Australian Football League side Essendon's "whopping" A$9.8M ($7.3M) loss has "laid bare the financial toll" of its supplements "debacle," according to the AAP. The club confirmed the "huge financial hit," which has put it just over A$9M ($6.7M) in debt. Essendon said that "most of the loss related directly or indirectly to January's Court of Arbitration of Sport verdict" against 34 current and past players, including Jobe Watson. Essendon CEO Xavier Campbell said the club "had a unique set of challenges this season." He added, "While we've been stringent in our financial operations, a number of one-off costs severely impacted the financial result." Essendon said that the net additional cost of player compensation claims and legal fees was A$4.5M ($3.4M). Additionally, it "had to fork out" A$1.5M ($1.1M) for short-term player contracts so it could field an AFL team. Essendon also lost A$3.1M ($2.3M) in "reduced gate takings and other revenue." Campbell: "We expect debt levels to peak during 2017 and our strong cash flows from normal operations will then allow us to begin paying down the debt" (AAP, 11/16).
