by Wedgie » Sun Jan 28, 2007 11:15 am
Just to expand further on that:
The Port Adelaide Magpies Football Club Inc. Annual General Meeting was held on the 25/1/07, with the club announcing a consolidated result including the Prince of Wales Hotel for the first time. The club announced a consolidated net profit of $119,329 which was marginally below budget. The football club result was a loss of $4710, which compared very favourably with other SANFL clubs when revenue from licensed clubs is taken into accont. The football club achieved further growth in marketing revenue (8.5% to $870,000) and maintains the highest sponsorship levels of any football club outside the AFL. This will be crucial as the club aims to make ground in the financially powerful clubs of the SANFL.
With the purchase of the Prince of Wales Hotel 12 months ago, the club declared that debt reduction would be a major goal for at least the first 3 years and pleasingly the club was able to reduce the hotel debt by $333,014 in the first year which was in line with our projections. Long term, the Prince of Wales will be the club's financial lifeline, but in the short term, whilst debt repayment remains front of mind, the club's return from licensed activities falls well shosrt of those enjoyed by their SANFL financial super powers. The club needs to maintain this marketing advantage in its aim to minimize that gap.
Long serving board member and President/Chairman of the football club since 2004, David Basheer retired at the AGM. Basheer began his formal involvement with the Port Adelaide Football Club in 1986 as a member of its licensed club sub-committee, and has been on the board of the football club since 1996. In 2004, he was appointed President/Chairman of the football club and has led one of the most crucial periods in the history of the club, spearheading the eventual purchase of the Prince of Wales HOtel in 2005 and ultimately securing the long term future of the club in the SANFL. Basheer will maintain some formal involvement with the club, as a member of its Hotel Management Sub-Committee.
Basheer will be succeeded by Robert Cope, who was elected unopposed as the new President/Chairman at a meeting of the board following the AGM. Cope has been a member of the board since 1996 primarily in the role of Finance Director, and more recently as marketing director and Deputry Chairman.
Also at the Annual General Meeting Life Membership of the Port Adelaide Football Club was awarded to Nigel Fiegert, Julian Wait, Wayne Mahney, Michael Errey, Warren Rogers,Shrelee Siek, and Steven Rose.
