The Bulldogs completed the financial year ended 31 October 2021, with a total statutory profit of $6,472,376.
This includes a profit from continuing Club operations (before Redevelopment Activities) of $1,635,835, a profit from discontinued operations (including the gain on the sale of gaming operations) of $3,982,867, and a current year surplus relating to Redevelopment Activities of $853,674.
It is the Club’s eighth consecutive year of total profits, and its sixth consecutive year of total profits in excess of $1 million.
The Club finished the financial year with net assets of $57,042,718 (up from $50,570,342 in 2020) and cash on hand of $24,439,706 (up from $9,090,832 in 2020).
Both the current year surplus relating to the Whitten Oval Redevelopment Activities, and the cash on hand at year end, are both influenced by the timing of the receipt of previously announced State Government grants towards the redevelopment.
The Bulldogs’ financial result was underpinned by the men’s team reaching the AFL Grand Final in 2021, along with the support of its partners, members, philanthropic donors, the AFL and other key stakeholders.
The Bulldogs’ increasing financial strength and strong cash position comes at a time when it is about to embark on the next significant stage of the Whitten Oval precinct redevelopment project and will need to make its own significant capital contribution.
Since 2018, redevelopment activities have been separately identified in our financial reporting due to significant grants the Club has obtained and/or planned for.
As the Club’s redevelopment activities continue into 2021 and future years, the Club’s financial report will continue to separately identify revenue and expenses arising from redevelopment projects.
In 2021, the surplus from redevelopment activities was $853,674 (2020: $36,955 deficit) which included income from State Government grants of $988,954 in relation to the Whitten Oval precinct redevelopment, offset by non-capitalised costs of $135,280.
During the year, the Club completed the sale of its gaming activities, recording a one-off gain on the sale of $4,001,230.
“2021 was another difficult year for everyone as the COVID-19 pandemic continued to pose challenges. Despite this, we’re thrilled to have emerged in a stronger financial position as an organisation,” said Bulldogs’ CEO Ameet Bains.
“We collectively made some tough decisions at the end of 2020 to not only survive the enormous financial challenge we were facing, but to plan for what this year could look like, given the uncertainty we faced.
“The Club is extremely grateful to those who continue to show enormous faith in us, led by the unwavering support of our members. More than 46,000 pledged their allegiance in 2021, despite the uncertainty and challenges with attending matches in Melbourne.
“Our sponsors and partners, coterie groups and philanthropic donors have also played a critical role in achieving this result, as has the tireless work of our Board of Directors and our administration team.
“It’s an incredibly exciting time for the Club, with stage two of our redevelopment commencing. The hard work put in by our entire Club over the last decade has put us in a position to realise the dream of reimagining the Whitten Oval precinct for our four elite teams and the community of the west.
“However, we know there is plenty of work ahead of us, so we’re determined to keep the momentum going. The ongoing support of all our key stakeholders remains critical as we move into the future and heighten our ambitions of what the Club is capable of achieving.”
The Club will hold its Annual General Meeting virtually on Wednesday, 22 December 2021 at 5pm.