The Geelong Football Club has announced a statutory net profit of $6.6 million for the 2024 financial year (FY23: $0.8 million). The operating result before interest, amortisation, depreciation expense ($3.9 million) and net asset gain income ($4.4 million) was $6.1 million (FY23: $3.5 million).
The 2024 financial year saw an increase in gross revenues of $16.2 million, underpinned by the completion of the Joel Selwood Stand which was instrumental in increasing the Club’s membership base to a record breaking 90,798 (FY23: 82,155) and crowd attendances at GMHBA Stadium, which now holds a capacity of 40,000.
Geelong Cats CEO Steve Hocking said this year’s financial result was a true team of all effort and thanked the Club’s members and fans for their ongoing support.
“As a Club we are fortunate to have the support of loyal members and fans who are integral to the Club’s success on and off the field.
“The Club celebrated its fourth consecutive membership increase this season with over 90,000 members. While excited with this achievement, our community across the Geelong region and beyond is growing and our objective in 2025 is to reach 100,000 members, in line with our celebration of our 100th year in partnership with Ford Australia.
“The completion and opening of the Joel Selwood Stand in Round 1 was a significant milestone for the entire Geelong community and region. The ability to now be able to host other big Victorian teams plus support the attraction of other non-football content and events to the stadium brings new possibilities for our community.
The Club was also fortunate to receive ongoing support from its donors and the AFL, both contributing significantly to state-of-the-art facilities at GMHBA Stadium.
“The delivery of our new AFLW purpose-built locker room further integrates our women’s program within our Club, providing the facilities that high performance elite female athletes need to excel on the field. The upgrade and refresh to the Club’s high-performance facilities are also near completion providing all football programs the environment to chase greatness in 2025.
“A strong financial result provides the Club with the ability to continue to grow and invest in our community and region and provide an unmistakably Geelong experience for our members and fans every time they visit GMHBA Stadium or attend a game.
“I’d like to thank our members and fans, Board, AFL, AFLW, VFL, VFLW playing groups, staff and corporate partners as we look forward to 2025 in no other colour than the mighty blue and white.”
The following items were key contributors to the Club’s financial performance in FY24:
- Membership and Ticketing revenues increased $3.5 million to $25.1 million with the completion of the Stage Five development at GMHBA Stadium and strong MCG home game attendances.
- Sponsorship and advertising income was relatively consistent with the prior year and the Club would like to acknowledge and thank our major commercial partner, Ford Australia plus elite partners, Cotton On, Deakin University, GMHBA, Morris, Simonds and Marathon Foods. Marathon Foods was welcomed to the Geelong Cats partner family in 2024 and committed to both the AFL and AFLW programs. Simonds increased their commitment to the Club as AFL shorts partner.
- Hospitality revenue saw a significant increase from FY23, with the introduction of Club Chin Chin, along with increased activity of function offerings at GMHBA Stadium delivered by Higher Mark. With the success of Club Chin Chin, the restaurant will continue at the stadium in 2025 expanding past its initial 12 month pop up.
- The Club’s health and fitness business 10 South, solidified its revenues with an increase of $0.7 million from FY23, due to the continued growth of the sports medicine clinic and increasing membership base within the gym operations.
- On completion of the Joel Selwood Stand by the Kardinia Park Stadium Trust, the Club was gifted $4.7million of assets that are solely attributed to the exclusive areas within the stadium that the Club derives its commercial revenues.
