31, 2014.
Marketing and sponsorship in 2014 fell almost $1.4 million to $7.8 million, while membership and merchandise was down more than $300,000 to $1.14 million.
Total revenue for the western Sydney team reached $32.4 million, up from just under $32 million in 2013. Football expenses were up slightly from $20.1 million in 2013 to $20.8 million. Administration expenses increased almost $400,000 to $2.86 million, while venue expenses were up more than $200,000 to $1.61 million.
wow
wot a fucking disaster
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