Essendon moves closer to a full financial recovery from the disastrous supplements scandal

Essendon is eyeing a full financial recovery from the disastrous supplements scandal after recording another bumper profit this year. JAY CLARK looks at how the Bombers have turned things around and what the future holds.

Essendon is eyeing a full financial recovery from the disastrous supplements scandal after recording another bumper profit this year.

The Bombers on Thursday confirmed they had made a whopping cash profit of $5.7 million (before amortisation and depreciation) and a net operating profit of $2,321,871 despite missing finals in 2018.

The strong off-field performance led by chief executive Xavier Campbell allowed Essendon to wipe $3 million from its debt.

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Essendon remains $3.9 million in the red, and could also borrow more money in coming seasons to fund its Tullamarine headquarters redevelopment.

That is expected to include an Aboriginal and Torres Strait Islander sports Hall of Fame, training facilities for Paralympians including a 34-bed dormitory and space for its e-sports team.

The bottom line is a dramatic improvement on 2016 when the Bombers sunk to an $11.9 million debt in the wake of the devastating drugs crisis.

Essendon is chasing a top four spot in 2019. Picture: Michael Klein

But the club is in the midst of a full turnaround and is eyeing a top-four berth in 2019 after another successful trade period, snaring GWS Giants’ midfielder Dylan Shiel.

Champion Data has rated the Bombers’ list the fourth-best in the competition for 2019, although the club is eyeing another ruckman, believed to be former Docker Zac Clarke.

The club’s record membership of 79, 318 surged by almost 12,000 this year.

Campbell said the club was thrilled to record a second-straight profit.

“We have a very clear strategic plan in place. It’s a significant outcome and our cash profit of nearly $5.7million puts us in a strong position,” Campbell said.

“Our members and supporters continue to be at the forefront of our organisation. Our membership grew by just under 12,000 year-on-year, which reflects the incredible support we have from our loyal fan-base.

“This also contributed to a significant uplift in terms of net revenue which remains important for our football club’s growth.

“We have taken important steps to reduce our debt.

“While there will be some further borrowings associated with our facility expansion over the next two years, the position we have got to and our strong cash flows mean that we will be able to keep it at a manageable level.”

Dylan Shiel is a huge signing for the Bombers. Picture: AAP Images

Campbell said the club would continue to invest in its football department.

“Strategic investment across all areas of our business remain a priority through areas such as our men’s and women’s football programs, as well as next generation academies and our strategy investments division,” he said.

“They remain vitally important pillars for our long-term growth as an organisation.

“The upcoming season provides an exciting opportunity for our football club to continue its pursuit of on-field success, and the first step of our 2019 campaign will commence next week with our full playing list returning for pre-season.”