The Adelaide Football Club has tonight announced a statutory profit of $1.24m for the 2021 financial year.
With the pandemic continuing to impact all areas of operations, the result reflects a collective effort from everyone associated with the Club but in particular members, and corporate and hospitality partners, whose support has been steadfast.
Speaking at the Annual Members Meeting, Adelaide Chairman John Olsen said operating costs had also been well managed amidst the uncertain times, while highlighting a number of key contributors which underscored Adelaide’s financial stability. These included, but are not limited to, the following:
- Cash operating profit of $3.59m compared to a loss of $411,675 in 2020
- Statutory operating profit of $1.24m compared to last year’s loss of $2.84m
- A 25 percent increase in revenue to $48.11m
- Full investment in both men’s and women’s football programs
- Football-first approach solidified with sale of baseball and esports franchises
- Membership increased by 10 percent to 60,232
“To all our members and supporters we say thank you and with their passion and commitment, we are building towards a period of sustained success, both on and off the field,” Olsen said.
“We are privileged to have corporate partners, such as major sponsor Toyota, who have stood alongside us through yet another difficult year, and there is faith in the direction we are heading.
“We pride ourselves on the longevity of these partnerships and while acknowledging the need to be flexible, we are always seeking new and innovative ways to generate shared value.
“I would also like to acknowledge the efforts of our players, coaches and staff who continue to navigate the complexities of the pandemic and do so with a clear purpose and focus of prioritising others.”
Borrowings remained unchanged at $4.5m however Olsen said the Board and senior management were implementing a strategy to eradicate debt by 2025.
Olsen added the strength of the balance sheet is more important than ever as the Club looks to build a new world class training, administration and community facility.
“Ultimately, our top priority is winning games of football and we will invest with a view to ensuring our players, coaches and high performance staff have all that they need to deliver success,” he said.
“Establishing a state-of-the-art facility will also create a destination for our members and supporters where they can engage with the Club in a more meaningful manner.”
Adelaide CEO Tim Silvers said the Club is well placed to emerge stronger from the pandemic after having executed on key elements of its well thought out recovery plan.
“We are in the process of formulating a new strategic agenda and after forced and significant staffing cuts at the onset of the pandemic, we have begun re-building our resources in key areas, like the football, community and membership departments,” Silvers said.
“Not only do we want to deliver sustained on-field success with our men’s and women’s teams but we are also determined to give back to the South Australian community, while further strengthening our connection with members and supporters.”
