Collingwood have posted a disastrous financial result for 2017, making an operating loss of nearly $3 million.
The net loss was $2,732,624, following on from their loss of $2,622,623 last year which means they have lost $5,355,247 in the past two seasons.
The result caps off a turbulent 12 months for the Magpies.
They failed to make the finals for a fourth year in a row which ensured coach Nathan Buckley’s ability to hang onto his job came under prolonged and extreme scrutiny, before he eventually re-signed for two more years, and their recruitment of Daniel Wells and Chris Mayne raised plenty of eyebrows.
Collingwood also bid farewell to CEO Gary Pert, who was replaced by Mark Anderson on Thursday, while they were forced to part ways with former footy manager Graeme Allan as well after just a few weeks due to his suspension relating to the Lachie Whitfield affair.
Allan was replaced by Geoff Walsh in December.