The West Australian Football Commission announced its financial result for the 2019 season at its Annual General Meeting tonight, Thursday, February 27.
This included a profit of $4.57m, driven by extraordinary one-off benefits and charges arising from the WAFC’s agreement with the State Government upon handing over the lease to Subiaco Oval.
These one-off transactions included:
- the removal of WAFC debt
- loss on three investment properties
- a provision for repayment of rent received in advance from the West Coast Eagles as a tenant at Subiaco Oval
- the proceeds from the sale of Subiaco Oval assets
Financially, handing over of the Subiaco Oval lease was a turning point, as the WA Football Commission no longer carries the overhead costs of the stadium.
Before the impact of one-off accounting adjustments, the WAFC had a profit of $0.802m including a royalty surplus of $1.292m. Once removing the benefit of the surplus, the WAFC had an effective operating loss of $0.490m in 2019.
Some of the circumstances that impacted on the operating loss included:
- The relocation of the WAFC offices to Tuart College
- An increased investment in Talent Programs with the launch of the new Futures(16s) program
- Investment in launching the WAFL Women’s competition and ongoing operational costs
- Additional investment and staffing support for servicing country football
- Increased investment in Umpiring development
- Cost associated with finalising all agreements with the State, football stakeholders, and establishing the WAFC’s new constitution
- WAFC operating now in a mainly fixed revenue model.
WAFC CEO Gavin Taylor said that whilst there had been a focus on working through a challenging financial period in 2019, whilst continuing to drive strategic reform, there was a number significant achievements across WA Football throughout the year.
“A new Women’s State League competition was launched to complete the female talent pathway, the West Coast Eagles entered a stand-alone team in the WAFL, we won our first AFL National 18s Championship in a decade, and 30 WA players were added to AFL and AFLW lists via the Draft,” he said.
“We also saw community football club participation increase by 3.5%, which was the highest since 2015, and overall participation grow by 1.5% to more than 346,000, with female participation reaching 109,647. Importantly we also had growth in the male youth segment for the third consecutive year."
“Thanks to all of the WA football stakeholders including the AFL clubs, WAFL and community clubs, players, umpires, officials, our staff and volunteers on making 2019 another successful season.”
“I would especially like to acknowledge the contribution made by our two AFL Clubs to WA Football. Contributing $6.9M to WA football highlights the value and importance of having a truly connected and aligned football economy that ensures football in WA remains the key sport that connects and enhances communities right across WA.”
“I would also like to acknowledge the AFL and the West Australian Government through the Department of Local Government, Sport and Cultural Industries for their ongoing investment into WA football and the significant community benefits it delivers.”
DOWNLOAD: 2019 Annual Report