Richmond will report a deficit of $80,257 for the financial year ended 31 October.

The Club generated an operating surplus of $1.2 million but after amortisation and depreciation, a small loss will be reported.

The Club generated revenue of $47.5 million, an increase of $825,000 year-on-year.

On-field performance saw match day attendances drop 14.6% across the season and this had a significant impact on the final result, as did bad debts related to two club sponsors which totalled more than $300,000.

Richmond President, Peggy O’Neal said that despite recording a loss for the first time in more than a decade, members can be assured the Club remains in a sound financial position.

“It has been a challenging year for our football club, but we remain debt free, have cash reserves of more than $2 million and a strong net asset position of $24.1 million,” O’Neal said.

“I can guarantee members that our hard-earned financial stability will never be taken for granted.

“The Board will continue to carefully manage finances while looking for opportunities to grow and diversify the Club’s revenue base to enable us to continue investing in our core business of football.

“This year the Board made significant decisions to establish Aligned Leisure and the Richmond Institute of Sports Leadership.

“These well-considered business decisions diversify revenue streams and will help underpin the Club’s financial stability long-term.

“I am also pleased to say that while football is our core business, and always our number one priority, we continue to invest in the community.

“Our charity partnership with the Alannah & Madeline Foundation, and our work with Indigenous youth in the Korin Gamadji Institute, which includes our partnership with the Melbourne Indigenous Transition School are industry leading, and I know that members and supporters are proud of the Club’s sincere contribution to the community.

“As we look forward now, there is a real sense of renewal and enthusiasm around the Club as the players and coaches begin the hard work of pre-season in preparation for season 2017.”