Former Adelaide Crow Kurt Tippett in a Sydney Swans jumper for the first time after his first training session with his new club. The Swans salary cap bounty helped secure him. Picture: Phil Hillyard Source: The Daily Telegraph
THE Sydney Swans have fired back at rivals calling for an immediate end to their salary cap bounty after last night announcing a minor $207,007 profit for 2012.
The AFL premiers used the announcement of their 2012 financial balance to get on the front foot and put pressure on the AFL to continue to grant them salary cap concessions for cost of living and player retention expenses.
The Swans' ability to blow all rival AFL clubs out of the water in luring former Adelaide power forward Kurt Tippett to the club on a two-year-deal reported to be worth around $1.5 million was met with a hail of gunfire from Melbourne-based clubs demanding the Swans $900,000 salary cap bonus be removed.
However, Swans chairman Richard Colless said the club's minor profit shows the reality of how volatile Sydney's sporting landscape can be with the club's minor profit coming off a dream premiership season on the field.
AFL superpower Collingwood earlier this month announced a record $7 million profit.
It comes in a year where the Swans growth has been hamstrung by redevelopments to the SCG, immense competition from new cross-town rivals GWS Giants, and huge boosts in the popularity of soccer in the harbour city through Sydney FC and Western Sydney Wanderers.
"The modest profit, posted after achieving the ultimate objective of winning the 2012 AFL Premiership, reflects the reality of fielding an elite sporting team in Australia's most competitive sporting market and in one of the world's most expensive cities to live,'' Colless said.
"The 2012 result was achieved despite the disruption caused by the Sydney Cricket and Sports Ground Trust announcing in January that the SCG Stage 2 Redevelopment would proceed with approximately 10,000 seats being unavailable for the entire 2012 AFL Season (approximately 25 per cent of total SCG capacity).
"This resulted in over 7,000 of our members having to be relocated and regrettably approximately 3,000 chose not to renew their memberships.''
It is the second consecutive year the Swans have achieved an end of financial year profit, taking into account non cash expenses of $391,633.
The club is confident of cashing in on their premiership triumph in 2013 with memberships and match day attendance expected to grow significantly despite ongoing renovations to the SCG.
Leading into 2011, the Swans had lost $1,664,904 over three years.
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