Financial Result 2020: Tigers make a $217,727 Profit

[WilliamPowell]

Richmond 2020 financial result

By Richmond Media - 1 hr ago

Richmond Football Club has announced an operating profit of $217,727 for the financial year ended 31 October.

Total revenue for the year was $74 million which represented a 20% decrease year-on-year.

Richmond President Peggy O’Neal said it had been a challenging year on and off the field in 2020.

“Club revenues were severely impacted by COVID,” O’Neal said.

“Most significant was the loss of gate receipt revenue and the reduction in AFL club distributions. Our subsidiary business – Aligned Leisure – was also impacted with its health and recreation facilities closed for large periods during the year,” O’Neal said.

“Unfortunately, the impact of COVID meant we had to restructure the Club, resulting in many redundancies. These were heart-breaking decisions. We wish each of those staff members the very best for the future and thank them for being an important part of our Club.

“Of course, it was the magnificent Tiger Army that was the cornerstone of the Club’s ability to withstand the financial impact of COVID. Our final membership number of 101,174 was simply remarkable and a tribute to their commitment and loyalty.

“Our sponsors have also stood firm with us during this most difficult of years. The willingness of our partners to work with the Club, to be flexible and innovative, has been the key to delivering shared value. We look forward to these partnerships flourishing long into the future.”

O’Neal said it was also important to recognize the important role the Richmond Institute has played to help fulfil the Board’s commitment to diversifying revenue streams.

“The Institute is a unique and innovative education offering that has expanded to regional Victoria. Its students numbered 316 this year, representing growth of 59% year-on-year,” O’Neal said.

“Richmond also remains fully invested in its social impact programming – it is at the heart of our purpose as a football club.

“The Korin Gamadji Institute, the Bachar Houli Foundation and our preferred charity partnership with the Alannah and Madeline Foundation are central to much of that work. It was a difficult year for these programs and partnerships as well, but they continued to find ways to reach young people and to improve lives.

https://www.richmondfc.com.au/news/837803/richmond-2020-financial-result

Link to Concise Financial Result
https://resources.richmondfc.com.au/aflc-rich/document/2020/11/24/a4594712-ffb2-46db-99dd-9f042d09c74e/Concise-Annual-Report-2020-RFC.pdf

[WilliamPowell]

This is an outstanding result

Some predicted that we would lose millions

Congrats to everyone at the Club; Peggy, The Board, Benny Gale and his Executive and all the staff

And to those who had to be let go because of this pandemic. Thank you for your efforts; they've been much appreciated

[Fluffy Tiger]

This is an outstanding result

Some predicted that we would lose millions

Congrats to everyone at the Club; Peggy, The Board, Benny Gale and his Executive and all the staff

And to those who had to be let go because of this pandemic. Thank you for your efforts; they've been much appreciated

  +1

[Andyy]

This is an outstanding result

Some predicted that we would lose millions

Congrats to everyone at the Club; Peggy, The Board, Benny Gale and his Executive and all the staff

And to those who had to be let go because of this pandemic. Thank you for your efforts; they've been much appreciated

I hope they have a foot in the door when the time comes to build on the staff again

[Hard Roar Tiger]

Incredible.

I’ll almost guarantee Eddie’s boys will lose $1m+ and make excuses.

Not Richmond.

[Knighter]

Great result but would have included all bonuses, merch etc from last years flag. We won’t get the same coin this time so we need crowds back to break even next year.

[Hard Roar Tiger]

I thought our financial year finished Oct 31?
If so, lot’s of merch sales will spill over into this year.

[WilliamPowell]

I thought our financial year finished Oct 31?
If so, lot’s of merch sales will spill over into this year.

Yes financial year finishes 31 October

But I think Knighter is saying this year's result includes the extras from the 2019 flag

And like you are saying the 2021 result will be included in next year's figures.

But I reckon Knighters right the $$ from GF merch in particular won't be as great, mainly IMHO because there doesn't seem to be as much of it as previous years.

Our result for 2021 will also be impacted on when we receive the promised govt funding for the redevelopment 

[Gracie]

Result helped along by Jobkeeper payments of about $10million

[Hard Roar Tiger]

I thought our financial year finished Oct 31?
If so, lot’s of merch sales will spill over into this year.

Yes financial year finishes 31 October

But I think Knighter is saying this year's result includes the extras from the 2019 flag

And like you are saying the 2021 result will be included in next year's figures.

But I reckon Knighters right the $$ from GF merch in particular won't be as great, mainly IMHO because there doesn't seem to be as much of it as previous years.

Our result for 2021 will also be impacted on when we receive the promised govt funding for the redevelopment 

All good. We’re on track to have crowds - while limited will be higher than this year!
I hadn’t appreciated the volume of job keeper payments - $10m? Wowee.

I reckon spend per visit will go up at the footy next year, less visits due to limited crowds but higher spend while people are there ..... we might also get higher gate receipts with reserved seating

[WilliamPowell]

Result helped along by Jobkeeper payments of about $10million

True to a point

But jobkeeper could only be used to cover payments to employees who were stood down

So it simple offsets payments made to staff

No jobkeeper and the business would likely not have incurred the costs so overall nett effect is break even

The full finanacials which I've received clearly sets out how the JObkeeper monies received have been aloocated

[Martin]

That's not correct.
To qualify for Jobkeeper your organisation's income simply had to be 30% or more down in one month, in the prescribed period and then you received payment for ALL employees (stood down or not, so they would have got it even for Gale) as long as they were employed as at I think it was March 1st. So they would have receieved $750 per week for 6 months for pretty much every employee in the club. If they retrenched or dismissed employees then the $750 stopped when that occurred.
So the $10M is a bonus and doesn't nett out and shows the state the club would have been in without it. What could be argued is the club may have cut harder or sooner if they didn't get JK, certainly not to the tune of $10M I wouldn't think, but not that it evens out.

[Gracie]

That's not correct.
To qualify for Jobkeeper your organisation's income simply had to be 30% or more down in one month, in the prescribed period and then you received payment for ALL employees (stood down or not, so they would have got it even for Gale) as long as they were employed as at I think it was March 1st. So they would have receieved $750 per week for 6 months for pretty much every employee in the club. If they retrenched or dismissed employees then the $750 stopped when that occurred.
So the $10M is a bonus and doesn't nett out and shows the state the club would have been in without it. What could be argued is the club may have cut harder or sooner if they didn't get JK, certainly not to the tune of $10M I wouldn't think, but not that it evens out.

Have a mate here that received the $750pw even though he was still getting his normal full wage as his job was unaffected. Tried all avenues to give the money back as he felt guilty but was told there was not any mechanism to give the money back.

[The Machine]

That's not correct.
To qualify for Jobkeeper your organisation's income simply had to be 30% or more down in one month, in the prescribed period and then you received payment for ALL employees (stood down or not, so they would have got it even for Gale) as long as they were employed as at I think it was March 1st. So they would have receieved $750 per week for 6 months for pretty much every employee in the club. If they retrenched or dismissed employees then the $750 stopped when that occurred.
So the $10M is a bonus and doesn't nett out and shows the state the club would have been in without it. What could be argued is the club may have cut harder or sooner if they didn't get JK, certainly not to the tune of $10M I wouldn't think, but not that it evens out.

Have a mate here that received the $750pw even though he was still getting his normal full wage as his job was unaffected. Tried all avenues to give the money back as he felt guilty but was told there was not any mechanism to give the money back.

If this is correct, the payroll officer has made a large error for the company!!
Business had to show a reduction of 30% for the quarter to qualify for JobKepper. After the initial 3 month period was over, you had to reapply. Not all business received the second round of JobKeeper funds. Business wishing to obtain the next and final allowance need to show a reduction of 30% to qualify. You don't automatically receive the full funds for the duration of the program.
Gracie- it is hard to fathom as error like this being achievable.

[mightytiges]

Amazing result. Credit to the Club  . Hopefully this encourages all Tiger supporters to sign-up again as members to keep us in the black next year.


ps. We would've received less prizemoney too for winning the flag this year compared to last year. Normally the premiers receive over a million dollars from the AFL.


This year's AFL premiers will take home considerably less prize-money because of the COVID-19 crisis.

The AFL said the money on offer was being reduced "to best reflect the current circumstances across the competition".

Before the pandemic, the 2020 premiers were set to take home $1.2 million in bonus payments, ...

https://wwos.nine.com.au/afl/afl-news-grand-final-prize-money-takes-a-hit-because-coronavirus/eeb30e09-5f87-4cae-a028-a422183360d9