Record membership drives Collingwood’s $5m profit

AFL club Collingwood has announced a net operating profit of more than $5.2 million on the back of record membership.

The Magpies announced a net profit of almost $16.4 million for the financial year ending October 31, which included development funding of $11.15 million.

Collingwood raised their year-on-year revenue by $2.6 million and lifted overall turnover above $75 million, with record membership exceeding 80,000 – a new club and AFL record.

“As per our promise to supporters, the profits will continue to be invested back into the club’s two key stakeholders, being the playing group and fans,” Collingwood chief executive Gary Pert said.

“This year, we invested an extra $600,000 into our membership services and an extra $1.3 million into our football department.

“The rest of the club profits are earmarked to help fund the new community facilities bordering our Westpac Centre training ground, which will require extra club funding of $15 million over the next three years.

“It has never been more important in Australian sport to be financially sustainable, to be able to determine our own future, retain our identity and protect our brand.”

Collingwood president Eddie McGuire praised the profit and said it was great work by the entire team.

“This is a great result for the club built on the outstanding support of our members and corporate partners, strong board level leadership and the efforts of a first-class administration,” McGuire said.

“The club’s strong financial position has allowed us to create the ultimate Collingwood vision of Australian sport’s best training and administrative complex, a facility that can hold its own against the best sports clubs around the world.

“We know that to provide our players, coaches and staff with the best facilities and opportunities to succeed in an increasingly difficult environment that we must remain financially healthy and independent.”

Stay informed, daily
A FREE subscription to The New Daily arrives every morning and evening.
The New Daily is a trusted source of national news and information and is provided free for all Australians. Read our editorial charter.
Copyright © 2024 The New Daily.
All rights reserved.