THE MELBOURNE Football Club is pleased to announce its second successive profit with a 'normalised' operating profit of $724,458 for the year ended 31 October 2010. This follows last year’s operating profit of $20,051.
The statutory profit for this year was $3.525 million ($587,183 FY09). This result is driven by a number of non-recurring items during the year as detailed in the Annual Report. This includes the grant funding for the fit out of our new facilities at AAMI Park and Casey Fields and proceeds from the stadium returns deal between the AFL and the MCC which were paid during 2010 but relate to the 2009 season.
Club President Jim Stynes commented that “this year’s result is particularly pleasing in that we were able to achieve or exceed all of the financial targets we set ourselves for the year - continuing the trend of financial improvement in recent times”.
“This result includes further strategic investment in key areas of the business as we move from a period of consolidation to one of growth. This includes increased investment in the football department, community programs and revenue generating areas of the club”.
“One of the most significant achievements for the year was the demolition of our debt and we sincerely thank all of our members and supporters who have contributed over the last three campaigns to make our club debt free”.
“While we are very pleased with this year’s result, we are still at ‘base camp’ across many areas of our club, and the Board remains vigilant in ensuring the progress established over the last few years is maintained”.
The key factors driving the FY10 result were:
The statutory profit for this year was $3.525 million ($587,183 FY09). This result is driven by a number of non-recurring items during the year as detailed in the Annual Report. This includes the grant funding for the fit out of our new facilities at AAMI Park and Casey Fields and proceeds from the stadium returns deal between the AFL and the MCC which were paid during 2010 but relate to the 2009 season.
Club President Jim Stynes commented that “this year’s result is particularly pleasing in that we were able to achieve or exceed all of the financial targets we set ourselves for the year - continuing the trend of financial improvement in recent times”.
“This result includes further strategic investment in key areas of the business as we move from a period of consolidation to one of growth. This includes increased investment in the football department, community programs and revenue generating areas of the club”.
“One of the most significant achievements for the year was the demolition of our debt and we sincerely thank all of our members and supporters who have contributed over the last three campaigns to make our club debt free”.
“While we are very pleased with this year’s result, we are still at ‘base camp’ across many areas of our club, and the Board remains vigilant in ensuring the progress established over the last few years is maintained”.
The key factors driving the FY10 result were:
• breaking our membership record (again);
• Debt Demolition;
• the continued support of all of our sponsors, in particular Hankook and Kaspersky;
• ongoing MCC and AFL support;
• improved match day returns following the renegotiation of the stadium deal;
• grants from the State Government and the AFL for the fit out of our new AAMI Park and Casey Fields facilities; and
• ongoing cost control across the business.
Jim would like to acknowledge the collective work of the Board, management, coaches and players in delivering this result, but would, in particular, like to thank the loyal members for their ongoing contribution. “As we seek to grow the Melbourne Football Club and form a stable, financially sound business off the field and deliver a sustained period of success on the field, we thank all of our members for their support and encouragement. It is the members that have given the club the platform from which we can now grow and achieve - and we hope you all enjoy watching our progress over the coming years”.
Click here to download the Annual Report
Jim would like to acknowledge the collective work of the Board, management, coaches and players in delivering this result, but would, in particular, like to thank the loyal members for their ongoing contribution. “As we seek to grow the Melbourne Football Club and form a stable, financially sound business off the field and deliver a sustained period of success on the field, we thank all of our members for their support and encouragement. It is the members that have given the club the platform from which we can now grow and achieve - and we hope you all enjoy watching our progress over the coming years”.
Click here to download the Annual Report
