The Adelaide Football Club today posted a cash operating profit for 2013 of $134,660.

The result is inclusive of last year’s one-off AFL sanction and associated legal costs.

The Club’s statutory result after taking into account depreciation, the write down of facilities at AAMI Stadium due to the move of home games to Adelaide Oval in 2014, and SANFL distribution ($650,000) is a deficit of $1,879,341.

The Club’s balance sheet remains strong with net assets totalling $16.8m and debt remaining at $1m, consistent with 2012.

Crows Chairman Rob Chapman said: “This is a difficult result to accept, however we always envisaged that the final year at AAMI Stadium would be extremely challenging and budgeted accordingly. 

“The bottom line is that we continue to be financially strong on the back of multi-million dollar surpluses in the mid-2000s. The past couple of years have been tighter and this result is very much a one-off.

“Compounding the result were abnormal expenditure items relating to the AFL sanctions and bringing forward investments in our club to ensure we maximise the opportunities that the move to Adelaide Oval provides.

“Although Membership grew marginally, we also experienced a dip in attendances with extraordinarily poor weather playing its part.

“That said, the support of our Club throughout our very difficult 12 months has been wonderful.

“Our forward projection into 2014, and the following two years, is that we will be back into strong surpluses, such that the Club again establishes healthy cash reserves while still investing heavily into the football program and growing the Club.

“To underline this point, the future at Adelaide Oval is already very promising with Corporate inventory and Membership selling very strongly.”