AFTER declaring a $5.23 million operating profit, Collingwood CEO Gary Pert says clubs that want more revenue shared among clubs need to show they can spend it wisely.    

Revenue sharing already takes place with the support of all clubs, including Collingwood, but Pert said the question of how much revenue needed to be shared remained open.

He said more discussion was needed to fully understand the negatives and positives that will flow from proposed equalisation measures.

Lions announce another seven-figure loss after tough year

"Revenue sharing is already happening ... does there need to be more?" Pert asked.

"Collingwood very much supports having that debate and that discussion about equalisation, even though quite clearly there are pros and cons.

"A key part of that revenue sharing is that the clubs, with the support of the AFL, very quickly need to get themselves to industry-best practice to ensure the money is being [used efficiently]."

The equalisation debate is sure to hot up this financial year, with the collective bargaining agreement under review. The topic was a subject of discussion at the CEOs' meeting on the Gold Coast last week.

The AFL is concerned about inflationary trends but the notion of reining in spending has concerned some clubs, which argue well-managed and powerful clubs drive the innovation that keeps AFL at the forefront of Australian sport.

Collingwood's financial result was a decline on last year's profit of $7.8 million but it still makes the Magpies the most profitable Victorian club and cements their position as one of the competition's heavyweights.

The club's annual turnover of just under $74 million was built on the back of a record membership of 80,304 (increasing from 73,605 in 2012).

The club also received $11.1 million in funding ($10m Federal Government and $1.15m grant from Melbourne and Olympic Parks Trust) to underpin a $25 million community centre at the club's Westpac training ground, lifting its overall profit result to $16.37 million.

The community centre will require extra funding of up to $15 million over the next three years as it is developed, with the Magpies planning to use future profits to finance its development.

Pert declared it a strong result, saying the profit was built on the back of hard work and good decision-making in recent times. He said members underpinned the result.

"As per our promise to supporters, the profits will continue to be invested into the club's two key stakeholders, being the playing group and the fans," Pert said.

"This year we invested an extra $600,000 into our membership services and an extra $1.3 million into our football department."

Collingwood spent $22.46 million in its football department in 2013 – an increase of slightly more than five per cent – and is one of the leading spenders in this area.

Although many believe the connection between on-field success and football department spend has been established, Collingwood finished eighth in 2013 and has had to move on several stars this season in an effort to regenerate talent on its playing list.

Collingwood president Eddie McGuire said that the club's strong financial position allowed the Magpies to create a training and administrative complex that can hold its own against the world's best sports clubs.

"We know that to provide our players, coaches and staff with the best facilities and opportunities to succeed in an increasingly difficult environment, we need to remain financially healthy and dependent," McGuire said.

Collingwood has played finals every season since 2007 and dramatically increased its membership in recent seasons.

The club's annual general meeting will be held at the MCG on February 11, 2014.