North Adelaide posts $80,000 loss for 2018 on the back of long-awaited SANFL premiership

North Adelaide is in the red despite breaking a 27-year SANFL premiership drought in September. The club posted an $80,000 loss for 2018.

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North Adelaide is in the red – despite breaking a 27-year SANFL premiership drought in September.

The club posted a loss for 2018, recording a deficit of $80,754 in its annual report, released last month.

This follows six consecutive years of profits, including $122,453 in 2017.

Chief executive Greg Edwards insisted the Roosters were in good shape but one-off captial expenses and licensed venue difficulties affected the bottom line.

Edwards said North’s Main North Rd venue, Northern Tavern at Regency Plaza, struggled after the shopping centre’s main tenants, Woolworths, left and a large area of the site was demolished and redeveloped.

North Adelaide chief executive Greg Edwards says the club is still tracking well, despite the financial result. Picture: David Cronin

“It’s pretty well known that the Northern Tavern has been under redevelopment and we’ve had six to 12 months of pain with it,” Edwards said.

“The Grand North was also below budget but mainly due to government gaming regulations brought in during the year.

“From a footy club point of view we had a really good year, though.

“Winning the grand final obviously always helps, but even before that we were up in members and attendances from the year before. So the footy club is actually tracking really well.

“Thank God, we went through to the grand final because that probably covered up a few holes for us.

“We’re working through the pain towards the light at the end of the tunnel.”

The Roosters stormed to a stunning grand final victory over Norwood on the back of a the “19th man” saga in the preliminary final against Woodville-West Torrens.

Edwards said the club’s finances had also been affected by a range of “one-off capital expenses” in 2018, totalling about $300,000.

It included new solar panels, signage, audio system and a picket fence around Prospect Oval.

The club’s debt reduction program has continued to plan, reducing by $139,198 to leave the Roosters $1.67m in arrears.

The Roosters celebrate winning the 2018 SANFL grand final. Picture: Sarah Reed

Edwards said the Roosters, like all SANFL clubs, faced challenges to find new revenue streams given the downturn from a traditional income source, gaming.

“Our club is no different to any other when it comes to needing to find new ways to bring in revenue,” he said.

“There’s ideas and investments we’ve been looking into and discussing but nothing concrete as of yet.

“It’s worth noting that while we made a loss, we still had a cash profit of about $500,000, so cash-wise we are reasonably healthy.”

North’s annual general meeting was held on Tuesday, February 12.

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