One-Eyed Richmond Forum
Football => Richmond Rant => Topic started by: WilliamPowell on November 24, 2020, 10:08:47 PM
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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
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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
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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
:clapping +1
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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
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Incredible.
I’ll almost guarantee Eddie’s boys will lose $1m+ and make excuses.
Not Richmond.
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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.
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I thought our financial year finished Oct 31?
If so, lot’s of merch sales will spill over into this year.
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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 $$ from GF merch in particular won't be as great, mainly IMHO because there doesn't seem to be as much of it as previous years.
Our result for 2021 will also be impacted on when we receive the promised govt funding for the redevelopment ;D
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Result helped along by Jobkeeper payments of about $10million
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I thought our financial year finished Oct 31?
If so, lot’s of merch sales will spill over into this year.
Yes financial year finishes 31 October
But I think Knighter is saying this year's result includes the extras from the 2019 flag
And like you are saying the 2021 result will be included in next year's figures.
But I reckon Knighters right the $$ 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 ;D
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
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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
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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.
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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.
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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.
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Amazing result. Credit to the Club :clapping. 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
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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.
All that was required for JobKeeper 1.0 was a forecast decline in turnover of 30% or more for a month or a quarter. Once you show that, you are eligible for the entire period from that particular month/quarter to the end of JobKeeper 1.0 (Sept). I have plenty of clients who had one bad month and qualified but recovered and was still collecting JobKeeper even though turnover had recovered. There was no way to implement a morally correct approach of not taking the money.
As for the person getting the $750 per week and his normal wage, that was not the intention of JobKeeper. He/she may have continued to get the normal wage but the expectation was that the employer would pocket the $750 as a subsidy toward wage costs (to keep them afloat having demonstrated a decline in turnover).
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JobKeeper program keeps AFL clubs above waterline as Tigers’ flag windfall takes serious hit
More than $10 million in JobKeeper funds and a premiership — usually a goldmine any given year — yet Richmond’s financial results reveal the harsh reality of COVID.
Jon Ralph
HeraldSun
December 4, 2020
Richmond says it took back-to-back premierships and more than $10 million in JobKeeper funds for the club to declare a “wafer-thin” profit this year.
Western Bulldogs president Peter Gordon lauded the Federal Government’s JobKeeper initiative for keeping businesses including AFL clubs alive during COVID lockdowns.
The Dogs were able to declare a fifth consecutive profit of $1 million this year, a $1.8 million surplus with JobKeeper allowing the club to keep on many of its staff during lockdown.
Richmond’s financial results included $10.8 million in JobKeeper payments across the football club and its range of businesses, but the club made only a $217,727 profit.
A handful of AFL rookies and low-paid players accessed JobKeeper through the AFL Players’ Association.
Customarily clubs in Richmond’s position are able to declare vast financial windfalls through ticket sales, prizemoney and merchandise sales.
The Tigers had declared profits in excess of $4 million in the previous two seasons.
Richmond boss Brendon Gale said the Tigers were pleased to keep their nose in front despite the sacrifices made in staffing and redundancies.
“We are $20 million down on our normal revenue and we were looking down the barrel of a multimillion-dollar loss,” he said.
“Things did improve and it took a premiership, which you can never budget for, to allow us to declare a wafer-thin surplus. But it was on the back of a $20 million revenue reduction and working with a skeleton staff.”
Gordon said of the JobKeeper program: “Holistically I am a man from the left side of politics but I have to admire the Scott Morrison government for JobKeeper. It was very important to AFL clubs just as it was to businesses right across Australia,” he said.
“My guess was the Dogs would record far and away the biggest loss in our history, in excess of $8 million and possibly $10 million.”
He told SEN the club had to stand down 70 people but eventually improved the club’s financial picture enough to make a profit.
https://www.heraldsun.com.au/sport/afl/news/jobkeeper-program-keeps-afl-clubs-above-waterline-as-tigers-flag-windfall-takes-serious-hit/news-story/5f029ca5f5e5fcea5affb29e9f7c7c87
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Collingwood made a loss of $1.8 million this year.
source: The Age.
Shows how well we've done to make a profit.
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Lol Collingwood
Suffer in ya jocks
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Swans have made a whopping $6 million loss :o.
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The footyindustry.com website has collated the 2020 financial results of AFL clubs (excluding Eagles, both SA & NSW clubs):
https://docs.google.com/spreadsheets/d/1XSt5rpLXo7jkAo-97o7z11ExhWOJqAzwKSaUH4zTOAE/edit#gid=0 (https://docs.google.com/spreadsheets/d/1XSt5rpLXo7jkAo-97o7z11ExhWOJqAzwKSaUH4zTOAE/edit#gid=0)
Richmond was:
#1 in total revenue .......... (we had the 2nd lowest % fall)
#1 in sponsors income
#1 in jobkeeper payments
#2 in membership income
#2 in footy dept. spending
#5 in highest profit ........................(only six clubs made a profit)
#7 in venue income
#8 in AFL distribution
http://www.footyindustry.com/?page_id=58789