Geelong Football Club (GFC) has announced a strong financial result for the 2022 financial year, with a statutory net profit of $1.8 million from an operating profit of $4.4 million.
Geelong’s operating revenue increased by 30 percent on 2021’s figure, to a total of $62.2 million, which included record-breaking member numbers of 71,943.
Revenue from sponsorship and advertising, merchandise and the club’s food and beverage business Higher Mark also increased significantly.
As a result, the club reported it was debt free, with a cash balance of $4.9 million as of October 31.
In a statement, the club said its financial performance was due in large part to the ongoing commitment of its loyal members, commercial partners and Community Challenge donors throughout 2022.
The statement also highlighted the club’s pride in receiving no direct financial contribution from any form of gambling or gaming.
Geelong Cats chief operating officer Simon Kelleher said the result was an achievement shared by everyone who was a part of the club.
“The AFL Premiership, significant improvement in the AFL Women’s program all positively impacted the Club’s improved financial result,” Mr Kelleher said.
“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 future looks bright for the Cats, as it anticipates the completion of stage five of works at GMHBA Stadium in mid-2023, which will increase stadium capacity to 40,000.
“The club continues to strengthen its balance sheet and is well-positioned to deliver an improved member experience in season 2023 whilst sustaining high on field expectations,” Mr Kelleher said.
“We are determined for Geelong to remain the destination club for players, staff, members and our commercial partners.”
