AFL premiers Geelong have posted a 2011 net profit of just over $1 million despite a five per cent drop in membership.
Geelong chief executive Brian Cook said the $1,018,713 profit went beyond the club’s budgeted profit by $459,428, with turnover growing by eight per cent to $48,438,196 and net assets increasing by 10 per cent to $10,954,182.
“Since 2005, the club has ploughed $12 million into Simonds Stadium and is the only club in the AFL that subsidises major capital improvements to their home ground,” Cook said on Tuesday.
“This is to increase stadium capacity and improve facilities, to help ensure the club’s long-term future in Geelong.
“We continued to invest in our football department, with costs totalling $18.8 million in 2011, an increase of $1.2 million or seven per cent.
“This is a strong financial result and again shows that we can succeed on the field at the same time as managing the business in a sound manner.
“In addition, a long-term elite partnership agreement was signed which will result in the creation of an exclusive training venue for the club within the Keystone Business Park in Armstrong Creek.”
The importance of football department spending continues to increase and has been labelled an “arms race” as clubs jostle for an edge in tactics, sports science and conditioning.
By way of comparison, the 10th-placed Western Bulldogs spent $14.7 million in 2011.
Cook said the five per cent drop in Geelong’s membership to 39,308 was disappointing during such a successful period that had included three flags in the past five seasons.
“The board and management continue to address the need to continue to maintain and grow membership levels with several key strategic plans developed to be implemented for the 2012 season and beyond,” Cook said.
“Operational costs throughout the business continue to rise each year, and the reduced stadium capacity in 2012 – given the anticipated undertaking of stage three of the Simonds Stadium redevelopment – will make next year a particularly challenging year financially.”
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