Richmond posts financial loss after drop in crowds in 2016

POOR on-field performances and a drop in crowds have hit Richmond in the hip pocket, with the Tigers reporting a financial loss for the first time in 12 years.

Jack Riewoldt after a loss.

POOR on-field performance and a resulting drop in crowds has hit Richmond in the hip pocket, with the Tigers reporting a financial loss for 2016.

After 11 straight years in the black and a $459,000 profit last year, Richmond will post a loss of $80,257.

Richmond had more than 72,000 paid-up members in 2016, a club record and the third-highest tally in the competition behind Hawthorn and Collingwood.

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But the Tigers averaged 6800 fewer fans at each game as they limped to an 8-14 win-loss record.

President Peggy O’Neal said the drop in attendances of 15 per cent had a significant impact on the bottom line, along with bad debts related to two club sponsors.

“It has been a challenging year for our football club, but we remain debt-free, have cash reserves of more than $2 million and a strong net asset position of $24.1 million,” O’Neal said.

“I can guarantee members that our hard-earned financial stability will never be taken for granted.”

Jack Riewoldt after one of Richmond’s 14 losses this year.

The news comes as former captain Tony Free hands in his resignation from the Richmond board.

Free spent more than eight years as a director but has quit to focus on increasing commitments away from football.

O’Neal said a recommendation would be made to the board to fill a casual vacancy in the new year.

That will be after the club’s December 14 annual general meeting, where the results will be announced of votes for two board positions. Directors Kerry Ryan and Emmett Dunne are up for re-election and businessmen Peter Casey and Simon Wallace have signalled their intention to run.

Casey told the Herald Sun last week the club had lost its way by placing corporate success over off-field wins, and put coach Damien Hardwick on notice.