THE Sydney Swans have followed up a disappointing year on the field with an uninspiring performance off the field, yesterday unveiling a loss of $752,428 for the year to October.
Bracing for the entry of a second Sydney club to the AFL competition in 2012, the Swans’s bottom line was hit by a $370,000 provision relating to Club Swans, the entity that controls the Sydney Aussie Rules Social Club, a late-night pokies and drinking spot in Kings Cross.
The chief executive of Swans, Andrew Ireland, told BusinessDay last night that he hoped for a better result this year.
Rather than making life harder for the Swans, he said, the introduction of the Western Sydney team could increase interest in the sport and lift sponsorship and attendances.
The Swans made a profit in 2005, the year of their Premiership victory, and in 2006 and 2007 but have since recorded losses.
The Swans chairman, Richard Colless, said: ”The result, whilst again disappointing, was consistent with the previous year and reflects in part the continuing impact of the difficult economic environment, particularly on membership, match day attendances and corporate hospitality.”
Elsewhere, the rival AFL club Adelaide handed down a 2009 profit of about $98,000, compared with a $1.7 million profit the year before.
Hawthorn countered a disappointing year on the paddock by posting a profit of $2.7 million while Geelong capped a superlative season with an operating profit of $651,794 – its 10th consecutive year in the black. Carlton had forecast a profit of more than $1 million last year but will now record a more modest positive result of about $750,000.