Port Adelaide chief executive Keith Thomas. Picture: Jo-anna Robinson. Source: adelaidenow
A $1.2 MILLION emergency payment from the AFL to Port Adelaide to meet short-term financial obligations has brought the estimated trading loss of the club up to $6.3 million before grants.
The revelation comes after the SA Football Commission and league directors met on Wednesday and were informed of the state of affairs, as they deal with planning for the future with Port's licence expected to be taken over by the AFL for next season.
Port Adelaide met with The Advertiser yesterday and produced its own consolidated overview for the year, which landed at an operating loss of $6.2 million.
Chief executive Keith Thomas said the Power had been congratulated by AFL chief financial officer Ian Anderson for it's open and honest account of its details and was furious at the suggestion the club hadn't reported its result fairly.
"It's a cynical and negative approach (to suggest otherwise) for a club that wants to correct its public perception," Thomas said.
"It's been endorsed by the AFL."
The Advertiser understands the $4.1 million trading deficit the club initially reported did not include the AFL grant of $1 million for the transition to Adelaide Oval, which went with the SANFL's investment of $2 million per year in 2011, 2012 and 2013.
Then there is the previously unreported $1.2 million payment which is understood to have come from the AFL as the club was struggling to pay its bills. It is understood the matter was urgent.
The club yesterday said that type of transaction was part of regular business.
Port Adelaide said the goal posts had changed when asked about the missing $1 million - for the move to Adelaide Oval - from its key points on the 2012 results, with chief executive Keith Thomas saying it had been "rolled in together" with the rest of the grants.
They (Collingwood) were really struggling, moved from Victoria Park with a vision, and look at them now
Because of the different reporting methods of the clubs, it has become increasingly difficult to compare financial results, with most clubs choosing not to include AFL equalisation grants because they feel they are entitled to them.
The "have-not" clubs such as Port Adelaide receive a bigger dividend than heavyweights such as Collingwood and Carlton because they don't have the same earning capacity - much of it because of scheduling of blockbuster games.
With Port, it becomes even murkier because of the $9 million rescue package devised by the SANFL and the AFL over three years has now been taken into account when the annual AFL dividends are carved up.
Advice from those scrutinising the financial results provided by Port said the true value of the Power's workings this year - a pre-grant result - was a loss of $6.3 million.
Port's dour financial situation underlines the gap between the rich and the poor in the league with Collingwood reporting a whopping profit of $ 4.6 million before grants.
But Thomas, who is mates with Magpies chief Gary Pert, can see similarities between the Magpies when the new administration took over under president Eddie McGuire and Port Adelaide today.
"I'm not jealous; I think it's inspiring," Thomas said of Collingwood's success.
"I think people forget ... they were really struggling, moved from Victoria Park with a vision, and look at them now.
"But the main thing we take from them is what they did: they embraced who they were, embraced their identity and their supporters.
"There's a lot to learn from that, being yourself instead of trying to be all things for all people."
Port Adelaide believes its shift from West Lakes to Adelaide Oval will cement their new beginning, which has already brought wholesale changes.
Anda sedang membaca artikel tentang
Power's trading loss is $6.3m
Dengan url
http://ganangandollar.blogspot.com/2012/12/powers-trading-loss-is-63m.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Power's trading loss is $6.3m
namun jangan lupa untuk meletakkan link
sebagai sumbernya
0 komentar:
Posting Komentar