RICHMOND haseradicated its debt one year ahead of schedule after recording a net surplus of$3.317 million for the financial year ended October 31, 2013.
In the firstachievement of the club's bold '3-0-75'- vision, the Tigers have no debt 12months ahead of the 2014 target that had been set in early 2010.
The financialresult announced on Tuesday was the club's second consecutive profit in excessof $3 million, with the Tigers' net asset position improved from $19.07 millionto $22.38 million.
In an ambitiousplan released in 2010, Richmond set itself to play finals three times, eraseall debt and build a membership of 75,000 within five years.
It cant'mathematically reach its finals target, but after becoming just the third clubin VFL/AFL history to reach 60,000 members, Richmond is driving to reach 75,000in 2014.
The Tigers'five-year vision was drafted by CEO Brendon Gale after he took over in 2009when the club carried about $4.5 million debt and had a membership of 37,000.
The biggestwinner of the club's financial success has been the football department, with$2 million spent resurfacing Punt Road Oval and a further $1.59 milliondirected to football programs.
"The boardmade a conscious decision that developing the club’s financial muscle was apriority if we are to deliver on-field success, and we are working to build abusiness that is at the forefront of professional sport," president PeggyO'Neal said.
"We want todeliver our stakeholders a unified, sustainable and trusted club, and the boardbelieves that season 2013 was another significant step forward.
"This is avery pleasing result and one we have been able to deliver while makingsignificant investments in our football program and our facilities at the MEBank Centre."
In other Richmondnews, development coach Andrew McQualter will continue his playing career as amember of the club's standalone VFL team in 2014.
The 27-year-old,who played in three Grand Finals for St Kilda during an 94-game career, hasbeen at the club for two weeks since being appointed under an expandeddevelopment program.
"Iwas keen to keep playing and Richmond have been able to accommodate me withthat, so it’s great," he told richmondfc.com.au.
"TimClarke (Richmond’s VFL coach) gave me a phone call about playing in the VFL side,and from there, I expressed my interest in a full-time role.
"Ihad an interview and, about three days later, I was offered the job."
