Collingwood record $3.5m AFL profit

Collingwood record $3.5m AFL profit

AFL club Collingwood have recorded a total profit this year of almost $3.5 million.

The Magpies on Tuesday announced an operating profit, before depreciation and amortisation, of just under $1.881 million for the financial year ending October 31, 2015.

The club achieved a profit of more than $1.6 million from the sale of the Diamond Creek Tavern lease, meaning Collingwood achieved a total profit before depreciation in excess of of $3.482 million.

The result is the 15th consecutive operating profit Collingwood have recorded and aided by a league-leading 76,516 members.

As of October 31, the Magpies carried no debt and had net assets of $37.9 million.

Collingwood president Eddie McGuire said he hoped every Magpie supporter was proud of the result.

“We have the most passionate supporters that continue to sign up for their memberships every year and we have the most loyal sponsors that stick with us through the ups and downs of AFL football.

“In a year in which we spent a further $18 million on the Glasshouse, our brilliant new community and function centre, and tipped almost $1.4 million into the AFL’s equalisation pot, we continued to stand on our own two feet.

“This is a result which proves how important membership is. Every cent of every membership dollar stays with Collingwood and our members continue to stand behind their football club in huge numbers.

“We couldn’t continue to provide our players, coaches and staff with the best opportunities to succeed or open a facility like the Glasshouse, or continue to uphold our philanthropic commitment without them,” McGuire said.

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