Crusaders Franchise Ltd yesterday announced its operating result for the year ended 31 August 2011 – a loss of $696,300.
Crusaders Chairman Murray Ellis said that despite the Crusaders having a fantastic year on the paddock in 2011, the loss of the home ground of AMI Stadium in Christchurch created significant financial pressures.
”We are immensely proud of what the team achieved in almost claiming the Investec Super Rugby title without a home game, but unfortunately a ‘season on the road’ came at a financial cost.
“The support from the communities of Nelson and Timaru in particular, also Napier and Wellington, was immense and very humbling – but the revenue generated was insufficient to match our overall needs
“Hosting home games at smaller venues with associated costs that were greater than normal due to travel, accommodation etc. meant that we were never going to be able to generate enough income to cover costs,” he said.
The Crusaders made a surplus of $125,714 the previous year.
Crusaders CEO Hamish Riach said that 2011 was a difficult year financially, clearly impacted by the earthquake on February 22, but also by the amendment to the financial year to end August 31,which meant this reporting period was a 14-month year.
“We were extremely grateful for the loyalty shown by many commercial partners (despite no games in Christchurch), the generous support of the New Zealand Rugby Union and Canterbury Rugby Football Union, and the contribution the whole region made to campaign in 2011 – particularly the South Canterbury Rugby Football Union and Tasman Rugby Union - through hosting games at very short notice.
“With the new stadium at Rugby League Park going ahead, we are optimistic about the next few years. This venue will enable us to play in front of fans and commercial partners in Christchurch,and go a long way towards financial sustainability over the next 3 – 5 years,” he said.
Both Ellis and Riach paid tribute to the Crusaders Board, staff, players and management who worked tirelessly to see the campaign through, despite all the challenges and the very real personal issues caused by the earthquake.