Glenelg Football Club makes $14,000 profit for 2016, rebounding from four years of losses
GLENELG Football Club made a slim $14,000 profit last year – a big rebound from 2015’s $209,000 loss but a long way from being able to make a dent in the club’s $3 million debt.
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GLENELG Football Club made a slim $14,000 profit last year – a big rebound from 2015’s $209,000 loss but a long way from being able to make a dent in the club’s $3 million debt.
The club’s annual report, released last week, says the Tigers need to spend more money they don’t have to improve the Glenelg Club function centre to make the club more profitable.
The Glenelg Club function centre, bistro and pokies venue made a $533,899 profit in 2016, but the football operations lost $173,144.
Once depreciation and loan interest were taken into account, the club as a whole made $14,278, compared with a $209,000 loss in 2015.
It is the first time the club has made a profit since 2011.
Glenelg’s debt has gone from $3.4 million to $3 million thanks to a $320,000 SANFL payment from the sale of AAMI Stadium, and $70,000 from its Save the Tigers fundraising campaign.
President Nick Chigwidden said the improvement in the club’s financial position had come through increased bistro and bar revenue and “tightening our belt” in areas such as wages and marketing.
“It’s been a fantastic turnaround to make a profit, but it’s still hard to eat away those debt levels when you’re making a $14,000 profit,” Mr Chigwidden said.
“It’s not the operating of the business – we can certainly make that profitable – it’s the ability to pay off the big loans.”
The club owes $1 million to ANZ and $2 million to Holdfast Bay Council.
The council money went towards building the Glenelg Club function centre in 2002, which Mr Chigwidden says now needs another $150,000 of renovations to remain competitive with other venues.
“It does need some refurbishment in the sense it’s getting tired – the carpet and paint,” he said.
Negotiations with the council about relieving some of the debt have gone on for more than a year without result.
Tigers membership was up 300 to 2977 last year, however average home-match attendance fell by 433 to 2772.
The club is hopeful better on-field success this year will lead to better financial results.
Mr Chigwidden said Glenelg fans were known to come out to matches more often when the team was successful.
“It’ll make a big difference if we can win games of footy,” Mr Chigwidden said.
“Hopefully that brings crowds with it as well.”
Justin Scripps and Brian Veale were elected board members at the club’s annual general meeting, held last night.