Essendon chief executive Ray Gunston said despite the club experiencing a difficult year it was in a stable financial position. Picture: Wayne Ludbey Source: Wayne Ludbey / News Corp Australia
THE ASADA scandal has hit Essendon's hip pocket hard with the club recording a $3.2 million trading loss.
This includes the Bombers record $2 million fine from the AFL and associated legal costs involved in the ASADA investigation which is still ongoing.
Despite this heavy loss the club still technically finished in the black on its profit and loss statement thanks to donations received to help fund its new Melbourne Airport facility.
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The overall profit came in at $2.148 million which included $5.3 million of funds received for the state-of-the-art training facility which officially opened last week.
Essendon chief executive Ray Gunston said despite the club experiencing a difficult year it was in a stable financial position.
``It has been a difficult year both on and off the field for the club with a number of unbudgeted costs contributing to our financial result," Gunston said.
``The overall profit of $2.148 million is slightly misleading as the result includes funds received this year for the development of the new training facility at Melbourne Airport.
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``However, a number of positive factors also contributed to this result including the strengthening of commercial partnerships, membership growth and improved return on investments."
The Bombers have a staggered payment plan with the AFL for the fines but have elected to include it in this year's balance sheet.
They are hoping to grow their membership from 56,407 to 60,000 for next season.
The move from Windy Hill to the $27 million development at Melbourne Airport has also drained the club's cash reserves and placed it into debt.
Gunston said the Bombers planned to have paid off the debt within two years.
"With the investment of $20.5 million in the new training and administration facility this year, the club has exhausted its cash reserves and has therefore drawn down $5 million of its $7 million debt facilities," he said.
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``Although the club had planned for this, it is important that the club works hard to reduce this debt over the coming years."
The Bombers total revenue for the financial year was $63.7 million while its net assets exceeded $37.7 million.
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