The Geelong Football Club has announced a statutory net profit of $1.8 million for the 2022 financial year, from an operating profit before interest, amortisation and depreciation of $4.4 million.
The strong financial result was underpinned by the AFL Premiership success and crowds returning to the football in season 2022. Most pleasing was the on-going commitment of the Club’s loyal members, commercial partners and Community Challenge donors during season 2022.
As a result, the Club is debt free and has $4.9 million cash balance as at 31 October 2022. The Board and Management continues to focus on strengthening the Club balance sheet to ensure the long-term sustainability of the Football Club. Proudly, the Club continues to have no direct financial contribution from any form of gambling or gaming.
The Club would like to acknowledge the continued support of the State Government with its funding commitment to complete stage five at GMHBA Stadium and the Club’s ongoing partnership with the Kardinia Park Stadium Trust. The completion of stage five is expected to be mid 2023, increasing the stadium capacity to 40,000 and delivering a range of new offerings that will enhance the members and supporters experience.
Geelong Cats Chief Operating Officer Simon Kelleher said the strong financial result was a testament to the whole of Club.
“The AFL Premiership, significant improvement in the AFL Women’s program all positively impacted to the Club’s improved financial result. We must acknowledge and thank the ongoing contribution of our loyal and passionate Geelong members in season 2022.\
“We saw all elements of the Club display great flexibility and agility in making significant changes to the way we operate. Those changes ensured we delivered a strong financial result in 2022, whilst the Club was able to continue to perform at a high level on and off the field.
“The Club continues to strengthen its balance sheet, has developed a clear strategy under the Board and Executive Leadership Team and is well positioned to deliver an improved member experience in season 2023 whilst sustaining high on field expectations
“The Club is focused on working with Kardinia Park Stadium Trust in completing Stage Five at GMHBA Stadium, increasing the stadium capacity to 40,000 in season 2023. Management is also developing the vision for the next evolution of the Club’s high-performance facilities for both its AFL women’s and men’s teams. We are determined for Geelong to remain the destination club for players, staff, members and our commercial partners
“We would like to thank our members for their continued support. There is an emotional and financial investment in being a member and we do not take it for granted. While considerable work sits ahead of us, we look forward to 2023 with confidence.”
A snapshot of Geelong’s financial year include:
- Operating revenue increased by 30.0% to $62.2 million. Key highlights from the results included:
- A record breaking 71,943 Geelong members and 5,938 AFLW members
- Sponsorship and advertising revenues $14.5m compared to $12.3m in the prior year. We acknowledge the ongoing support of our major partner Ford and other principal partners GMHBA, Cotton On, Deakin University, Simmonds Homes and Morris Finance;
- Merchandise revenues of $3.7 million compared to $1.7 million in the prior year;
- Strong recovery of the Club’s Food and Beverage business Higher Mark, generating $7.6 million in revenue compared to $3.4 million in the prior year; and
- Depreciation and amortisation expense of $2.9 million
