Eels post $4 Million Loss! In 2018

The Sydney Morning HeraldSPORTNRLNRL 2019Eels post $4 million loss but closer to 'break-even' ambition at new stadiumParramatta have posted a net loss of just under $4 million for the 2018 financial year but chief executive Bernie Gurr believes a break-even year for the Eels is within reach in the near future.The club's annual report, obtained by the Herald, reveals a loss of $3.93 million for the year, an improvement upon the $10.1 million loss suffered in 2017.New home: The Eels have built their strategy around new home ground Bankwest Stadium.There are two pillars upon which the reduction in deficit has been built.The first is a $4.12 million increase in NRL funding - a boost each club has received due to the new, $1.8 billion television broadcast rights deal.The second is an increase in sponsorships and hospitality income of just under $1.75 million."We’re pleased. I’ve been here two years now and we’ve wanted to do two things," Gurr told the Herald. "Number one was our corporate governance reform. We’ve put in five new, independent directors and that was overseen by Max Donnelly."Number two was getting financially stable. We lost $12 million in ’16, we got that down to $10 million last year, we’ve got that down to $4 million this year."We need to set a strong platform for our business going forward and I think we have done that now. We are now in a position where we can be strategic and we will move forward on that basis."The move to Bankwest Stadium from ANZ Stadium is a large part of Parramatta's strategic plan.The Eels are yet to play a game at the new stadium - which will be christened on Easter Monday when they face the Tigers - but it's understood corporate hospitality sales are already twice that of the sales at ANZ Stadium last year."What Bankwest Stadium does for us is give us an opportunity on two fronts," Gurr said."Number one is financially. We have the ability to generate a lot more money out of Bankwest than we did out of our previous arrangement at ANZ Stadium. That’s a good financial platform there for us."Secondly, it’s just a broader, more professional presentation for our club. It will recalibrate how people view club rugby league."Gurr is of the belief that Bankwest will be the catalyst for the club as it strives for break-even status. Presently, the football club's losses are covered by Parramatta Leagues Club.While corporate hospitality will help drive that push to shave another $4 million from their bottom line, membership revenue is also expected to rise."We’re looking for additional revenue across all our business," Gurr said. "We think we can improve our membership, through Bankwest Stadium, for our members and fans."Part of our fundamental mantra is to provide a terrific game-day experience for our members, who are the lifeblood of our club."The goal of the club is to break even. That takes all the pressure off our leagues club."It ensures the business is being run as it should. A business should pay its way. Our ultimate goal is to break even and we probably won’t achieve that in ’19 but Bankwest Stadium will help us get closer to that goal soon."

"Good point Chief. I can see it now, Tuivati is too large and too slow for the modern game. He should have been wrapped up before this season. It's beyond obvious he's a talent with a long career ahead of him. Just get it done. I reckon we're a…"

"Fuck me we are comparing ourselves to Penrith now? A team coming off 4 premierships. No no you're right, we've been going soo good the last 3.5 seasons we couldn't possibly show a young talent a future and pathway at Parramatta "

"I have confidence in our recruitment and retention team to hang on to the right guys. It doesn't seem to have been mentioned that Twidle subbed on for part of his debut game and has been out injured ever since. Not a great return on investment. No…"

Replies

Brett Allen April 15, 2019 at 9:41pm

That big beautiful Western Stand full of corporate hospitality is what will allow the footy club to break even and make a profit into the future.

This stadium is truly a game changer for our club.
- MontoEel > Brett Allen April 15, 2019 at 9:48pm
  
  Absolutely Brett
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    - The Mayor April 16, 2019 at 1:32pm
      
      Poppa - most of Parramatta Park remains as you would remember it. The stadium precinct is really the only development that's been permitted. There is more parkland available now, since the 9 hole golf course closed a few years back. I'm not sure who "owns/controls' the parkland these days. There is a Parramatta Park Trust but I'm not sure what they are responsible for. This info gives some recent thoughts on the park usage https://www.parrapark.com.au/about-us/park-projects/mays-hill-preci...
      
      I agree with your views about the good management which is driving this business performance turnaround
      
      Parramatta Park | Mays Hill Precinct Master Plan
      
      Public consultation process ti transform Mays Hill Precinct, Parramatta Park.
    - SuperEel 22 April 16, 2019 at 2:25pm
      
      Parramatta Park is largely untouched. There have been some improvements to some of the facilities in recent years including an upgrade to the amphitheatre for events and new play equipment for kids spread all throughout the park.
    - Longfin Eel April 16, 2019 at 3:14pm
      
      It can't be built at Parramatta Park as that is public land. The club needs to identify land nearby that they can aquire for this purpose - this won't be easy however.
      - HECTOR WONG > Longfin Eel April 17, 2019 at 7:27am
        
        Pretty sure The 9 hole course is still owned by the council and that’s where they were going to build the new swimming centre.they started it but something happened and they stopped. So don’t know what’s going on with it now
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        SuperEel 22 April 17, 2019 at 8:32am
        
        The centre of excellence is on the books to be built at the Old Salesyards. It was going to be built earlier but the improvements to the Leagues Club and stadium build have taken precedence.
        
        The public pool is going to be rebuilt, although I'm not sure where.
        
        Longfin Eel > SuperEel 22 April 17, 2019 at 9:06am
        
        The pool is going on the old golf course, on the corner near Pitt St. The State Government has put up $30M for a like for like replacement but the council want something better, hence the stalemate.
        
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        Nigel > SuperEel 22 April 18, 2019 at 9:41am
        
        Well yes at your old age it would be frowned upon
        
        Nigel > SuperEel 22 April 18, 2019 at 9:56am
        
        If you have been following Parra your whole life I could completely understand.
        
        Hey that's what the club should do. Find people who have been supporting the club since inception in 1947. It's 72 years ago so there should be some people kicking arund that were there day 1. Have a big celebration day and PR stuff for them. We can pin it to the new the ground and how Cumberland Oval has evelved over the decades.