Official Club Stuff 2025 Annual Reports

[The_Wookie]

afl report has been out for weeks

 

[The Educator]

Well, there you go then

Interesting they have dropped the 10 year summary table

Looking at the revenue table, the New TV deal has seen the "Broadcasting and AFL Media" account increase from $460 million to 531 million ($71M increase).

The biggest driver ($96M) was the increase in Commercial operations from $466M to $556M which listed as the drivers "greater returns from sponsorship, Lumen8, wageringand licensing, improved returns from Marvel Stadium and otherconsumer related revenues including Membership, MembershipShared Services and Corporate Hospitality"


In terms of the TV deal, taking the 531 as the cash amount, the implication is the cash would be inflated at 5.28% a year over the deal. I suspect, more likely, the inflater is closer to 4.5 (I think this is consistent with analysis RussellEbertHandball did at the time) and there is a small bump (eg $24M) for when Tasmania come in and they move to 24 games


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Tassie Bump





Note that the TV revenue for the NRL is part of an item called "licencing" which also includes wagering which has apparently continued to grow and was cited as $50M in 2023 as well as merchandising. If we generously suggest these combined for $70M last year than that would mean TV right for the NRL was $450M in 2025 of which $36M was contra. More realistically, I would suggest $400M cash plus $36M contra

Note that the benchmark for the NRL's next TV deal when compared to the AFL is somewhere between $690M and $695M a year which is what it will be getting from 2028 to 2031

 

[Bjo187]

Note that the benchmark for the NRL's next TV deal when compared to the AFL is somewhere between $690M and $695M a year which is what it will be getting from 2028 to 2031

This is what I've said, they've already lost out significantly being 3 years behind but also even if they announce that they match the AFL deal, they will still technically be behind because the AFL deal will have paid less initially and more later.

You'd think it's therefore almost impossible to match those later years for them. I'm sure Peter and his media mates will find a way to sell it as a win anyway, but it will be hard for them to get close I think in today's TV landscape.

 

[The_Wookie]

AFL Concise Report

 

[The_Wookie]

Also note that in addition to the AFLs 230m cash holdings they hold a 70m Business Continuity Reserve. They are also required to have a certain level of cash, as the league has 150m draw facility (currently fully available).

 

[The_Wookie]

 

[RussellEbertHandball]

Well, there you go then

Interesting they have dropped the 10 year summary table

Looking at the revenue table, the New TV deal has seen the "Broadcasting and AFL Media" account increase from $460 million to 531 million ($71M increase).

The biggest driver ($96M) was the increase in Commercial operations from $466M to $556M which listed as the drivers "greater returns from sponsorship, Lumen8, wageringand licensing, improved returns from Marvel Stadium and otherconsumer related revenues including Membership, MembershipShared Services and Corporate Hospitality"


In terms of the TV deal, taking the 531 as the cash amount, the implication is the cash would be inflated at 5.28% a year over the deal. I suspect, more likely, the inflater is closer to 4.5 (I think this is consistent with analysis RussellEbertHandball did at the time) and there is a small bump (eg $24M) for when Tasmania come in and they move to 24 games


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Tassie Bump

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Note that the TV revenue for the NRL is part of an item called "licencing" which also includes wagering which has apparently continued to grow and was cited as $50M in 2023 as well as merchandising. If we generously suggest these combined for $70M last year than that would mean TV right for the NRL was $450M in 2025 of which $36M was contra. More realistically, I would suggest $400M cash plus $36M contra

Note that the benchmark for the NRL's next TV deal when compared to the AFL is somewhere between $690M and $695M a year which is what it will be getting from 2028 to 2031

This is what I worked out when the deal was signed in September 2022.

7 made their ASX announcement about a 14% bump in 2025 over 2024 and then a 3.6% compounding increase. I applied that to Foxtel / News Corp component as Jack Niall of The Age said that the deal was basically paid 35% by 7 and 65% by Foxtel/News Corp. The numbers worked if Foxtel had a 15% bump in 2025 and then a 4.6% compounding increase.

At the time I expected Telstra to pay a separate amount for streaming services, so I guessed about a 40% up lift, but since then I have realised that Telstra were cut out of streaming rights sometime in 2023 and its the Foxtel/Kayo group that have these rights so the Telstra component in the spreadsheet I did below probably goes down and the Foxtel component increases by the same amount. The Jack Niall comment of 35% by 7 and 65% by Foxtel/News Corp also was a big part of my Telstra Calculation as I figured he meant Telstra was a port of Foxtel/News Corp 65% as Foxtel was owned 65% News Corp and 35% Telstra.

The 35% of the $4.114bil cash component below is $1.440bil and I have the 7 cash component at $1.441bil.

My $55m contra deal calculation is based on the reported 2015 media stories that the contra deal for 6 seasons covering 2017-2022 was worth $200m or $33m per year. Also when the 2023-24 extensions were reported in late 2020, a few months after 2020-2022 were adjusted downward for Covid, the media reports were that the total deal was worth $946m and the cash component was $880m - so the balance was contra. So I assumed about a 50% increase so that the numbers fitted as it was reported the cash component was somewhere between $4.1b and $4.2b. McLachlan at the announcement said it was north of $4bil.

I don't know why there is such large discrepancy between what media reports of the value of the contra advertising is and what the AFL runs thru its Profit and Loss. Its only a book entry so if they want to manipulate it, they can.

In my 2025 cash component I calculated $524.93m and the 2025 AFL annual report says Broadcast and Media revenue was $530.766m. That includes radio rights and any international TV rights.

So I'm pretty confident about my cash and contra calculations.

The 6.852% figure is just an annual compounding growth figure of the cash component over 7 season 2025-31 starting from $447m cash received in 2024.




Edit a cut and paste from The_Wookie's graphics in the post above this one, for AFL Broadcast and Media Revenue for 2023, 2024 and 2025 shows my calculations in the spreadsheet above are close to the mark given there is also radio rights and international TV rights $$$ in the AFL's total. I probably have overstated the 2025 cash component.

It also confirms the AFL in their annual accounts, excessively understate the value of advertising contra amounts as per the total amounts signed in the current and previous TV/Media deals. Why?? PR Spin and to look good, I reckon.

 

[The_Wookie]