The result includes $5M in grants from the state and federal governments for the development of the Allan Scott Power Headquarters, received during the 2008 financial year.
Excluding the government grants and after paying an SANFL fee of $335,000, the club’s result is a loss of $1,421,811.
Port Adelaide Football Club president Greg Boulton said the club had been challenged financially in 2008 but could realistically look forward with optimism.
“Financially it was a difficult year, and there are a range of factors for that which we are very keen to explain to our members and supporters,” Boulton said.
“Quite simply, our current business model needs to change. While the level of corporate support and sponsorship we enjoy is excellent, especially from our joint major partners Vodafone and Bianco, we do rely heavily on it, along with memberships, and attendances at games. In fact, our business model relies too heavily on attendance at games, so we are currently working through this with the SANFL and the AFL.
“The immediacy of the response from the SANFL in collaboratively addressing the shortfall in our business model is appreciated.
“The significant drop in our average home ground attendances seriously hurt our result and was due to the scheduling of our home games, live telecasts against the gate, and poor on- field performance, which also severely impacted on merchandise sales.
“Membership revenue was also down from 2007, and our licensed club, The Port Club, made a significant loss.
“It was a difficult year no doubt, but the club can realistically head into 2009 with enthusiasm, purpose and high expectations.
“We have a good draw, with seven of our 11 home games in our supporters’ preferred timeslots including a Saturday night Showdown.
“Our playing list is young but raring to go after a disappointing 2008 and with a new fitness program, leadership program, and all that was learnt last year, we know it will be a good year on the field.
“Our new membership campaign has started very well. We have committed to reinforcing our identity through our Live the Creed message and will improve communication with our supporters.
“We are working closely with the SANFL to improve our match day experience at AAMI Stadium for our supporters next season, which should see more fans coming through the gates in 2009.
“Financially we are facing some challenges so it is now more than ever that we need our supporters to step up and commit to the Port Adelaide Football Club by becoming members and attending our games. We will be doing all we can to reward that commitment.”
The club’s financial result follows a consolidated profit of $602,626 last year, after paying an SANFL fee of $325,000.
The consolidated result includes the performance of Port Adelaide Football Club Ltd and the Port Adelaide Football and Community Club Inc (The Port Club).
The club will be holding its Annual General Meeting on Monday, 15 December, starting at 7pm.
