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.

Parramatta. Club looses $7 million

Parramatta Leagues Club has had what it believes to be the biggest loss for a club in NSW, $7 million, as big clubs cry poor over poker machine tax increases, the anti-smoking laws and the global financial crisis, according to The Sydney Morning Herald. Six people have been made redundant at the football club. Dr Jennifer Foong, a Quakers Hill GP, has been appointed to the Parramatta Leagues Club board, the first woman to be appointed.

Parramatta. Hooker has special leave to appeal

Parramatta Eel’s hooker, Mark Riddell, along with AFL player, David Spriggs, have been granted leave to appeal to the High Court to determine if player agent fees are tax deducible. Mr Riddell attempted to write off $21,175 in fees charged by SFX Sports for negotiating his contract with the club. “A player agent is as essential to a professional football player as is an up-to-date copy of the Tax Act to a tax adviser,” said Noel Beharis, of Dominion Private Clients, who represents both players, in The Australian Financial Review.