The Western Bulldogs have announced a total profit of $2,980,693 for 2019.
It is the Club’s sixth consecutive year of total profits, and its fourth consecutive year of total profits in excess of $1 million.
The Club finished the financial year with net assets of $48,785,225 (up from $45,804,532 in 2018) and cash at hand of $7,893,272.
The Bulldogs achieved its profit in a year in which the Club also significantly increased football department spending. Revenue growth was assisted by membership sales, match receipts and corporate hospitality and events.
The Club’s two home games in Ballarat were strongly supported, and its average home game attendance at Marvel Stadium also grew significantly, to over 30,000.
BULLDOGS TO EXIT GAMING INDUSTRY
“This is another financial result which will strengthen the Club’s off-field position and help us invest in our future,” said Bulldogs President Peter Gordon.
“Our management and staff have done a tremendous job to enable us to invest more in football, in the Whitten Oval, and into our community, as well as to get out of gaming. I am especially proud of the continued great work done this year by the Western Bulldogs Community Foundation.
“We are entering an exciting new phase with the redevelopment of the Whitten Oval precinct, and we will continue our work to ensure we can deliver on our master plan.”
The Club recently executed an agreement to sell its two gaming businesses (Peninsula Club in Dromana and Club Leeds in Footscray), with the sale process expected to be complete in early 2020 upon finalisation of regulatory requirements.
The current year financial statements do not include gains attributable to the sale of the gaming businesses.
“The sale of the gaming operations has already created some new revenues in 2020 and will also provide significant capital to the Club which can be redeployed in other areas of operations and in the redevelopment of the VU Whitten Oval. Breaking free of gaming is a financial challenge for a club like ours but it’s not impossible, and it can be done financially prudently.” Mr Gordon said.
“The Club has been preparing since 2016 for its exit from the gaming industry. The key challenge now is to build our financial resilience without gaming. That means we have to replace the gaming income with revenues from healthier enterprises.
“Bulldogs people who support this change and who believe in what the Club stands for on the field and in the community need to show that support by committing to membership of the Bulldogs. We punch above our weight and we persevere. That’s what it means to be a Bulldog.”
READ THE FULL FINANCIAL REPORT FOR 2019
