Sydney Swans Limited
2010 Financial Result

The Sydney Swans today announced a loss of $549,819 for the year ended 31 October 2010.

Chairman Richard Colless said: “It is important to appreciate that the result includes depreciation i.e. a non-cash expense of $486,853.  In cash terms therefore, the result was a loss of $63,000. On balance it’s a pretty reasonable result,” he said.

It was a $200,000 improvement on the 2009 result.

“This improvement was in part due to the Club participating in the Finals,’’ Colless said.

“Offsetting any revenue gains however, were costs of $500,000 incurred in establishing the QBE Sydney Swans Academy.  This cost is budgeted to double in 2011 as programs are rolled out in the areas of NSW that have been designated by the AFL as the Swans zone.  And in all likelihood, the costs of developing the Academy will continue to grow in line with our objective of building the best junior sports academy and programmes in the world. “

Colless said: “We remain committed to the development of the Swans into a genuinely mainstream and widely respected sporting organisation in the Sydney market, and a leader within the AFL system.

“While we are not where we aspire to be, we believe we are heading in the right direction,’’ he said.

“As a consequence of this commitment, we have no option but to continue to invest additional resources in membership, fan development and communications and improving the overall match day experience to build on the significant gains that were made in 2010.

“Apart from constantly seeking to improve all aspects of our football activities, our major priority for the foreseeable future is to enhance the level and quality of engagement with all our ‘shareholders’. This includes members, non-member supporters, corporate partners and corporate clients.”