Parramatta. Record loss for footy club

The Parramatta Leagues Club has recorded a loss of $9.1 million. Initial forecasts had a debt of $7.8 million. The main factors affecting the result in 2008 included an “impairment” charge of $4.7 million due to the valuation on investment properties, total football funding of $6.5 million, including $4 million towards the Eels’ football club, and an increased poker machine duty of $1.3 million compared with 2007. “We’ve taken drastic steps to reduce our cost basis, and we’re adopting a more commercial approach,” said CEO, Dennis Fitzgerald, in the Sun-Herald.