The Sydney Swans Football Club has announced a statutory net profit of $54,598 for the year ended 31 October 2021.
The club recorded a standard operating profit of $2,308,667 prior to the inclusion of $2,254,069 of expenses relating to the Swans HQ development at the Royal Hall of Industries (tender costs, rent and depreciation).
The COVID-19 pandemic and related public health measures in both NSW and Victoria significantly impacted the AFL industry and the club’s operating model, most notably resulting in the final three home games of the season being relocated to GMHBA Stadium, Marvel Stadium and Metricon Stadium.
Despite the challenges faced in recent seasons, the club was able to repay the loan incurred to the AFL during 2020 and is debt free as of 31 October 2021.
The improved financial position places the club in a strong position to thrive from the COVID-19 pandemic and have sustained success on and off field in season 2022 and beyond.
Sydney Swans CEO Tom Harley said he was proud in the manner the club had stabilised and reset despite the challenges faced over the last two seasons.
“It has been a significant achievement to turnaround a heavy financial loss incurred in 2020, to post a profit in 2021 while clearing all debts to the AFL,” Harley said.
“It has been genuine team effort to get to this point, but one led by the unwavering support of our Swans members and that of our partners.
“To all 50,144 members who have supported the club through this challenging period, we thank you.
“We thoroughly believe that the Swans experience is better as a member, and we will deliver on that promise to all our members in 2022 as we welcome them back into the stands.
“The support of our corporate partners through this time has been steadfast. At a time when all businesses have faced their own challenges, our partners led by principal partner QBE and major partners realestate.com.au and Volkswagen have provided enormous support and made this reset possible.
“While rebounding in a financial capacity, 2021 was a landmark year that saw the club win an AFLW licence to field an inaugural elite women’s team, while also re-enlivening the Swans HQ development at the Royal Hall of Industries.
“These were significant, historic events and the realising of a new team and a new home in 2022 will ensure it is one of the most significant periods in the club’s history.
“At the onset of the pandemic, Chairman Andrew Pridham outlined a three-phased approach to tackle the challenges. Survive. Reset. Thrive.
“I feel confident that the reset is nearing completion and that 2022 and beyond will see the Sydney Swans thrive,” Harley said.
Key items contributing to the financial outcome include:
- Operating revenue increasing year-on-year by 39% to $42.5 million
- 50,144 Swans members
- Sponsorship and hospitality revenue of $15.2m [up from $10.8m in 2020]
- Depreciation and amortisation expense of $2.0 million (inclusive of the lease commenced at the Royal Hall of Industries during 2021)
- Strong on-field performance highlighted by a return to finals football for the first time since 2018.
