The Geelong Football Club has announced a statutory net profit of $0.8 million for the 2023 financial year, from an operating profit before interest, amortisation and depreciation of $3.5 million.
The financial result was underpinned by the AFL Premiership success in 2022, strong attendances at home games both at GMHBA Stadium and at the MCG, record-breaking membership of 82,155 members and continued growth and success in the AFL women’s program this season.
The Club continues to be debt free and has $6.2 million cash as at 31 October 2023. The Board and Executive 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 revenues from any form of gambling and gaming.
The Club would like to acknowledge the support of the State Government for the stadium re-development, providing the Club, other tenants and the Geelong region with an outstanding 40,000 capacity stadium. The new stand will allow the Club to deliver a range of new offerings that will enhance the matchday experience for members and fans.
Geelong Cats Chief Operating Officer Simon Kelleher said the financial result was a testament to the whole of Club.
“We would like to thank our record-breaking members for their continued support, commitment and dedication to the Cats. Being a member is an emotional and financial investment and we do not take it for granted and we look forward to continuing to connect and engage with you in person and at games in 2024,” Kelleher said.
“The Club has developed a clear strategy under the Board and Executive Leadership Team and is well positioned to deliver an improved member experience in season 2024 whilst sustaining high on-field expectations.
“In 2023 we saw growth across a range of business areas, including the expansion of the Club’s health and fitness centre into offering that includes an elite sports medicine practice, along with continued provision of multi award winning hospitality options to our customers and the wider region. The completion of Stage Five re-development will ensure we continue to capitalise on the hospitality spaces available to the Club.
“The Cats continue to be focused on the next evolution of high performance facilities for both its men’s and women’s programs with the Club to deliver next year, with the support of Club donors, a fit for purpose AFLW locker room to ensure equitable facilities and a true integration of our programs, to provide meaningful opportunities for all our athletes, coaches, and staff.”
A snapshot of Geelong’s financial year include:
Revenue increased by $4.0 million to $69.2 million. Attributable to the results were as following:
- 82,155 Geelong members, representing an additional 10,212 members from prior year providing an increase in $1.9 million in membership, and match returns
- Sponsorship and advertising revenues $14.4 million consistent with the FY22 year which included two AFLW seasons. We acknowledge the ongoing support of our major partner Ford and other principal partners GMHBA, Cotton On, Deakin University, Simonds Homes, Morris Finance and Viva Energy, and welcomed new Commercial Partners Dulux and Arkana Energy to the Club in season 2023;
- The Club’s Hospitality offerings both on match day and through the Higher Mark business, continues to generate significant revenues ($7.9 million) compared to $7.6 million in the prior year; and
Depreciation and amortisation expense of $2.7 million.