Essendon Football Club has announced the club had recorded an operating profit of $150,124 for the 1999 season.

McMahon said the club should be pleased with the final result given it was hit with salary cap and taxation fines in excess of $420,000.

In announcing the profit, club chairman Graeme McMahon said the club also had cash reserves of $3.56 million.

“We are fortunate to have developed our financial strength to the point where we were able to absorb the fines we incurred for salary cap breaches in and prior to 1996,” McMahon said.

“It is however tragic that the club has in total wasted in excess of $820,000 as a result of the breaches which occurred under previous administrations.”

“The matter is now behind us although our club will continue to suffer on the field as a result of the draft penalties that were also incurred.

“The club has now recorded three successive years of profit and both of its social clubs at Windy Hill and Melton are also now trading profitably.

“The consolidation of the club both on and off the field is now largely achieved. However, there is still more to do in the coming year with a successful transition to Colonial Stadium a priority.”

McMahon added that at the end of the 2000 season, its first at Colonial Stadium, the club and its members will be confident of its continued participation as a major player in the AFL.