The Adelaide Football Club has achieved a major milestone after announcing that it has become debt-free after finishing the 2022 financial year in a strong financial position. The club was able to pay off its borrowings two years ahead of schedule, which is a significant step forward after the pandemic-related disruptions of recent seasons. The club recorded a statutory profit of $2.63 million for the financial year ending October 31, 2022, which was largely due to unwavering support from members and fans, as well as corporate and hospitality partners.
At the Annual Members Meeting, Crows Chairman John Olsen thanked the club’s members, supporters, and commercial partners for their contributions and outlined the key factors behind the financial performance, which included a cash operating profit of $5.35 million, compared to $3.58 million the previous year, a 14% increase in revenue to $55 million, growth across the membership, ticketing, sponsorship, and hospitality areas, and a full investment in both the men’s and women’s football programs.
The club’s CEO, Tim Silvers, stated that there was a solid foundation in place to embark on a new era in the club’s history guided by a recently developed strategy. The strategy encompasses a football-first focus and greater engagement with everyone in the Crows family, as well as a new headquarters project. The club’s new headquarters will play an integral role in delivering on other priority objectives, but the club’s greatest strength is and always will be its passionate members and fans, and its people-first culture.
