Still a good effort considering how the team performed and that we don’t play at the MCG.
This tends to happen when you need to pay out a head coach and 2 CEO’s.
This club further proves why I shouldn’t be investing money into this club.
The absolute waste of money from poor organisational management is astounding.
If they were a for profit company, they’d have gone under 10 years ago.
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Idiots
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The financial result was poor, in line with on field results.
The notable item within the report was membership revenue (not net contribution). Membership revenue dropped ~$500K (~4%). This supports my contention that membership numbers actually declined from 86,000 to approx 81,000 and ~5,000 freebies were given to lapsed members in last two weeks to prop up the number. Thus further supported by the price freeze, indicating a decline in numbers correlated well with the decline in revenue.
Its focus is on field, ‘focus on football’. However, still no updates or details about the Windy Hill redevelopment which will require big investment. And member / fan engagement is poor and is partly responsible for falling membership in an era when Clubs are growing membership and our piers are nearing 100,000 and beyond.
A crap result in a crap year. Lots of work required to restore the businesses growth to enable it to keep investing in football and fund upcoming major investments at Windy Hill, then The Hangar.
A year to forget.
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Amount of money we have wasted last 5 years is nuts. More i get told of some things the more i pray Vozzo is different!!!
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Those costs were expensed in 2022 FY. Poor result this year driven by membership decline (-$600K) and decline in fundraising / government grants (-$1.8M) revenue.
The continued excuses you make for this club, is simply amusing.
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What a shock that the club is forcing auto renewals down everyone’s throat. Nobody wants to be associated with it anymore.
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For comparison, to show how far off the pace the Club is financially.
Richmond declared a $2.3M profit on revenue of $106M (EFC $73M). Richmond has cash reserves of $43.6M (EFC $6.0M).
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What was the Thorburn pay out?
No idea but that was in last years books.
No more ‘Membership freeze’ in 2024 by the looks of it.
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Pretty sure there upped the prices around 7%. They will be hoping for a strong start to recover the 5,000 lapsed members.
In truth though, they probably had about 10,000 lapsed members in 2023 given there’s almost certain to have been 4-5,000 rejoin from previous years / new members. So they have a bit of work to do here.
And tell us when we will be playing more games at the MCG. MCG venue hasn’t hurt Collingwood, Richmond, Hawthorn, Melbourne or Carlton (to a degree) financial results… The financial inducement (spin) to play home games at Marvel is utter rubbish.
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This is staggering. And not in a good way. Reflects poorly on current board and the Brasher-led regime before it.
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It’s a tad misleading though 
The $43.6M in the bank at Richmond is all going to their Punt Road redevelopment which we’ve already completed.
Better comparison is our total net assets are $50.7M (Richmond $43M). That said, they still generate about $10M more per year in revenue from their football operations (membership etc) and they have a $39M revenue contribution from its non footy businesses (Aligned Leisure). So it’s a much bigger and more diversified business. Essendon still relying on pokies and praying for rain (footy success).
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A crap result and a crap year… “A year to forget” is not making excuses.
Yeah all those points make sense.
The lack of diversification stands out to me. We haven’t been good in that area.
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True mate. It’s been dragging its feet for over a decade on developing a non footy business totally unrelated to on field fortunes. They’ve talked about land out the back of The Hangar for years! It now hurts the club to extent it has scaled back / delayed the evolution of Windy Hill capital investment etc.
The saga distracted it for years, now ‘focus on footy’ has distracted it. In truth though, it simply hasn’t been a focus area for the Club… And if it was a focus, they’ve achieved very little progress for all their efforts!
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The financials are presented at such a high level it’s impossible to really understand what has happened. Just looking at the Venues revenue and expenses it shows:
Venue revenue 2023 $14,798 Venue revenue 2022 $13,325
Venue expenses 2023 $11,851. Venue expenses 2022 $9,955
Profit 2023 $2,947 2022 $3,370
A decrease of $423,000? The truth is we will never know what is included or excluded in these figures.
The land at the back of the Hangar isn’t being developed any time soon. Not with any assured knowledge of how to use it.
The biggest difficulty is that it is Crown land which means it goes through different approval processes to normal Town Planning and also there are lux level restrictions to the area which limits its use a bit. This is why there’s no lighting on the MCG oval but there is on our Marvel oval.
Also, anything they do in that area will need to have some form of government funding applied to it. Not just the roads, infrastructure, etc but the use. They’d be aiming to provide some form of health service so that they can access government grants of some kind.
The focus is on Windy Hill. Then they’ll probably cycle back to that parcel of land. They just don’t have the resources to deal with both at the same time at the moment.