Richmond Football Club

The Richmond Football Club has recorded an operating profit of $51,000 - excluding fundraising, gaming and government grants - for the financial year ending October 31. In reporting the operating profit, the Club confirmed it had reduced its debt by $1 million, from $4.5 million to $3.5 million. The Club's net profit was $2.75 million, with its net asset position improving from $13.3 million to $16.05 million year on year. "We continue to make solid progress in line with the targets we have set ourselves as a Club," said Richmond president Gary March. "We recorded an operating profit and reduced our debt by $1 million. We have made provision for the redevelopment of Punt Road Oval - a critical investment in football - heavily increased football department expenditure, and delivered a record membership on the back of the most loyal supporter base in the game. "Beyond this, we moved into the new ME Bank Centre - a state-of-the-art training facility that will provide our players with the best opportunity to prepare for the rigours of AFL football. "The Fighting Tiger Fund (FTF) was incredibly important for us this year and will continue to be so in 2012. The FTF has been the key to us reducing our debt and it will deliver us a superb Punt Road Oval for the players to train on. I thank each and every Richmond member and supporter who donated to the FTF. "As we have said from the outset, the FTF is about simultaneously reducing debt and investing in football. It is not about being a competitive Club, it is about being a great Club, and it enabled us to take some important steps forward this year. "We have not included FTF revenue, government grants or gaming in our reported operating profit. It is important we are transparent with our supporters and provide a clear picture of the business. Pleasingly, the underlying business of the Richmond Football Club is operating profitably and we expect it to continue to do so." The Richmond Football Club also announced it will not hold a board election this year, with football director Tony Free and casual appointments Carl Walsh and Malcolm Speed being returned unopposed. "Carl and Malcolm were recommended by the Club's nominations committee after it had interviewed a number of high-quality candidates and they will add greatly to the skill set of our board," March said.