Melbourne Football Club has announced a $3.5m operating profit for the year ending 31 October 2022.
A key summary of the result and the Club’s position for the year is as follows:
- Operating profit of $3.5m – a $1.4m (67%) increase on 2021;
- Revenue of $55.0m – an increase of $12.0m (28%) from 2021. The growth included a $3.7m increase in corporate income, a $3.5m increase in match receipts, and a $2.2m increase in membership income.
- Total assets of $39.6m (2021: $37.6m) and net assets of $27.4m (2021: $24.7m). The strong Balance Sheet position is underpinned by the sale of the Bentleigh Club land asset ($23.7m), cash reserves of $12.5m and no debt.
Melbourne CEO Gary Pert said the Club’s off-field position has never been stronger.
“2022 was another year of great growth for the Club,” said Pert.
“Our operating profit of $3.5m was driven by strong revenue growth across all aspects of our business.
“This result could not have been achieved without our members and supporters. A record 66,484 dedicated Demons signed up in 2022, and we welcomed back 425,000 supporters to our home games at the MCG. To all our members and supporters thank you for living the Demon Spirit by signing up and showing up.
“The Club also completed its exit from the gaming industry, with the Bentleigh Club closure in August. The land sale settled in early November for $23.7m. The Club has established a Future Fund with the proceeds of sale, with the purpose of the Future Fund to underpin the long-term financial sustainability of the Club.
“With record membership, a full suite of commercial partners, cash and investment assets exceeding $36m, no debt, and healthy profits, Melbourne members and supporters can be proud that the Club is in its strongest ever off-field position.
“The off-field results complement another strong year on the field, with the highlight being the inaugural AFLW premiership secured by our women’s team. Our AFLW team were also Grand Finalists during Season 6, whilst our men finished the home and away season second on the ladder and our VFL team, Casey Demons, won the VFL premiership.”
The Melbourne Football Club Annual General Meeting will be held in February 2023.
To download a copy of the Financial Report please click here.