by goddy11 » Wed Feb 13, 2019 6:50 pm
North Adelaide is in the red – despite breaking a 27-year SANFL premiership drought in September.
The club posted a loss for 2018, recording a deficit of $80,754 in its annual report, released last month.
This follows six consecutive years of profits, including $122,453 in 2017.
Chief executive Greg Edwards insisted the Roosters were in good shape but one-off captial expenses and licensed venue difficulties affected the bottom line.
Edwards said North’s Main North Rd venue, Northern Tavern at Regency Plaza, struggled after the shopping centre’s main tenants, Woolworths, left and a large area of the site was demolished and redeveloped.
“It’s pretty well known that the Northern Tavern has been under redevelopment and we’ve had six to 12 months of pain with it,” Edwards said.
“The Grand North was also below budget but mainly due to government gaming regulations brought in during the year.
“From a footy club point of view we had a really good year, though.
“Winning the grand final obviously always helps, but even before that we were up in members and attendances from the year before. So the footy club is actually tracking really well.
“Thank God, we went through to the grand final because that probably covered up a few holes for us.
“We’re working through the pain towards the light at the end of the tunnel.”
The Roosters stormed to a stunning grand final victory over Norwood on the back of a the “19th man” saga in the preliminary final against Woodville-West Torrens.
Edwards said the club’s finances had also been affected by a range of “one-off capital expenses” in 2018, totalling about $300,000.
It included new solar panels, signage, audio system and a picket fence around Prospect Oval.
The club’s debt reduction program has continued to plan, reducing by $139,198 to leave the Roosters $1.67m in arrears.
