Crusaders $87,000 post-earthquake profit
The Crusaders have rebounded from their struggles with the Christchurch earthquake to post an $87,147 profit for this year.
A new stadium and much more settled environment have seen them turn their financial struggles around.
The 2011 earthquakes forced the Crusaders on to the road for all of their matches last year as they operated at a $700,000 loss.
"We are very proud of this result, particularly given the ongoing difficulties that we are dealing with due to the earthquakes," Crusaders chairman Murray Ellis said.
"We are still working through our business interruption insurance claim from last year, and the loss of the original AMI Stadium in the earthquakes will continue to hit our bottom line for some time due to the reduced capacity for ticket sales and other costs associated with the new stadium.
"In saying that, if it weren't for the new AMI Stadium at Addington, this year's surplus would not have been possible.
"We are extremely grateful to the Government for driving this project and allowing our team to once again play at home in front of Christchurch and Canterbury fans.
"Crusaders CEO Hamish Riach said the ability to play at home was the single biggest factor contributing to the turnaround in the Crusaders' financial performance.
"If we subtract the extraordinarily high revenue from the match played in Twickenham in 2011, we grew match revenue by approximately 25 per cent this year. We also achieved a 136 per cent increase in sponsorship this year." Riach said.
Ellis believed the new licence to run the Crusaders announced yesterday would further add to the financial stability and commercial opportunities for the Crusaders heading into 2013 and beyond.