The Port Adelaide Football Club has announced an operating profit of $2,006,030 for the financial year ending 31 October 2023.

Continued growth across core business revenues including commercial partnerships, membership, gate receipts, matchday hospitality and retail sales contributed to gross revenue increasing by $7.5m in 2023, to a total of $64.6m.

This growth enabled the Club to pay down a further $2.5m of debt, resulting in a total reduction of almost $8.5m in three years.

In addition, capital grant revenue associated with the Alberton Oval redevelopment of $15.631m was received, resulting in a consolidated profit of $15.574m.

The Club’s net asset position at the end of the 2023 financial year was $32.7m. This is an increase of $15.6m from $17.1m in 2022 and is a result of the strong debt reduction and capital investment in facilities at Alberton Oval.

The highlights of 2023 Port Adelaide's financial result:

• Core business revenue up 13 per cent to $57.5 million.
• $2.5 million in debt repayments (2022; $2.5m).
• Total assets of $61.8m (2022; $45.6m).
• Strong balance sheet with net assets of $32.7 million (2022; $17.1m).
• Capital grants recognised for facility development of $15.631m (2022; $3.554m).
• Resulting in a consolidated profit including grant revenue of $15.574m (2022; $7.018m consolidated profit).
• $30m Alberton Oval stage one facilities redevelopment nearing completion.

Port Adelaide Chairman David Koch credited the result to the loyalty and connection of Port Adelaide members, supporters, and commercial and community partners.

“This is another excellent financial result for our Club, and I want to particularly thank our record-breaking number of members for their continued support and commitment to their Club,” Mr. Koch said.

“In addition, gate receipts were strong across the season with over 100,000 game day tickets sold to our games in 2023, the highest number since the history making first year at Adelaide Oval in 2014.

“This is pleasing because it’s a clear indicator that our fan base is growing with strong demand for membership a highlight already for 2024.

“I’d also like to sincerely thank our commercial and community partners who provide wonderful support in helping us drive positive change in the community through our programs.  

“Building a financially strong organisation to underpin our football and growth agenda is critical to our long-term success.

“Ensuring our football programs are fully funded, and then providing our players, staff, members and, importantly, the broader community with world class facilities at Alberton Oval has been a clear focus and priority.

“We look forward to opening up the new MG High-Performance centre and redeveloped Allan Scott Headquarters to our members at our Family Day on 10^th February next year.”

The Club’s Board and Leadership team continues to focus on strengthening the Club balance sheet to build the long-term financial strength and sustainability of the Port Adelaide Football Club.

“Reducing debt (to a total of $3.8m as of 31 October 2023), combined with the redevelopment of Alberton Oval, means we can continue to accelerate the next phase of our strategy to build on the commercial assets and non-core revenue streams to underpin the financial strength of the Club into the future,” Mr Koch said.

The Port Adelaide Football Club will hold its Annual General Meeting on Friday, 9^th February 2024 at the new MG High-Performance Centre at Alberton Oval.