St Kilda Football Club is pleased to confirm a series of positive financial results in publishing its 2021 Annual Report, headlined by a $4.3m reduction in club debt.

The club achieved an operating profit of $3.6m for the financial year ending 31 October 2021, however after accounting for facility funding revenue, depreciation, amortisation and interest, the club reported a statutory profit of $12.8m. 

The net assets of the club increased to $29m ($16.2m in 2020) largely due to the ongoing infrastructure works progressing at RSEA Park.  

St Kilda Chief Executive Officer Matt Finnis said the Club’s financial gains had been made possible via record-breaking membership growth for the second consecutive year, strong growth in commercial revenues and generous donor support combined with cost base reductions made in response to the COVID-19 pandemic.  

While the pressures and hardships of COVID-19 continued to be felt in 2021, our focus remained on executing our rebound strategy to emerge in a stronger position than when we first entered it,” Finnis said.

“The continued loyalty of our members throughout yet another challenging year of lockdowns and limited game access has been a key driving force behind our debt reduction and positive financial outcomes. 

“We are incredibly grateful for the ongoing faith shown by not only our members, but our commercial partners for their support, as well as our coterie groups and Foundation supporters, who continue to generously invest in our future.  

“Thanks to each of these groups, the club is forecasting a further substantial debt reduction in 2022, as part of a concerted effort to rid our club of historical debt and rebuild balance sheet strength.    

“Separately, we acknowledge the substantial investment from the Commonwealth and Victorian Governments who have supported the Club’s vision to create a legacy club and community asset in the form of the Danny Frawley Centre for Health & Wellbeing.

“The development of the Danny Frawley Centre will be a key driver of the future sustainability of St Kilda and will help connect the community via integrated physical and mental health facilities and programs.   

“I have full confidence that its impact on the community, St Kilda people and past players will be immediate, and we look forward to opening the doors of the centre in early 2022. 

“We are hopeful for a less disrupted year in 2022 and cannot wait to reconnect with our loyal members and partners back at our homes of RSEA Park and Marvel Stadium.” 

Key elements of the club’s 2021 financial results:  

  • The club reduced its debt by a record $4,264,806, reducing overall debt to $9,562,300.
  • The club operating profit before facility funding revenue, depreciation, amortisation and interest of $3,593,640 (2020: $1,246,930) and an overall statutory net profit of $12,809,844. 
  • The club generated $42,599,271 in operating revenues at the same time as reducing its reliance on AFL funding – St Kilda’s variable distribution decreasing by $1.1m in comparison with 2019 levels. 
  • The net assets of the club increased to $29,067,424 from $16,257,585 in 2020. 
  • The club has recorded a second consecutive year of record memberships with 55,832 members in 2021, representing 14% growth on the 2020 tally of 48,775.