After cutting its netball squad, Collingwood makes a significant profit in the AFL in 2023.
Despite discontinuing its Super Netball franchise in the middle of the 2023 AFL season due to financial worries, Collingwood reported a massive profit for the season.
On Thursday, the AFL premiership-winning Magpies announced a $7.57 million net profit for the year that concluded on October 31. They also achieved a record-breaking 106,470 club members.
It follows the club’s decision not to renew its Super Netball license in May, citing the club’s netball program’s unviability and blaming Netball Australia for its “challenges” with profitability and transparency.
Collingwood’s exit from the eight-team competition led to the SEN-backed Melbourne Mavericks entering ahead of the 2024 season.
Magpies president Jeff Browne thanked the club’s members and supporters for their dedication as he acknowledged the role the AFL flag had played in their financial result.
“Over the last couple of years, we have gone through a significant amount of positive changes which has culminated in AFL Premiership success – it is important to note that while the Grand Final has had a positive impact on the club’s financial result, we aspire to ensure our club is financially strong no matter our on-field results,” Browne said.
“This strong financial position will allow us to continue to invest more in the following key pillars of our club; our elite men’s and women’s football programs, our facilities and our community programs – the Magpie Nest program which currently has 43 houses while Magpies Nest cafe has served over 120,000 meals this year – and as a club, we will place greater focus on growing multicultural and Barrawarn Indigenous programs.
“A strong financial position also enables us to continue to upgrade our facilities to ensure they are at the forefront of the competition and allow our men and women athletes to be at their best on and off the field.”
Collingwood chief executive Craig Kelly said in May the decision to exit Super Netball had “weighed heavily” on the club’s leadership.
“As a club, we are tasked with continuing to deliver growth across all areas of Collingwood and ultimately, the review, which analysed key aspects of the club’s netball program and that of the governing body, determined that the program is not sustainable,” Kelly said.
“To be clear, while we are exiting netball, Collingwood remains absolutely committed to growing, investing in and developing women athletes through our AFLW and VFLW programs.”