Essendon Football Club has recorded a net loss of $1,336,354 for the 2015 financial year.
CEO, Xavier Campbell, said despite the loss, the Club was in a strong financial position.
“Our financial loss this year is the result of a number of unforeseen costs to the business,” Campbell said.
“The loss includes a combination of abnormal costs associated with the ASADA/WADA issue and the impact of a disappointing season on the field.”
“Pleasingly, despite the unique circumstances we have faced this year, we remain in a strong financial position.”
Campbell said the Club’s cash flow, return from its venues, and record membership made for a positive outlook in 2016.
“Importantly, we have a healthy cash profit through operations of nearly two million dollars,” Campbell said
“Our members again played a really important part, and to reach a record 60,819 members in 2015 is a testament to the loyalty and passion of the Essendon family.
“The ongoing support of our members enables the Club to invest directly back into the football team and our community programs, and on behalf of everyone at the Essendon Football Club, I would like to thank our members for donning the sash in 2015.”
“We continue to generate strong cash flows, almost two million dollars in earnings in 2015, and our investments including Windy Hill Venue, Melton Country Club and Windy Hill Fitness Centre all generated close to half a million dollars in increased revenue.
“The ongoing support of our members, commercial partners, stakeholders and an improved on-field performance in 2016 provides us with great optimism we can return to surplus in 2016.”
Key Points of 2015 Financial Result
Net Assets: $37,278,974
Total Revenue: $58,202,992
Earnings before depreciation and amortisation (cash profit): $1,958,537
Membership Tally: 60,819 (New Club record)
