AFL announces $23.6 million net loss, Demetriou worse off too
AFL announces $23.6 million net loss, Demetriou worse off too
AFL CHIEF executive Andrew Demetriou took a $400,000 hit to his hip pocket last year - but before you feel too sorry for him, he still earned $1.8 million.
The AFL chief's wage included a base payment of $1.4 million and a $400,000 bonus. His salary was higher in 2010 because he received a long-term retention bonus.
The news came as the AFL revealed it had posted its first net loss in a decade - a $23.6 million deficit.
The loss was blamed predominantly on the League fast-forwarding its expansion plans.
Commission chairman Mike Fitzpatrick said the AFL was "aiming to recoup the net loss during the next five years by generating profits of at least this amount".
The AFL also said its nine-member executive team a total of $5.08 million in salaries and bonuses.
Commission chairman Mike Fitzpatrick said today Demetriou's package - and that of other AFL executives - was justified by the game's growth.
"The AFL's executive salary packages reflect this reality and reward the achievement of key targets whilst ensuring we retain our valued team," Fitzpatrick said.
"The commission commends Andrew and his executive team, as well as all AFL staff across Australia, for their considerable efforts and achievements during 2011.
"It was a successful year that has enabled the commission to set an ambitious agenda for the next five years."
Demetriou's salary is still almost $1 million more than the game's highest paid players.
The AFL announced record revenue of $343 million, up two per cent, and an operating surplus of $234 million, up from $230 million.
Clubs were provided with total funding of $159 million.
"Our strategic focus on the long-term future of Australian football ... has positioned the AFL strongly for the next five years and beyond," Fitzpatrick said.
Fitzpatrick said new television and digital media rights would be critical for financial growth in the near future.
"These agreements will underpin the finances of the game from 2012-2016 ? which includes allocating more than $1 billion to AFL clubs under new equalisation and revenue-sharing arrangements," he said.
Total attendance for all matches, including the NAB Cup, was a record 7,488,198.
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