The Western Bulldogs have announced a total profit of $1,801,370 for 2020.
The result, achieved in a coronavirus-impacted year, is the Club’s seventh consecutive year of total profits, and its fifth consecutive year of total profits in excess of $1 million.
The Bulldogs finished the financial year with net assets of $50,570,342 (up from $48,785,225 in 2019) and cash at hand of $9,090,832 (up from $7,893,272 in 2019).
The Club finalised the sale of its two gaming businesses in November after year end (Club Leeds in Footscray and The Peninsula Club in Dromana). The current year financial statements do not include any financial effect of that sale.
Likewise, the $36.6 million funding announcement by the State Government in November for Stage 2 of the Club’s redevelopment has not been accounted for in this year’s financials.
“2020 has been an extremely difficult year for everyone, and for the Club to emerge in a stronger financial position at year’s end is an outcome we’re delighted about,” said Bulldogs President Peter Gordon.
“We are grateful for the support of our Board, management and staff, our sponsors, members and fans, the AFL, and other key stakeholders in helping us achieve this result. I especially want to acknowledge the continuing support of the Andrews Government and also the important role the Federal Government played in ours and so many other businesses through its JobKeeper program in this difficult year.
“38,000 of our members stood by us this year despite not being able to attend any games and their loyalty played a significant role in the financial outcome we achieved. We understand the position of many other loyal members whose financial position did not allow them to extend their usual support in 2020, and we look forward to seeing you all back at the Club and at our men's and women's games in 2021, when the circumstances permit.
“The Club made many difficult decisions in 2020 to reset its cost base, including a full staff restructure and the implementation of numerous cost-saving efficiencies.
“We acknowledge and thank the staff and players who are no longer with us due to the forced restructure, for their service to our club. We are sorry for the effect many hard decisions we made, had on these people through no fault of their own.
“Despite a 2020 financial result which is significantly better than we first expected when the pandemic hit, we know that coronavirus could still have an impact on the Club into the future, and there could be further setbacks.
“We have undertaken a significant amount of planning for 2021, including considering a number of potential scenarios for the year ahead. This will be managed closely across the year to ensure we can again move quickly to make prudent financial decisions as required.
“Support from our members will be crucial to our financial prospects into the future.”
To download the Club’s 2020 Financial Report, click here.
The Club will hold its Annual General Meeting on Monday, December 21.
