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Volume 7 No. 149

Finance

Australian Football League side Western Bulldogs revealed a total profit of more than A$18M ($13M) for '18, the "vast majority derived from the value of the freehold land assigned to the club as part of redevelopment of the Whitten Oval precinct," according to Scott Spits of THE AGE. The club said that the financial return "comprises a profit before redevelopment activities of $2,207,274 and a profit from redevelopment activities of $15,887,059," leaving the club with assets of A$45.8M ($33.5M) and no bank debt. The club has posted a profit in excess of A$1M ($731,000) for the fourth straight year and comes after President Peter Gordon "flagged the club’s intentions to off-load" its remaining pokie machines, "with the proceeds to be tipped into the Whitten Oval redevelopment" (THE AGE, 11/28).

MOUNTING DEBT: In Melbourne, Jon Ralph reported AFL side St. Kilda's debt levels "jumped" to around A$12M ($8.8M) as its "horror on-field year combined with the cost of building the club's new Moorabbin home." The Saints were "determined to whittle down" the A$10M ($7.3M) debt this year as a new Marvel Stadium deal promising as much as A$220,000 ($161,000) extra per game "came into effect." Instead, St. Kilda's 11 home games netted a stadium return of just A$1.7M ($1.2M) for the season -- only A$150,000 ($110,000) a game -- "due to a drop in crowds" from '17. St. Kilda's A$202,671 ($148,200) profit came after an AFL distribution to the club of around A$18.9M ($13.8M), down A$500,000 ($365,670) on last year's A$19.4M figure (HERALD SUN, 11/28).