2024 Annual Report - Suns Terminate Venue Management Agreement

[The_Wookie]

The Gold Coast Suns have reported a comprehensive profit of $5.918m for 2024 on revenue of $63.294m, and with total equity of 0.092m.




Report to be uploaded shortly - or its on ASIC now for $49 if you want to get it yourself.

The Suns operated Carrara on behalf of the AFL. It appears the Suns have given up the management rights they had at Carrara, indicating the AFL now do this directly or theyve possibly been returned to Stadiums Queensland. Probably wont know for sure until the AFL report in March. Hence the 7.579m attributed to "derecognition of stadium lease obligation".

 

[Jen2310]

Is that good or bad, re: the venue lease termination?

 

[Ben Drever]

The Gold Coast Suns have reported a comprehensive profit of $5.918m for 2024 on revenue of $63.294m, and with total equity of 0.092m.

View attachment 2193524
View attachment 2193525

Report to be uploaded shortly - or its on ASIC now for $49 if you want to get it yourself.

The Suns operated Carrara on behalf of the AFL. It appears the Suns have given up the management rights they had at Carrara, indicating the AFL now do this directly or theyve possibly been returned to Stadiums Queensland. Probably wont know for sure until the AFL report in March. Hence the 7.579m attributed to "derecognition of stadium lease obligation".

View attachment 2193522

So we made a profit of 5.9million
But gave up a stadium for 7.5million

So really without losing the stadium and the 1 off payment, we would have been minus 1.6million?

 

[SaadyArmy]

[emoji6][emoji[emoji6][emoji6]][emoji[emoji6][emoji6]][emoji6]" data-quote="Ben Drever" data-source="post: 0" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch">

So we made a profit of [emoji6].[emoji[emoji6][emoji6]]million
But gave up a stadium for [emoji[emoji6]].[emoji6]million

So really without losing the stadium and the off payment, we would have been minus .[emoji6]million?

Most clubs don’t make an annual profit


Sent from my iPhone using BigFooty.com

 

[GC2015]

So we made a profit of 5.9million
But gave up a stadium for 7.5million

So really without losing the stadium and the 1 off payment, we would have been minus 1.6million?

Seems that way, but the next question I have is how much did we spend on maintaining the stadium over the last financial year? If we spent, say, $2 million maintaining the stadium then that implies we would have made a $400k profit for the year. I do remember reading in the past that we were spending a lot on maintaining the stadium and it wasn't producing as much revenue as we had hoped through events we were holding in the summer months. Also, we know the new Gold Coast Arena in Southport is coming in the next few years and that will probably take away a fair bit of our ability to attract concerts in the off season.

At least the club can focus solely on football now instead of trying so hard to break even financially because of the stadium maintenance costs. Time will tell how much of an impact it will make.

 

[robo_1]

Anymore information on the stadium hardback deal?