$217,727 Profit for year ending October 31st 2020

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sandeano

Premiership Player
Oct 7, 2001
3,053
1,395
Melbourne
AFL Club
Richmond
Other Teams
Space
Read About It

Richmond Football Club has announced an operating profit of $217,727 for the financial year ended 31 October.

Total revenue for the year was $74 million which represented a 20% decrease year-on-year.

Richmond President Peggy O’Neal said it had been a challenging year on and off the field in 2020.

“Club revenues were severely impacted by COVID,” O’Neal said.

“Most significant was the loss of gate receipt revenue and the reduction in AFL club distributions. Our subsidiary business – Aligned Leisure – was also impacted with its health and recreation facilities closed for large periods during the year,” O’Neal said.

“Unfortunately, the impact of COVID meant we had to restructure the Club, resulting in many redundancies. These were heart-breaking decisions. We wish each of those staff members the very best for the future and thank them for being an important part of our Club.

“Of course, it was the magnificent Tiger Army that was the cornerstone of the Club’s ability to withstand the financial impact of COVID. Our final membership number of 101,174 was simply remarkable and a tribute to their commitment and loyalty.

“Our sponsors have also stood firm with us during this most difficult of years. The willingness of our partners to work with the Club, to be flexible and innovative, has been the key to delivering shared value. We look forward to these partnerships flourishing long into the future.”

O’Neal said it was also important to recognize the important role the Richmond Institute has played to help fulfil the Board’s commitment to diversifying revenue streams.

“The Institute is a unique and innovative education offering that has expanded to regional Victoria. Its students numbered 316 this year, representing growth of 59% year-on-year,” O’Neal said.

“Richmond also remains fully invested in its social impact programming – it is at the heart of our purpose as a football club.

“The Korin Gamadji Institute, the Bachar Houli Foundation and our preferred charity partnership with the Alannah and Madeline Foundation are central to much of that work. It was a difficult year for these programs and partnerships as well, but they continued to find ways to reach young people and to improve lives. “
 

Nebular

Club Legend
Sep 18, 2011
1,038
3,621
Victoria
AFL Club
Richmond
Read About It

Richmond Football Club has announced an operating profit of $217,727 for the financial year ended 31 October.

Total revenue for the year was $74 million which represented a 20% decrease year-on-year.

Richmond President Peggy O’Neal said it had been a challenging year on and off the field in 2020.

“Club revenues were severely impacted by COVID,” O’Neal said.

“Most significant was the loss of gate receipt revenue and the reduction in AFL club distributions. Our subsidiary business – Aligned Leisure – was also impacted with its health and recreation facilities closed for large periods during the year,” O’Neal said.

“Unfortunately, the impact of COVID meant we had to restructure the Club, resulting in many redundancies. These were heart-breaking decisions. We wish each of those staff members the very best for the future and thank them for being an important part of our Club.

“Of course, it was the magnificent Tiger Army that was the cornerstone of the Club’s ability to withstand the financial impact of COVID. Our final membership number of 101,174 was simply remarkable and a tribute to their commitment and loyalty.

“Our sponsors have also stood firm with us during this most difficult of years. The willingness of our partners to work with the Club, to be flexible and innovative, has been the key to delivering shared value. We look forward to these partnerships flourishing long into the future.”

O’Neal said it was also important to recognize the important role the Richmond Institute has played to help fulfil the Board’s commitment to diversifying revenue streams.

“The Institute is a unique and innovative education offering that has expanded to regional Victoria. Its students numbered 316 this year, representing growth of 59% year-on-year,” O’Neal said.

“Richmond also remains fully invested in its social impact programming – it is at the heart of our purpose as a football club.

“The Korin Gamadji Institute, the Bachar Houli Foundation and our preferred charity partnership with the Alannah and Madeline Foundation are central to much of that work. It was a difficult year for these programs and partnerships as well, but they continued to find ways to reach young people and to improve lives. “
Not too bad considering the year we've all had to endure.
 

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A Bit Dusty

2017🏆2019🏆2020🏆
Oct 6, 2017
2,526
4,937
AFL Club
Richmond
Read About It

Richmond Football Club has announced an operating profit of $217,727 for the financial year ended 31 October.

Total revenue for the year was $74 million which represented a 20% decrease year-on-year.

Richmond President Peggy O’Neal said it had been a challenging year on and off the field in 2020.

“Club revenues were severely impacted by COVID,” O’Neal said.

“Most significant was the loss of gate receipt revenue and the reduction in AFL club distributions. Our subsidiary business – Aligned Leisure – was also impacted with its health and recreation facilities closed for large periods during the year,” O’Neal said.

“Unfortunately, the impact of COVID meant we had to restructure the Club, resulting in many redundancies. These were heart-breaking decisions. We wish each of those staff members the very best for the future and thank them for being an important part of our Club.

“Of course, it was the magnificent Tiger Army that was the cornerstone of the Club’s ability to withstand the financial impact of COVID. Our final membership number of 101,174 was simply remarkable and a tribute to their commitment and loyalty.

“Our sponsors have also stood firm with us during this most difficult of years. The willingness of our partners to work with the Club, to be flexible and innovative, has been the key to delivering shared value. We look forward to these partnerships flourishing long into the future.”

O’Neal said it was also important to recognize the important role the Richmond Institute has played to help fulfil the Board’s commitment to diversifying revenue streams.

“The Institute is a unique and innovative education offering that has expanded to regional Victoria. Its students numbered 316 this year, representing growth of 59% year-on-year,” O’Neal said.

“Richmond also remains fully invested in its social impact programming – it is at the heart of our purpose as a football club.

“The Korin Gamadji Institute, the Bachar Houli Foundation and our preferred charity partnership with the Alannah and Madeline Foundation are central to much of that work. It was a difficult year for these programs and partnerships as well, but they continued to find ways to reach young people and to improve lives. “
We are the best run club is Australia on and off the field it makes me proud to be a Member :thumbsu:
 

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DeLaCon

Senior List
Nov 15, 2019
257
905
AFL Club
Richmond
Im amazed by this result. I thought we would be facing a multi million dollar loss.

I feel terribly sad for all those who lost their job at the club and for those who took salary cuts. The players took big cuts too.

Overall Brendon Gale and his team managed to generate a terrific result from the worst business circumstances imaginable. Well done to them all.
 

axel2cotch2lids

All Australian
Aug 3, 2008
628
685
Lounge Room
AFL Club
Richmond
Other Teams
Man City, Victory, Hertha Berlin
11.4M in government grants last year - 10.8M was JobKeeper even though we had the means to pay it ourselves from our cash holdings - not sure what I think of this - but i guess every organisation would gave done it. I have one query looking at a 12.9M payment(s) that we made towards investments (I thought we were supposed to be tightening our belts?) I am going to question this at the AGM as to what this 12.9M payment actually was at this point i am guessing the leisure centers.
 

tora tora tora

Norm Smith Medallist
Jul 3, 2008
7,479
13,034
eastern-most tiger in the nation
AFL Club
Richmond
Other Teams
Abers
Despite operating cost before profit - $100,000 kebab - what a club!
Kebab gate didn't affect the overall financial performance of the club. It probably cost a staff position or 2. Which is always sad but I'm not dwelling on that. RFC has been fortunate to have huge membership which generates employment, and the women's footy teams have generated jobs. Overall the AFL looks like it has got through COVID OK. Initially, and for once Richmond has been at the top of the tree during tumult. We know what it's like to be at the bottom during expansion.
I hope everyone keeps membership up. Even if they change to a cheaper option. Keep the club as strong as possible, hopefully the boys have the desire for a couple more flags
 

Bojangles17

Hall of Famer
May 17, 2004
33,883
41,390
Punt Rd ‘17? ‘19?
AFL Club
Richmond
11.4M in government grants last year - 10.8M was JobKeeper even though we had the means to pay it ourselves from our cash holdings - not sure what I think of this - but i guess every organisation would gave done it. I have one query looking at a 12.9M payment(s) that we made towards investments (I thought we were supposed to be tightening our belts?) I am going to question this at the AGM as to what this 12.9M payment actually was at this point i am guessing the leisure centers.
Speculating without looking at the detail , I’m thinking cash was pulled and placed into investment funds as it now stands as
Cash 16mn
Investment 11mn
 

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