ADELAIDE has declared a statutory loss of $1.347 million despite another seven-figure operating profit.

The Crows posted a cash operating profit of $1,464,450 in the 2016 financial year along with increasing revenue by $3.8 million.

However, payments of $4.3 million to the SANFL, the AFL and the South Australian Government, depreciation of their West Lakes headquarters to the tune of $1.347 million, a game development grant of $1.1 million and close to a quarter of a million dollar hit due to the collapse of apparel partner BLK led to the loss. 

BLK going into administration late last year cost $244,640 to the Crows' bottom line.

The Crows hit a new high for revenue, raking in $48.3 million – up $3.8 million from 2015.

They also reduced their debt by $2.53 million, from $4.5 million in 2015 down to $1.97 million last year.

The operating profit for the Crows was slightly down from the 2015 figure of $1.49 million. 

Adelaide contributed $2.69 million to the SANFL so it could field a standalone team in the state-wide competition. 

The Crows also paid the AFL $910,000 and a transport level of $700,000 to the SA Government.

"That's the price of doing business," Crows chairman Rob Chapman said of the cost of playing in the SANFL.

"It gives us the opportunity to play in the second-best competition. 

"If you remove those things (SANFL contribution and transport levy), the result is a cash profit of about $3 million." 

Leading finance industry executive Richard Fennell has taken up a position on the Adelaide Football Club’s board of directors. 

Fennell fills a vacancy left by the retiring Andrew Payze, who leaves as the club’s longest serving director after joining the board in 2000. 

Current football director Mark Ricciuto has also been re-elected unopposed on a two-year term following the recent members’ election process.