Bulldogs announce 2024 financial result

[Eastdog]

https://www.westernbulldogs.com.au/n...nancial-result

Bulldogs announce 2024 financial result
The Club reports net profit for year end.


For the year ended 31 October 2024, the Western Bulldogs have reported a total net profit of $14,901,280 (2023: $26,275,951).

Included in the total profit is a surplus from redevelopment activities of $17,149,750 (2023: $32,327,283).

The Club's redevelopment activities, now completed have been separately identified in the financial report.

The Club's underlying profit was $491,752 (2023: $2,374,573). This figure excludes the surplus from redevelopment activities, as well as depreciation, amortisation, and interest.

The decrease in profit compared to 2023 is primarily due to increased investment in football operations and expenditures on new facilities.

"This has been a momentous year for the Club as we completed our redevelopment and commenced a new era at Mission Whitten Oval," said Bulldogs CEO Ameet Bains.

"This new facility - which provides a wonderful point of connection for supporters, members and the local community in our spiritual home - has brought inevitable new costs but we are now in a position to realise its full potential as a venue.

"After thorough post-season reviews last year we have invested more heavily in both our football programs and seen tangible progress across the year. Our AFL team returned to finals with a compelling second half of the season and our AFLW team exceeded expectations with strong improvement as the season progressed.

Similarly, our state league teams excelled with our VFL team narrowly losing a Preliminary final and our VFLW team playing off in a Grand Final.

"We achieved a third consecutive year of record membership with over 62,000 signing up. On behalf of the Club, I would like to thank everyone for their ongoing faith in our Club and unwavering commitment to the Bulldogs cause.

"Attendances were also up, with our game against Essendon drawing the biggest Marvel Stadium crowd in over a decade and a 6% year-on-year increase in our reserved seat show rate throughout the season. Our fans also turned out in force at all three matches in Ballarat and at our W home games at Mission Whitten Oval, ensuring they were all spectacular occasions.

"On the commercial front we renewed partnerships with several key partners, including ASICS, Airport Toyota and the Victorian Responsible Gambling Foundation. We were also delighted that our home in Footscray became known as Mission Whitten Oval after Mission Foods extended their support of the Club to include venue naming rights for at least the next five years.

"Our Community Foundation continues to grow in size and scope, with more than 5000 people participating in their life-changing programs and more than 16,000 engaging with their activities across the western corridor of Melbourne and Victoria, helping to drive positive change in the region.

"We would also like to thank everyone who donated to our fundraising efforts throughout the year, including those who contributed to the $1m we raised through our 'Fight On. Forever in Footscray' Giving Day in August. Our Club's supporters have always dug deep to make us the best that we can be and those contributions will be vital to our ongoing success and sustainability.

"As we approach centenary celebrations for our entry to the VFL/AFL we are full of hope for what our Club can achieve in the next 100 years.

With strong foundations in place, excellent leadership from our Board of Directors led by President Kylie Watson-Wheeler and the diligent efforts of our staff and players across the organisation, we have high hopes for next season and beyond and look forward to sharing that journey with our members and fans."

Club President Kylie Watson-Wheeler added that the report reflected the ongoing health of the Club and acknowledged the efforts of its administration.

"We're proud of the financial position our Club is in and the strong foundation that has been built for the Western Bulldogs to thrive into the future," Watson-Wheeler said.

"I would like to thank our executive and staff who tirelessly give their all for the Club throughout the year and drive so many positive outcomes."

To download the Club's 2024 financial report, click here - https://resources.westernbulldogs.co...5-Approval.pdf

The Club will hold its Annual General Meeting on Wednesday December 18. 2024.

Summary:

1. Total revenue excluding redevelopment grant income of $59,450,653 (2023: $52,422,913).

2. Underlying profit before redevelopment activities, as well as depreciation, amortisation, interest, legal damages and costs of $491,752 (2023: $2,374,573).

3. Statutory Profit of $14,901,280 (2023: $26,275,951).

4. Membership record of 62,328 (2023: 56,317).

5. Cash or cash equivalents on hand of $5,110,929 (2023: $8,306,348), including grants received in relation to redevelopment activities and unexpended grant income from community support programs conducted by the Western Bulldogs Community Foundation.

6. Net assets of $103,408,370 (2023: $88,507,090).

[Grantysghost]

Hold on.....

We donated and they had a surplus ?!

When's this jumper with all the names on it coming too.... Hmmm.

[bulldogtragic]

Hold on.....

We donated and they had a surplus ?!

When's this jumper with all the names on it coming too.... Hmmm.

I need this explained to me.

[Grantysghost]

I need this explained to me.

Don't try to comprehend anything I post BT.

[bulldogtragic]

Don't try to comprehend anything I post BT.

Haven’t started yet.

[josie]

Does the consideration of legal damage include all of large payout for victim of Footscray club volunteer pedophile?

[Prince Imperial]

Does the consideration of legal damage include all of large payout for victim of Footscray club volunteer pedophile?

There was an accounting provision for this and our expected appeal expenses in the 2023 financial report. Of course cash will still need to be found if the club is not fully successful in the appeal

Disturbingly, 20(c) of this year's report refers to the club having received some legal claims this year which you would guess are likely to be alleged victims of the pedophile.

The stakes in the outcome of the club's appeal could barely be higher.

[azabob]

Hold on.....

We donated and they had a surplus ?!

When's this jumper with all the names on it coming too.... Hmmm.

I got an email from the club this week on what name I would like.

You did not?

[Grantysghost]

I got an email from the club this week on what name I would like.

You did not?

We can choose?

I'll going Bont's best mate

[Dogs 24/7]

Am I calculating this correctly?

Membership revenue for us was 9.57m and we have 62,000 members. That means the average spend on membership is $154.
That seems very low. Did the $1 deals late in the year that some members took advantage of skew the numbers or is it something else?

[Grantysghost]

Am I calculating this correctly?

Membership revenue for us was 9.57m and we have 62,000 members. That means the average spend on membership is $154.
That seems very low. Did the $1 deals late in the year that some members took advantage of skew the numbers or is it something else?

Be interesting to compare to other clubs

[Dogs 24/7]

Be interesting to compare to other clubs

I might have a look if other clubs have announced their results.

[Dogs 24/7]

I don't even balance the books at home so take this with a grain of salt but our numbers were the lowest of the other Melbourne based teams I check. Ideally an accountant of sorts would check this

Saints $178
Melbourne $196
Essendon $202
Hawthorn $162

So we are low but not significantly low.

I'm not sure if hospitality revenue should be added.

[Prince Imperial]

The Saints have put out their report and their average spend is greater than ours: $10.6m from 60k members (about $176 per member).

Bear in mind though they sell 11 home game Melbourne memberships and reserved seating packages at higher prices compared to our 9 game only equivalents. The majority of our members don't buy the Ballarat add on to make up for this.

This lowers our total membership revenue but of course due to government funding significantly increases our commercial partnership and match returns. We have a good lead in these categories compared to the Saints.

The $1 memberships would have lowered average member spend a fair bit I would think. Hopefully, a big chunk of these are paying full price this year and are not just canny Hawthorn fans who have cancelled.

[Prince Imperial]

I don't even balance the books at home so take this with a grain of salt but our numbers were the lowest of the other Melbourne based teams I check. Ideally an accountant of sorts would check this

Saints $178
Melbourne $196
Essendon $202
Hawthorn $162

So we are low but not significantly low.

I'm not sure if hospitality revenue should be added.

I'm no accountant but I would note that Melbourne's category also include fundraising so it's likely to be a fair bit lower.

Essendon sell a heap of highly priced seats and Marvel due to the size of their supporter base as well as Anzac Day.

All these clubs sell plenty of 11 game memberships even if they include replacement games which boosts their figures.