The GIANTS have released their 2022 financial results. The club reported a 2022 operating loss of $1.5m before interest, depreciation and government grant funding.
The financial result reflected a variety of factors with ongoing market issues associated with Covid; consumer market challenges impacting attendances; two AFLW seasons falling within the one financial year; and a decline in AFL team performance and associated revenues.
GIANTS Chairman, Tony Shepherd AO, said the market issues were reflected by the lag effect experienced by many major events in Sydney at the outset of the 2022 season with normal attendance behaviours still impacted following two seasons where the club was out of home markets.
“We have had three challenging years. We had established a strong trajectory on major metrics by the end of 2019, the year we made the AFL Grand Final. Since that time, our financial results have been primarily affected by Covid including significant periods of absence from our Canberra and Sydney markets and ongoing impacts across 2022.”
Despite these challenges, in 2022 the GIANTS set a new membership record of 32,614 members, breaking the club’s all-time membership record and surpassing 30,000 members for the fourth consecutive season. The club secured a ten-year extension to its partnership with the ACT Government and added or extended a host of key commercial partnerships, including the likes of Harvey Norman, Western Sydney University, and Brydens Lawyers.
“Looking ahead, we are optimistic about 2023. We have re-set our men’s football program under Head Coach Adam Kingsley following our disappointing performance in 2022 which came off the back of playing finals five out of the six years prior.
“We are also collaborating strongly with the AFL to increase investment in both marketing and consumer strategies to restore revenues and stimulate growth. Our membership tally has already surpassed 23,000 – up 16 per cent on this time last year – as we look to once again move beyond 30,000 members in 2023.
“In the coming months, capital works will commence on a significant upgrade of the club’s training and administration facility – the VALO Community Centre - which will directly benefit all three of our elite programs in addition to the broader Western Sydney community.”
