CHRIS SANDOW
Juniors
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Sydney Swans announce a loss
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SYDNEY has joined fellow AFL clubs Port Adelaide and Brisbane by announcing a loss of over $750,000 in the past year.
The Swans lost $797,520 for the year ending October 31 including a provision of $500,000 for Club Swans, a related entity.
Swans chairman Richard Colless said the expected result was related to a difficult economic environment in Sydney for sporting organisations.
Sponsorship, membership, attendances and merchandising sales were all down on the past financial period.
"We continue to review our business model,'' Colless said. "The major issues continue to be that too large an amount of revenue is linked to on-field performance, and too high a percentage of our costs are fixed.
"While we have consistently looked at a range of variations to the business model, including an investment into gaming and hospitality, the Board has no simple solution other than to contain costs.''
Colless said avoiding cuts to the club's football department would be an "absolute last resort''.
"The fact the Football Club carried no interest-bearing debt gave it an enhanced capacity to handle the anticipated further softening of economic conditions,'' Colless said.
"It is also worth noting that after adjusting for costs in our football department to take account of those costs specific to the Sydney market, our expenditure in football is very much in line with that of other AFL clubs.''
Source: http://www.news.com.au/dailytelegraph/story/0,22049,24790200-5001023,00.html
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SYDNEY has joined fellow AFL clubs Port Adelaide and Brisbane by announcing a loss of over $750,000 in the past year.
The Swans lost $797,520 for the year ending October 31 including a provision of $500,000 for Club Swans, a related entity.
Swans chairman Richard Colless said the expected result was related to a difficult economic environment in Sydney for sporting organisations.
Sponsorship, membership, attendances and merchandising sales were all down on the past financial period.
"We continue to review our business model,'' Colless said. "The major issues continue to be that too large an amount of revenue is linked to on-field performance, and too high a percentage of our costs are fixed.
"While we have consistently looked at a range of variations to the business model, including an investment into gaming and hospitality, the Board has no simple solution other than to contain costs.''
Colless said avoiding cuts to the club's football department would be an "absolute last resort''.
"The fact the Football Club carried no interest-bearing debt gave it an enhanced capacity to handle the anticipated further softening of economic conditions,'' Colless said.
"It is also worth noting that after adjusting for costs in our football department to take account of those costs specific to the Sydney market, our expenditure in football is very much in line with that of other AFL clubs.''
Source: http://www.news.com.au/dailytelegraph/story/0,22049,24790200-5001023,00.html
