The result has been driven by record performance levels in every major revenue stream of the football club including membership, sponsorship, merchandise and events.
The Club has chosen to record the write down of $5,765,745.00 in this year’s figures which is to allow for the anticipated loss due to the sale of the Beach Hotel and the Diamond Creek Tavern and the associated cost of sale which will occur in 2009.
As a result of the impairment taken into this year the Club will announce a loss of $3,278,859.00.
Collingwood CEO, Gary Pert, said “The fact that every major revenue stream of the football club showed such substantial revenue growth is an indication of how healthy the Club is as a business. During the current economic climate the Club made the strategic decision to sell the two loss generating hotels in an effort to be completely debt free post sale.
“It is important that the Collingwood supporters understand that the loss from the venues will have zero strategic impact on the Club and has already been absorbed by existing cash reserves. The result will not affect the Club’s redevelopment plans for the Lexus Centre and its aggressive investment in the football department.”
Click HERE to download the report (2mb pdf)
Please note:
2008 Annual General Meeting of the Collingwood Football Club
Wednesday, December 17
Olympic Room
Melbourne Cricket Ground
6.30pm
