St Kilda Football Club has announced an operating profit of $1,246,930 for the financial year ending 31 October 2020, however after accounting for facility funding revenue, depreciation, amortisation and interest, the club made a statutory net loss of $963,106.
In a year like no other, the unwavering loyalty of the club’s record-breaking 48,775 members, the generosity and support of its’ partners led by Pepper Money, Deliveroo and Dare Iced Coffee, and Federal Government JobKeeper payments underpinned the result.
St Kilda’s operating profit was generated through strong growth in membership, merchandise and fundraising via the Saints Pledge campaign. Despite the majority of members receiving no access to their game-day entitlements, the club retained 98% of its 2020 membership base and saw an overall increase of 13% from the year prior.
Despite the operating profit, the club’s overall debt grew by $1,686,639 due to the decision to defer the first instalment of 2021 membership subscriptions by one month. As such $2.3m of cash normally generated in October has now been received in the 2021 financial year.
St Kilda CEO Matt Finnis thanked the club’s members, commercial partners and supporter groups for assisting the club minimise the potentially devastating financial impacts of COVID-19.
“In a year in which people were both financially and emotionally challenged, the generosity of our supporters grew. This is a testament to the passion and loyalty of St Kilda people,” Finnis said
“Thousands pledged their commitment, a significant number purchased memberships for those who could no longer afford it, while others donated additional funds to ensure the club survived one of the biggest challenges in its 147-year history.
“We are so grateful to our commercial partners for their remarkable support as well as our coteries and Foundation members who continue to generously invest in our club and help us shape the future.
“I am certain that this groundswell of support helped re-establish the momentum that led to our first finals appearance in nine years.
“Despite these positives, many difficult decisions were made to help the club navigate through the financial uncertainties of 2020, including standing down 70 per cent of our staff and a restructuring of the business.
“It was devastating to see so many hardworking people impacted, and we don’t discount the toll this had on them and their families.
“But the difficult decisions taken by the club in 2020 have been necessary to position the club for both success and sustainability moving forward.”
“In addition to improvements on the field, the recent announcement of the creation of the Danny Frawley Centre for Health & Wellbeing is another example of the exciting direction the club is headed.
“The combined $15.8m funding from the Federal and State Governments will allow us to build and deliver a host of facilities, services and programs which will support the physical and mental health of St Kilda people and the community alike for years to come.
“Despite the many hurdles of 2020, we look forward to continuing to find new ways to innovate our business that not only tackle our outstanding debt, but establish a strong foundation for success both on and off the field.”
A snapshot of St Kilda’s 2020 financial year:
- Operating profit before facility funding revenue, depreciation, amortisation and interest of $1,246,930
- Net statutory loss of $963,106
- Membership tally of 48,775
- Net asset position is $16,257,585
- Total debt is 13,827,105
St Kilda’s Annual Report is available here.
