The Geelong Football Club has announced a profit of $4.7 million over the past year.
The strong result was underpinned by the club’s sale of The Brook gaming venue in Point Cook last November for a gain of $2.4 million.
Chief operating officer Simon Kelleher said the club was now debt-free and owed its strong position to loyal members and sponsors.
“Whilst our result was underpinned by the sale of The Brook gaming venue, we must acknowledge and thank the ongoing contribution of our Geelong Strong members in season 2021, in what was another disrupted and challenging year in being able to attend games of football” he said.
“We saw all areas of the club display great flexibility and agility in making significant changes to the way we operate. Those changes ensured we delivered an exceptional financial result in 2021, whilst the club was able to continue to perform at a high level on and off the field.
“The club is now debt free for the first time in decades and positioned to bounce out of COVID-19. Management have developed a clear strategy under new [chief executive] Steve Hocking for crowds to return in season 2022, kicking off with the AFLW season in January.”
The sale of The Brook was a significant milestone for the club, which no longer collects direct revenues from gambling.
Kelleher said the club was focused on identifying new opportunities to substitute gaming revenues, such as investment in health, fitness and hospitality industries, as well as the ongoing upgrade of GMHBA Stadium.
“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,” he said.
“In addition, management is developing the club’s 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 the club to remain the destination club for players, staff, members and our commercial partners.
“Whilst a challenging year financially, we increased our commitment in making a significant and meaningful difference in our community, and will again focus on our community impact in 2022 and beyond.
“Once again, 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 to achieve our goals in 2022, both on and off the field.”
The club revealed its operating revenues increased by one-third to $47.4 million over the year.
The club had 70,293 members in 2021 and received $11.7 million through sponsorship – a $1.6 million increase on 2020.
