TonyK
CibbuanoHawks profit with change
November 20th 2006 07:46
Hawthorn has recorded a tenth consecutive year-end profit at the end of the 2005-06 financial year, with the club turning over $26.3m and recording a profit of $308,632.
Hawthorn president Jeff Kennett said the year-end results were encouraging given the number of changes the club underwent in 2006.
“This is a strong financial result considering the significant one-off cost of relocating from Glenferrie to our new state-of-the art facility at Waverley Park,” Kennett said.
“This was a major achievement for the Club; and players and staff are now fully utitlising these world class amenities and technology.”
While membership declined slightly in 2005-06, the club had a better nett financial return resulting from improved match receipts and strong investment performance, including the Waverley Gardens venue.
“There has been more disciplined management and spending throughout all operations of the Club, as a result of strong direction from the Board, Chief Executive Ian Robson and Chief Operating Officer Terry Dillon,” Kennett said.
The 2006 financial result included an extraordinary one-off non cash write-down of Glenferrie Oval leasehold improvements valued at $870,685.
Kennett said the decision to close the Hawthorn Social Club earlier this year was a passionate issue among some members, but the reality was the venue had been trading poorly for the past five years.
The results caps off an exciting year on and off the field for the Hawks, with the announcement of a five year Naming Rights Partnership with the Tasmanian Government, and the continuation of HSBC’s support as Principal Partner for a further three years, allowing the club's management to boost the football department budget in excess of $1 million.
Hawthorn president Jeff Kennett said the year-end results were encouraging given the number of changes the club underwent in 2006.
“This is a strong financial result considering the significant one-off cost of relocating from Glenferrie to our new state-of-the art facility at Waverley Park,” Kennett said.
“This was a major achievement for the Club; and players and staff are now fully utitlising these world class amenities and technology.”
While membership declined slightly in 2005-06, the club had a better nett financial return resulting from improved match receipts and strong investment performance, including the Waverley Gardens venue.
“There has been more disciplined management and spending throughout all operations of the Club, as a result of strong direction from the Board, Chief Executive Ian Robson and Chief Operating Officer Terry Dillon,” Kennett said.
The 2006 financial result included an extraordinary one-off non cash write-down of Glenferrie Oval leasehold improvements valued at $870,685.
Kennett said the decision to close the Hawthorn Social Club earlier this year was a passionate issue among some members, but the reality was the venue had been trading poorly for the past five years.
The results caps off an exciting year on and off the field for the Hawks, with the announcement of a five year Naming Rights Partnership with the Tasmanian Government, and the continuation of HSBC’s support as Principal Partner for a further three years, allowing the club's management to boost the football department budget in excess of $1 million.
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