“Total assets are $22 million and our net asset position remains strong at $18.6 million. So we are in a sound position,” Essendon managing director Peter Jackson said.
“Our year-end cash position is sound at over $2.5 million, including financial assets.”
Essendon’s result includes a community contribution in excess of $200,000 to its affiliated sporting clubs and $300,000 on the upkeep of the associated community sporting club facilities.
Mr Jackson said the final profit result was affected by the drop in business and consumer confidence during January-June and the write-down in the value of club investments from the share market – a loss that remains unrealised at this stage.
Our record membership of 41,947 in 2008 was an exceptional result and I thank each and every one of those members – they are a key to this club’s stability. Their on-going support will be of vital importance in 2009,” he said.
“The rebuilding of the football department has continued with the appointment of Paul Hamilton as football operations manager, Stuart Cormack as high performance coach and Alan Richardson, as an assistant coach. Significantly, we have also increased resources in recruiting and also in our off-field player development,” Jackson said.
“The rebuilding of the football department has continued with the appointment of Paul Hamilton as football operations manager, Stuart Cormack as high performance coach and Alan Richardson, as an assistant coach. Significantly, we have also increased resources in recruiting and also in our off-field player development,” Jackson said.
“We have built a new football department to take this club to its next era of sustained success and these changes were recommended as part of our Football 2010 strategy. Season 2008 was the second year of that strategy and most of its recommendations have now been implemented.”
Mr Jackson said Essendon has undergone a period of significant change in the past 18 months – arguably greater that at any other time in its history.
“I believe this change will ultimately make the club stronger and have it better positioned to cope with the increasingly competitive industry that is AFL football,” he said.
“Our core business is winning Premierships and ultimately change has been implemented to give us the best chance of doing that.”
Looking to 2009, he said it was significant that the club has the support of Samsung as major partner and adidas as club apparel partner.
