Club President Peter Summers pointed to declining revenue as the basis for the result in a highly challenging year for the Saints.
“Overall expenditure of the club was relatively stable and actually down $460,813 for the year. It was the decline in revenues that has caused this significant loss,” Summers said.
“The reality is that our club’s core football related revenues have all been in decline since 2010.
“In 2014, our average home game attendance dropped to below 24,000 while our membership numbers were down approximately 2,000 to 30,627. Having just one co-major sponsor also significantly impacted our financial result as did a turndown in merchandise sales and fundraising.
“This is not an acceptable result by any means, however it is one which we are intent on never repeating and I’m confident the right changes have been made in the past 12 months to turnaround our club on and off the field.”
St Kilda CEO Matt Finnis said the result was very disappointing and building a plan to turnaround the club’s finances had been a key focus for him since arriving at the club in April.
“As a new CEO, it is a priority for me to improve the club’s financial situation and return us to profit as soon as possible,” he said.
“We’ve been really open about the process of regeneration underway at St Kilda. It’s happening everywhere you look – in the playing ranks, amongst our coaches and commercially too.
“We now have a clear plan developed by our new executive team which aims to end the decline in our key metrics and start growing again.
“In 2015 we are forecasting the first year of growth in membership since 2010 and are currently tracking nearly 2,000 members above the same time as last year.
“We are also working closely with the AFL executive team to optimise outcomes from home games at Etihad Stadium, our bayside engagement strategy and the 2015 ANZAC Day match in New Zealand.
“Nobody who is a fan of the Saints will be comfortable with today’s financial announcement, but I do appreciate the sense of optimism which exists amongst Saints supporters, players and staff in the direction the club is taking.”
Download the 2014 Annual Report.