2023 has seen a significant reshaping at the Essendon Football Club, as the Bombers committed more to our Football Programs and Membership benefits, both key pillars of our Club purpose.
This has led to the Club announcing an operating loss of $579,777 for the financial year ending October 31, 2023.
The main factors contributing to the 2023 result were a significant net increase in Football Department expenditure of $0.76 million and a membership price freeze for the 2023 season, which when combined with escalating costs, resulted in a reduction of the Club’s net financial contribution from our membership program by $0.77 million.
Pleasingly, the club's cash profit of $3.52 million is consistent with the prior year’s result, once adjusted for ‘fundraising, grants, depreciation and amortisation’ and is reflective of the significant change the Club has undertaken in the past 12 months.
The Club saw more than a million fans attend Essendon games in 2023, underpinned by record membership and club engagement which resulted in an increase in match receipts and stadium revenues of $0.86 million.
The Club would like to thank its incredible members for their loyalty and support despite a challenging economic environment. The strength of the Essendon Football Club is founded on the loyalty of our members.
The Club would also like to acknowledge the important contribution of the 2023 commercial partners including its AFL co-major partners - Amart Furniture, Fujitsu General Australia and its AFLW co-major partner, Toyota Material Handling Australia.
Importantly, Essendon remains in a strong financial position and is budgeting for healthy growth across the business in 2024.
Essendon CEO Craig Vozzo thanked the Essendon Community for its unwavering support over the past 12 months.
"The Club has gone through a significant reset, and we are well placed for growth as a business. Importantly, we remain financially independent and bank-debt free,” Vozzo said.
"On behalf of the entire Club, I would like to thank our dedicated and committed members, supporters, commercial partners, corporate groups, staff, volunteers and the broader Essendon Community for their support this year.
“The economic environment has been challenging, with inflationary pressure increasing our Club expenditure. Positively, the strength of our members and supporters saw record crowds at our games in 2023, which lead to a significant increase in match receipts.
“The Club implemented a membership prize freeze off the back of the 2022 season which was both appropriate and has financially benefitted members during the year, but this price freeze did negatively impact our net financial membership position from a year-on-year perspective.
"Our next period of growth must be built on the foundations of stability and alignment and our drive to bring success back to Essendon. This extends across the whole Club, and we are excited about the hard work and opportunity ahead of us."
The 2023 Essendon Football Club Annual General Meeting (AGM) will be held at the Essendonians Function Centre, The NEC Hangar, 32 Watson Drive, Melbourne Airport on Monday 18 December 2023 at 6.30 pm.zz
To read the 2023 Annual Report, please click here.
