TonyK
CibbuanoPies post massive loss
November 19th 2008 07:06
COLLINGWOOD has announced a loss of over $3 million for the 2008 season.
The $3,278,859.00 loss has been attributed to the club's decision to record the anticipated loss that will accompany the sale of the Beach Hotel and the Diamond Creek Tavern in this year's figures.
Collingwood chief executive Gary Pert said the hotels will be sold in 2009.
"During the current economic climate the club made the strategic decision to sell the two loss-generating hotels in an effort to be completely debt-free post-sale," he said.
"It is important that the Collingwood supporters understand that the loss from the venues will have zero strategic impact on the Club and has already been absorbed by existing cash reserves."
"The result will not affect the Club's redevelopment plans for the Lexus Centre and its aggressive investment in the football department."
The $3,278,859.00 loss has been attributed to the club's decision to record the anticipated loss that will accompany the sale of the Beach Hotel and the Diamond Creek Tavern in this year's figures.
Collingwood chief executive Gary Pert said the hotels will be sold in 2009.
"During the current economic climate the club made the strategic decision to sell the two loss-generating hotels in an effort to be completely debt-free post-sale," he said.
"It is important that the Collingwood supporters understand that the loss from the venues will have zero strategic impact on the Club and has already been absorbed by existing cash reserves."
"The result will not affect the Club's redevelopment plans for the Lexus Centre and its aggressive investment in the football department."
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