For the eighth time in nine years, North Melbourne has recorded a profit.
The club recorded a net operating profit of $470,046, while again reducing the club’s overall debt by a further $400,000 in the last financial year.
Managing Director and CEO Carl Dilena said North Melbourne was in a strong financial position.
“We are very pleased to post yet another profit in the past financial year,” Dilena told NMFC.com.au.
“We are fully aware we operate in a really challenging financial environment, so our staff deserve a massive amount of gratitude for their hard work and dedication in helping us record this result.
“In 2016, we saw an increase in total revenue to $38 million, thanks to the growth in gate receipts, membership and merchandise sales.
“We’ve also continued to increase our investment in our football department, ensuring that we give our players every chance to succeed in the years ahead.”
North remains as the only Victorian-based AFL club to not rely on revenue from pokies and gambling.
Dilena also paid tribute to outgoing Chairman James Brayshaw, saying his leadership was pivotal to the club’s current financial position.
“During James’ chairmanship, we saw a turnaround in the club’s fortunes and we owe him a great deal for the work he put in behind the scenes during his nine years as Chairman of the Board,” Dilena said.
“Since James took over, we’ve doubled our membership from 22,000 to a record 45,000 plus, as well as doubling our sponsorship revenue, allowing us to invest heavily in growing our workforce. We of course played in five finals series in those nine years, including two Preliminary Finals in 2014 and 2015.”
Under Brayshaw, North built its elite training facilities at Arden St, returned the club to a ‘member-based club’, established The Huddle and its leading community programs, as well as the significant debt reduction seen under his watch.
Key points – 2015/16
- Net operating profit of $470,046
- Football Department expenditure increase of $496,000
- Reduction of debt by a further $400,000 to $1.25 million
- Revenue of $38m, an increase of $1.09 million on 2014/15
- Gambling and pokies revenue $0