THE Lions have hit rock bottom by announcing a staggering $3.5 million annual loss but have a commitment from the AFL for the capital to steer them back towards profitability.

New CEO Greg Swann will meet with AFL chief Gillon McLachlan tomorrow to thrash out the final details around the AFL’s assistance package.

The Lions will receive an undisclosed payout from the League under their equalisation measures.

The Lions have basically wiped the slate clean. Contributing to the massive loss was the extra costs of several redundancy packages, including the payout to former CEO Malcolm Holmes and two general managers in the portfolios of consumer affairs and infrastructure.

The AFL supported the move to replace Holmes with Swann.

There is also the likelihood that Swann has fast-tracked some other reforms and front-loaded some costs to land in this financial cycle.

The Springwood social club also had its worst performing year. It recorded a profit but was not the cash cow of previous years.

The management of the facility is outsourced but Swann is expected to take a closer interest in the future.

When stacked against the recent announcements from power clubs Hawthorn and Collingwood of multi-million dollar profits, Brisbane’s financial predicament looks dire.

And it follows almost a decade of poor results and sends Brisbane’s losses in that time to well beyond $12 million.

But the club has recently landed Garuda International as a major sponsor and renewed its deal with Hyundai for another four years.

There is also the likelihood that new CEO Greg Swann has front-loaded some costs to land in this financial cycle.

Swann took the job with the understanding the club’s annual report would be dire in 2014 but he predicts the turnaround has already begun

“Revenue dropped, corporate boxes weren’t selling, we just have to bring the crowds back,’’ he said.

“But we run a pretty tight ship, the AFL footy department average spend is over $9 million and we are just over $7 million.

“But it is a revenue based business and we have to grow our revenue.

“It is all about improving your footy team.

“There is some good things happening already. We are making some inroads already.’’