Eagles soaring off-field, at least
Season 2013 might be an on-field disappointment, but the West Coast Eagles are returning to their financial glory days.
After putting behind it the trauma of the global financial crisis, WA football's cash machine is set to record consecutive profits above $3 million - as it did when powered by grand final euphoria in 2006 and 2007.
West Coast's operating company Indian Pacific has already booked a $1.56 million profit for the half-year to April 30 and financial chief Richard Godfrey has tipped it will beat the 2011-12 full-year profit of $3.32 million.
"We're well on track with our budget this year," he said.
The half-year result was boosted by a $1.4 million settlement of a legal action with Lehmann Brothers over cash collateralised debt obligations investments made by Indian Pacific in its 2006 and 2007 financial years.
The franchise tends to generate most of its revenue and profits in the second half of its financial year to October 31, which has four months of games even if the Eagles miss the finals.
Despite booked losses and accounting provision on the CDOs, Indian Pacific stayed profitable through the dark on-field years from 2008 to 2010.
Its revenue is smoothed by a solid sponsor network and a long waiting list for season tickets in the 43,500-seat Patersons Stadium. The proposed 60,000-seat stadium at Burswood is expected to backlog demand for tickets when it opens in 2018.
Mr Godfrey said he believed the loyalty of West Coast members would result in a high level of membership renewal at Burswood, even in years when the team was not performing well.
"Our surveys indicate people want to come to all our games," he said.
