THE CARLTON Football Club is today pleased to announce a net operating surplus of $34,639 for 2020.
This break-even operating result has contributed to a statutory net profit position of $3,651,912 for the year ended 31 October 2020.
Despite operating revenues declining by over 36 per cent due to the COVID-19 pandemic, the overwhelming and record-breaking support of Carlton members and many other stakeholders, means the Club will not require additional financial assistance from the AFL, nor has the Club had to increase its debt position.
Even though most members were unable to attend any games this year, the Blues’ membership base grew by four per cent to reach a record-high 67,035 members, in what is a clear sign of the Carlton faithful’s strong belief in the Club’s direction.
This outstanding show of faith contributed to the Club almost doubling its cash position to $11.8 million (up from $6 million in 2019), placing the Club in a strong position to launch into 2021 full of momentum, as well as bringing its historic redevelopment of Ikon Park to life.
There was also continued growth year-on-year through the non-traditional revenue streams of Carlton IN Business and the Carlton College of Sport, while the Club’s commercial partners were profound in their support throughout the entire year.
Carlton CEO Cain Liddle said the Club’s ability to not only handle the financial challenges of this year but to now be in a position to propel out of them with confidence, is a testament to everyone associated with the football club.
“Given the incredible challenges which faced our club throughout this year, to be able to announce a break-even position in 2020 is a result every Carlton person should be incredibly proud of,” Liddle said.
“At one stage it seemed inevitable that we would require financial assistance from the AFL, however our members stepped up like never before to ensure the Carlton Football Club has remained financially independent and maintained our off-field strength. Of equal importance, we significantly improved our cash position and did not require access to any further debt.
“Thanks largely to our members, we are now in a position to accelerate into 2021 at full speed to ensure our off-field position continues to improve, our Master Plan can come to life and we can continue our relentless pursuit towards sustained high performance across every facet of our football club.
“I would also like to make significant mention of our President Mark LoGiudice and our Board for their tireless work throughout the year. Their continued focus on our 10 key targets, contained within our strategic plan, allowed us to navigate the many challenges of 2020, whilst maintaining a razor-sharp focus on our strategic priorities. The continued support from the Board also enabled us to go into both the men’s and the women’s trade periods with great confidence that we could be an aggressive player and use every possible financial lever available to us to improve our football programs.
“In closing I want to make special mention of our players, our coaches and our staff. No one at Carlton was spared the financial impact of COVID-19. Huge sacrifices were made, salaries were cut, players and staff spent months away from their families living in hubs and many other staff were stood down for the best part of six months.
Unfortunately, we also had to bid farewell to almost 30 per cent of our workforce, who had their roles made redundant as a result of the financial implications of COVID-19. To those staff who did depart through 2020, we offer our sincerest thanks for the many years of service you provided our club and our members, and we wish you the very best for the future.”