The Fremantle Football Club has posted a 2021 operating profit of $1.55 million, seeing a turnaround of more than $2.5 million after posting a loss of $1.07 million for 2020.
CEO Simon Garlick attributed the result to Fremantle’s member and corporate support base who continue to stand by the Club financially through the challenges of Covid-19.
“We are a very fortunate Club to have such passionate and committed members and partners,” Garlick said.
“Their support last year allowed us to mitigate the significant financial impact of playing our round 6 Len Hall Tribute Game to an empty Optus Stadium and our round 16 ‘home’ game being moved to the MCG.”
“This support, together with that of our co-major sponsors Woodside and Programmed, and the assistance of the Federal and State Governments, has ensured we remain debt free and unassisted by the AFL following the past two Covid-impacted seasons, with cash reserves of $3.82 million.
“These reserves include membership credits relating to our two lost home games, which does impact our 2022 cash flow, however it is a vastly better position than we were initially forecasting and gives us a strong financial base to build upon,” Garlick said.
Club revenue of $52.4 million for the year saw a 42 per cent increase on 2020, and included revenue generated from the historic 2021 Toyota AFL Grand Final played at Optus Stadium.
Despite still being below pre-pandemic revenue levels, it was a strong increase on 2020, given the 2021 season was still disrupted.
Fremantle continued its on-going support of the WA football ecosystem and broader community, with a WA Football Commission royalty payment of $1.91m, a financial contribution to the Club’s recently launched Purple Hands Foundation, and continued support of other community programs and partnerships.
Garlick highlighted the importance of the Club’s financial stability heading into the 2022 season.
“While we remain confident the 2022 season will go ahead as scheduled, the year does have the potential to present challenges as we navigate our way through the pandemic.
“Through on-field improvement, continued revenue growth and prudent financial management, our Club is strongly placed for the future,” Garlick said.