The Adelaide Football Club has tonight reported a cash operating profit of $3,828,935 (2017: $3,432,052) for the 2018 financial year.
The fourth-straight year of growth can be attributed to ongoing improvements and refinements across the organisation, as well as strong support from corporate partners and record membership.
It has allowed the Club to fully eradicate its debt, while increasing investment in both the men’s and women’s football programs in line with AFL-imposed limits.
Crows Chairman Rob Chapman spoke at the Club’s Annual Members Meeting and outlined strong performance across a number of key off-field indicators including:
Record membership, corporate and coterie support
Record revenue of $56.06m
Paid down $1.2m to now be debt free
Expansion of schools program Growing with Gratitude
Delivery of high-quality community programs including multicultural initiatives
Growing media platform with live broadcast and video production focus
Acquisition of Adelaide Bite baseball team
Further development of the Club’s esports and video gaming platforms
The Crows also continue to be a major contributor to the State’s football economy, with payments to the SANFL and South Australian Government.
Taking into consideration abnormal and non-cash items, the Club’s statutory profit was $1,506,002 (2017: $648,715) with this figure including depreciation and a donation to the Crows Children’s Foundation.
Chapman said Members and fans should take comfort that their Club is in a very healthy position.
So for the layman, are we in a good position financially, and if so, what does this mean moving forward? I.e. does extra money now get funneled into development, or gameday experience, or..... ? What does debt free mean in practical terms. How would/should we be using this money that would have been going into debt? Do we need to invest it somewhere?
Fwiw, my wife is a senior accountant and I have a tendency to glaze over when she starts talking about work stuff, so please keep it veerry simple.
Actually really interested to know what it all means.