Richmond Football Club is pleased to announce its operating results for 2008.
The Club has recorded a net profit of $8.01 million, which includes significant revenue received from the Federal and Victorian State Governments for the redevelopment of Punt Road Oval and the creation of the Australian Institute for Indigenous Learning and Development.
When the figures are adjusted for these grants and other one-off items, the profit from football operations is $395,000.
This is the fourth year in-a-row the Club has recorded a profit. Over the past four years, those profits have netted the Club more than $10 million.
The 2008 year also saw a record membership for the club with total memberships (both ticketed and non ticketed) in excess of 39,000 – an increase of 4% on 2007.
“The Club would like to thank both Governments, and our members, sponsors, donors and coterie groups for their unstinting support and loyalty. Without them, our financial position could not continue to improve as it has,” said
“While the Club now has net assets of $8.9 million and is in a solid financial position in terms of its asset base, given the current global economic environment, the Board has taken a very conservative approach with its planning for 2009.
“Notwithstanding that, the Board expects the Club to make a further profit next year.
“Difficult challenges remain for the Club, particularly in the areas of sponsorship and corporate income for 2009, but we are currently proactively pursuing all options.”
The consecutive profits recorded by the Club have also coincided with a $3 million expenditure increase in the football area over the past three seasons, including an additional $1.4 million in 2008.
