The Western Bulldogs have completed the 2023 financial year with a total profit of $26,275,951 (2022: $5,188,421).
Included in the total profit is a surplus from redevelopment activities of $32,327,283 (2022: $3,824,564). The Club’s redevelopment activities, which began in 2018, have been separately identified in the financial report.
The financial result includes a loss from operations (before redevelopment activities) of $6,051,332 (2022: $1,363,857 profit) which comprises a legal judgement of damages and associated costs relating to the recent Supreme Court case involving the Club, totalling $7,430,490 (2022: Nil). The Club intends to appeal this judgement.
The Club’s underlying profit, before the legal judgement and associated costs, was $1,379,158 (2022: $1,363,857).
It is the Club’s 10th consecutive year of total profits, and its eighth consecutive year of total profits in excess of $1 million.
“Despite some challenges throughout this financial year, the Club worked hard to maintain a position of financial strength that has been built up over the last decade,” said Bulldogs’ CEO Ameet Bains.
“The redevelopment of the Whitten Oval precinct is a tangible example of the progression we’ve made, and we have been buoyed by the return of matches over the last few months, as well as the completion of several high-performance facilities.
“Next year will see the re-opening of the Whitten Stand and all it contains, which will be a truly significant milestone as we welcome our Bulldogs family and the wider community back to our home base.
“Despite the significant disappointment of not playing in the finals in the AFL and AFLW competitions, we achieved another year of record membership, with more than 56,000 Bulldogs supporters committing to the Club.
“This represents 11 percent growth from last year, and we’re pleased to be one of only five clubs to record double-digit growth.
“We wholeheartedly thank our loyal and passionate members for their continued support of our Club, and we look forward to having an even greater connection with them as we head into 2024.
“We saw our members and fans turn up in great numbers to watch our teams play in 2023, highlighted by 15 percent growth in average AFL home game attendances at Marvel Stadium and record total crowds in Ballarat.
“We received further commitment from some of our key partners throughout the year, including a five-year extension of our partnership with Mission Foods, as well as extending partnerships with CoinSpot, Victoria University, People’s Choice and McDonalds on long-term agreements.
“It was another strong year for the Western Bulldogs Community Foundation, which saw more than 3500 participants engage in our programs. We are also grateful to the State Government for committing to significant funding over the next four years to ensure the Foundation can continue its impactful work.
“We continue to be supported by a talented and a stable Board of Directors, led by President Kylie Watson-Wheeler, while our wonderful staff continue to extend themselves in pursuing success for our Club.
“We are bullish about our prospects for 2024, on and off the field, and we’re excited to share that journey with our members and fans.”
To download the Club’s 2023 Financial Report, click here.
The Club will hold its Annual General Meeting on Monday December 18, 2023.
Summary:
- Total revenue excluding redevelopment grant income of $52,422,913 (2022: $47,417,559).
- Underlying profit before redevelopment activities, and the Supreme Court legal judgement and associated costs of $1,379,158 (2022: $1,363,857).
- Statutory Profit of $26,275,951 (2022: $5,188,421).
- Membership record of 56,317 (2022: 50,941).
- Cash or cash equivalents on hand of $8,306,348 (2022: $29,292,366), including grants received in relation to redevelopment activities and unexpended grant income from community support programs conducted by the Western Bulldogs Community Foundation.
- Net assets of $88,507,090 (2022: $62,231,139).
