Craig Hutchison responds to bombshell reports over SEN’s finances

Sports media bigwig Craig Hutchison has hit back after revelations his company had fallen into a deep financial hole.

Hutchy says the company is on the up. (Photo by Paul Kane/Getty Images)

Sports media bigwig Craig Hutchison has hit back after revelations his company had fallen into a deep financial hole.

In a bombshell report from the Herald Sun, Hutchison’s Sports Entertainment Network reportedly posted a $9.2m loss last financial year.

The loss comes as financial documents filed with the Australian Securities and Investments Commission state that the Commonwealth Bank, with whom SEN have taken out a $28.7m line of credit, is entitled to recover “immediate settlement” of the loan.

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The reports state that the company’s earnings before interest, taxes, depreciation and amortisation from its operations was $4.7m, making the financial year loss approximately double the gross earnings.

Sports Entertainment Group’s preliminary final report states that the company has just over $1 million available in the line of credit, but had to ask for “covenant relief” from the bank in the June quarter.

Hutchison however defended his company’s financial position while stating they’ve “never been in better nick”.

“We are an incredibly strong business, we’ve never been in better nick,’’ Hutchison said on his Off The Bench program on Saturday morning.

“Our year just gone, we made $4.8m EBITDA (earnings before interest, tax, depreciation and amortisation) there’s some accounting losses and some adjustments that get made in evaluation … we would have liked to have done better.

“Our finance position is no different than what it was 3-4 years ago. Health of the business has never been stronger. In fact we turned over a tick under $128m.”

Hutchy responded to the reports. Picture: Jay Town

Hutchison added it was on him to ensure the job is done better and the company will only go from strength to strength now.

“It’s just a tax on living in this town at times unfortunately,’’ he said.

“I saw (the story) drop on my phone and I was in LA and I had about a 15-hour ride, I thought my phone is going to go off like a pinball machine here.

“It was a good insight into what would happen if you were still alive to see your own funeral (with) condolences texts.

“We are in an incredibly strong spot and have never had more momentum than we do now.

“It’s my job to do a better job so I will.”

SEN has made a number of significant investments since being taken over by Sports Entertainment Group.

The company expanded into New Zealand under the SENZ brand, and purchased the New Zealand National Basketball League team the Otago Nuggets in November 2021 – the SENZ division was the primary contributor to the loss, ending the financial year $5.5m in the red.

Hutchy says the company is on the up. (Photo by Paul Kane/Getty Images)

The company formerly held a 20 per cent stake in Victorian NBL franchise Melbourne United, which was sold off to finance the purchase of the Perth Wildcats.

Hutchison also bought out Brisbane’s 4KQ radio network to rebrand as SENQ, bringing on names such as former Australian Test cricketers Ian Healy and Matthew Hayden as part of the operation.

Notably, after the collapse of the Collingwood Super Netball franchise, SEN was responsible for buying up the vacant eighth licence, based in Melbourne’s southeast and operated by Netball Australia in 2023 before transferring to SEN control in 2024.

Notably, after the collapse of the Collingwood Super Netball franchise, SEN was responsible for buying up the vacant eighth licence, based in Melbourne’s southeast and operated by Netball Australia in 2023 before transferring to SEN control in 2024.

He is one of the biggest personalities in Australian football media, and currently presents Nine’s Footy Classified on Monday nights, having worked as a journalist since 1994.

He started media content provider and public relations company Crocmedia in 2006 alongside fellow journalist James Swanwick before rebranding the company as Sports Entertainment Network in 2020.