Collingwood has announced a $1.8 million total net loss in a massive hit from the COVID-affected 2020 campaign.
For the financial year to the end of October, the club recorded an operating profit before depreciation and amortisation of $1 million.
The AFL season was reduced, games were shortened and tickets were significantly slashed in an unprecedented year for clubs both on the field and financially.
The Magpies confirmed a total revenue drop of $25 million, down 35 per cent from $73 million in 2019.
The club suffered a halving a membership and match day revenue, down from $31 million the previous year.
They were able to retain cash reserves of over $8 million and hold a net asset position of around $43 million.
The Pies have announced an operating profit before depreciation and amortisation of $1 million for the financial year ending October 31, 2020, with the final declared statutory result being a net loss of $1.8 million.
— Collingwood FC (@CollingwoodFC) December 16, 2020
Magpies CEO Mark Anderson thanked the club's 76,931 members for their loyalty and unwavering support.
“That we were able to withstand the impact of COVID-19 and remain financially independent and strong says so much about the loyalty and commitment of the members,” he said in a statement on collingwoodfc.com.au.
“Everyone did it hard in 2020 but our members, facing their own challenges with the pandemic, found ways to stay true and inspire us all with their support. We are incredibly grateful and appreciative of the deep connection our members and fans have with their club. Membership clearly remains our greatest strength.
“Even so, we had to restructure our business and with a heavy heart let go of some very good people from our football and netball programs and from the administration. It is not overstating things to say that we were able to minimise the scale of our restructure - basically, save jobs - due to this strength.
“This, in turn, has allowed us to continue to provide the best possible environments for our athletes to develop and succeed.
“The staunch backing of our numerous premier partners was also critical. I want to thank in particular Emirates Airline, La Trobe Financial, CGU and our community partner Coles for working with us to continue to find shared value and, at times, reimagining our important relationships.
“A tribute to the many individuals and members who donated to the club in this year of need must also be made. The generosity, from so many, was exceptional and touching.
“It was a year for doing things differently. The struggles and losses we all experienced hurt but I am immensely proud of the fact that, together, Collingwood and many of its people came through. We survived 2020. We are in a position to thrive in 2021.”
It comes after Eddie McGuire announced earlier this week he would leave his post as Collingwood president at the end of 2021.
