Power post shocking $4mill loss

Financial disaster ... Port Adelaide post an operating loss of $4 million in 2012. Source: Simon Cross / News Limited

Port Adelaide's year from hell in the AFL took a savage financial toll, with the beleaguered club recording a staggering loss of more than $4 million.

The Power blame the consolidated operating loss of $4.12 million on their poor onfield results.

Port's grant of $2 million from the SANFL cut their final operation loss to $2,117,071.

"This result is a long way from where we want to be,'' said Power chief executive Keith Thomas.

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"This year started positively, but early losses - albeit against some very good teams - quickly again impacted on our corporate, membership and game day returns.

"Coming off a very poor 2011, we feared further underperformance would have an adverse effect on the key revenue streams of sponsorship and membership.

"Unfortunately that's how it turned out.''

Port only managed five wins and a draw, finishing 14th, and they sacked their coach Matthew Primus during the season.

There were also several changes at board level, with television personality David Koch taking over as president and former federal senator Amanda Vanstone also becoming a club director.

The club was also rocked by the tragic death of player John McCarthy two months ago in Las Vegas while on an end-of-season trip.

Thomas stressed Port's financial problems were due to revenue issues, adding that they had kept costs under control.

"It is very clear you cannot compete in the AFL without investing in footy and doing everything you can to stay in touch with the bigger clubs,'' he said.

"We have put in place what we believe is an outstanding football structure for next year and beyond, led by our (new) senior coach Ken Hinkley.''

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