The Adelaide Football Club has announced it is debt free after finishing the 2022 financial year in a strong off-field position.
It is a significant step forward after the pandemic-related disruptions of recent seasons, with the Club eradicating borrowings two years ahead of schedule as it strengthens its balance sheet, while working towards establishing a new training and administration facility.
The Crows recorded a statutory profit of $2.63m for the financial year ending October 31, 2022, which was underpinned by unwavering support from members and fans, along with corporate and hospitality partners.
At tonight’s Annual Members Meeting, Crows Chairman John Olsen sincerely thanked the Club’s members, supporters and commercial partners and detailed the key factors behind the financial performance which include:
- Cash operating profit of $5.35m compared to $3.58m the previous year
- A 14 percent increase in revenue to $55m
- Growth across membership, ticketing, sponsorship and hospitality areas
- Full investment in both men’s and women’s football programs
- Membership increased 5 percent to a near record 63,099
“Our Club exists for its members and supporters and we are immensely grateful for their passion and loyalty, and their willingness to stay the course through the highs and lows that come with competing in a tough competition like the AFL,” Olsen said.
“We will continue to invest in our football operations and give our players, coaches and high-performance staff the right resources and facilities to consistently win games, play finals and build sustained on-field success.
“Debt peaked at $6m during Covid-19 and to be able to clear that well ahead of schedule has required careful management of operating costs and a collective effort from all involved.
“While our financial performance is encouraging, we are about to take on further and substantial borrowings to build our new headquarters, with the project of utmost importance to our Club’s future on many levels.
“Importantly, we were still able to increase investment in our community outreach programs over the past year.
“These initiatives continue to make a significant impact on the lives of South Australian children and youth, particularly those facing challenges in education, health and inclusion.”
Crows CEO Tim Silvers said there was a solid foundation from which to embark on a new era in the Club’s history guided by a recently developed strategy, encompassing a football-first focus and greater engagement with everyone in the Crows family.
“There has been encouraging progress with our men’s squad, while our SANFL team and dominant AFLW side, which now has three premierships, have featured prominently in finals last season,” Silvers said.
“We have a great deal to achieve over the next five years and none is more important than establishing a new headquarters.
“It plays an integral role in our ability to deliver on other priority objectives, albeit the Club’s greatest strength is and always will be our passionate member and fan base, and people-first culture.”
