Crows record $1m profit as big Thebarton HQ bill looms

The Adelaide Football Club has posted a $1 million profit and a nearly 5 per cent increase in revenue as it prepares to foot a significant bill for its new Thebarton Oval headquarters.

Mar 06, 2024, updated Mar 06, 2024
Crows Chairman John Olsen addressing supporters at the Annual Members Meeting. Photo: Adelaide Football Club

Crows Chairman John Olsen addressing supporters at the Annual Members Meeting. Photo: Adelaide Football Club

Crows chairman John Olsen reported the $1.072 million profit for the year ending October 31, 2023, at the club’s annual general meeting on Tuesday night.

The profit – a third successive for the club – came off the back of a 4.6 per cent increase in revenue to $46.4 million.

The Crows posted a $2.63 million statutory profit in 2021/22 on top of a $1.24 million profit in 2020/21.

Club membership also increased 8.6 per cent to 68,536 – a club record.

Olsen said the club was in a debt-free position ahead of work commencing on its new headquarters at Thebarton Oval.

The Crows chairman and former Premier has already flagged that the club will need to take on a $20 million loan to fund the project, which initially cost around $80 to $85 million but has since blown out to more than $100 million.

“We are embarking upon the biggest undertaking in the Club’s history – building a $100m training, administration and community facility – and we have always stated we must do so without threatening our long-term viability,” Olsen said in a statement.

“Importantly, ongoing growth has also allowed us to fully invest in our football programs against the industry parameters.”

Olsen said last month that the Crows “cannot afford” more delays on the Thebarton project, which met significant local opposition over concerns about the loss of trees and community space.

The state and federal governments are contributing $30 million to the project, while West Torrens Council is chipping in $11.26 million for the broader Thebarton Oval precinct.

The state government has committed a further $10 million for community space upgrades.

The Crows’ latest Thebarton plans are currently out to a third round of public consultation on the PlanSA website.

Meanwhile, media personality Graeme Goodings has been re-elected for a second term on the club’s board, winning 72.4 per cent of the members’ vote against fellow candidate Tracy Smart.

Olsen also announced on Tuesday that club-appointed director Warren Randall has resigned from the board.

Randall, the proprietor and managing director of Seppeltsfield Wines, had been on the club’s board for nearly four years.

“Like all Directors, Warren has volunteered considerable time, and the Club is better for his passion and sharp business mind, and his contribution is greatly appreciated,” Olsen said.

Olsen’s tenure on the board was extended last night, as were fellow board-appointed directors Linda Fellows, Shanti Berggren, Kate Ellis and Stephen Roche.

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