Port $2 million in red

Port Adelaide had a horror year on and off the field. Picture: Sarah Reed Source: AdelaideNow

PORT Adelaide has recorded a loss of more than $2 million for 2012, even after a $2 million handout from the SANFL.

Port today announced an operating loss of $2,11,071.

Chief executive officer Keith Thomas blamed the result on the club's poor on-field performance, which resulted in just five wins and a draw for the season and led to the sacking of coach Matthew Primus.

"This result is a long way from where we want to be," Thomas said.

"This year started positively, but early losses - albeit against some very good teams - quickly again impacted on our corporate, membership and game day returns.

"Coming off a very poor 2011, we feared further underperformance would have an adverse effect on the key revenue streams of sponsorship and membership, and unfortunately that's how it turned out."

Port has overhauled its off-field structure post-season, with TV personality David Koch taking over as president.

Thomas said the club had increased its football department spending by $900,000 in 2012 and would continue that support.

"We certainly cannot be accused of overspending off the field because we have kept our costs very heavily restrained," he said.

"Even our on-field investment is really quite modest in that we were ranked in the bottom couple of teams in the AFL for football spending in 2012."

Worrying times for Port Adelaide coach Matthew Primus. Source: AdelaideNow

"It is very clear you cannot compete in the AFL without investing in footy and doing everything you can to stay in touch with the bigger clubs.

"We have put in place what we believe is an outstanding football structure for next year and beyond, led by our senior coach Ken Hinkley.

"The investment we have made is about one thing - producing better results on the field. From that, we are confident of securing our financial independence.

"Not much works when you're not playing good football, so our strategy is very clearly to get that right and to make our brand image one of stability and strength to get to Adelaide Oval in shape to take full advantage of the financial benefits that we are confident of achieving there.

"Together, all of that makes for a whole different ball game for Port Adelaide from where we have been."

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