St Kilda remain more than $7 million in debt but are confident they will find their way out of the red after paying off $2.5 million over the past financial year.
The Saints released their annual financial result for the year ending October 31 on Monday, confirming their overall debt sat at $7,015,342 after paying down $2,546,958.
It is the second consecutive year St Kilda, who have been among the AFL's worst financial performers and relied heavily on league support, have reduced their debt, after paying off almost $4.3 million the previous year.
The Saints achieved an operating profit of $1,228,704 while their net assets increased to $38,512,690 from $29,067,429 due to the completion of stage one works of the Danny Frawley Centre for Health and Wellbeing at RSEA Park.
Chief executive Simon Lethlean cited the support of sponsors, donors and members and "a comprehensive, unified approach across the business" for the financial result.
"To pay off another significant portion of our debt is pleasing, and while early days, our forecast for next year indicates that through the ongoing support of members, partners, donors and various other key stakeholders, it is a trend that we expect to continue to see in 2023 and beyond," Lethlean said in a statement.
"The growth and integration of the Danny Frawley Centre is another area of our business that will continue to evolve, with more and more people utilising its services and facilities."
For a third consecutive year, the Saints recorded a rise in memberships, with their tally rising by eight per cent to a club-record total of 60,172 while the club had a record sponsorship revenue of $10.6 million.
The Saints missed the finals for a second consecutive season and after a review into their football department, sacked coach Brett Ratten in October despite re-signing him for another two seasons in July.
They have since replaced Ratten with former coach Ross Lyon.
St Kilda have the longest premiership drought in the competition, which dates back to 1966, when they won their only AFL/VFL flag.
