St Kilda have recorded a massive loss of nearly $2.4m, leaving them close to $9m in debt.
But the Saints are confident the worst is over financially and this sort of loss will not happen again.
St Kilda have been in decline on and off the field since making the 2009 and ’10 grand finals.
They finished last this season and their membership has fallen away since 2010.
St Kilda recorded an operating loss of $2.35m and a statutory loss of $3.9m.
That was despite cutting costs by $460,000.
Their average attendance fell below 24,000, membership was down by about 2000 and they also had only one major sponsor.
“This is not an acceptable result by any means,” club president Peter Summers said.
“It is one which we are intent on never repeating and I’m confident the right changes have been made in the last 12 months to turn around club on and off the field.”
The Saints are forecasting that next year will feature their first growth in membership since 2010.
Saturday’s Victorian election could also be a watershed moment for the Saints, with the two major parties pledging to redevelop Junction Oval in St Kilda.
It has raised hopes that the club be able to leave their isolated base at Seaford and return to Junction Oval, their original home.
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