The Geelong Football Club has announced a net loss of $445,624 for the 2017 financial year. The club’s operating profit before interest, depreciation and amortisation was $1,521,736.
The major factors in the financial outcome include:
- A depreciation charge of $1.942 million as a result of the four redevelopments at GMHBA Stadium
- An increase in revenue of 5.8% to $57.8 million
- An increase in profit from the club's commercial operations, with profit rising by 3% to $22.3 million.
- Home attendance (including home games at the MCG and Etihad Stadium) increased from 30,497 to 35,110.
- The club enjoyed new revenue streams through the completion of the redevelopment of the Brownlow Stand,
however this was not fully optimised with only seven home games at our stadium - An increase in membership from 52,195 to 56,577
- Year two of the successful “Our Ambition’ fundraising campaign, generating $1.6 million that was used to fund the club’s contribution to the stage four redevelopment.
- The club's continued investment in the football department, with total outlay rising by $2.8 million to $25.98 million. This was largely the result of increased player payments following the finalization of the new collective bargaining agreement between the AFL and the
AFLPA, and by the introduction of the Cats VFL women’s team
"While the club recorded a significant operating profit, we finished with a net loss due to significant depreciation flowing from the assets built through the redevelopments at GMHBA Stadium," Geelong CEO Brian Cook said.
“There are a number of factors that have contributed to this result. The finalization of the redevelopment at GMHBA Stadium was a landmark moment for the club. The facilities are world class and open up new revenue opportunities. With only seven home games at GMHBA Stadium this year we did not feel the full impact of the increased revenues. The scheduling of nine home games at GMHBA Stadium in 2018 will assist further revenue growth.
“We again had exceptional support from our members, recording a record with 56,577 passionate supporters signing up. We are anticipating a further increase in membership in 2018 and the renewals to date are tracking ahead of the same time last year.
“We are also committed to making a significant and meaningful difference in our community. The club invested significantly into its 10 flagship community programs in 2017 and will again focus on our community impact in 2018.
The club also took a step forward with the introduction of
“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. We will continue to strive for greatness both on and off the field in 2018."
