WAFC reports bumper financial year
The WA Football Commission has reported a surplus of $4.2 million for last year after resetting its financial model in response to the Covid outbreak in 2020.
And the football body has a war chest of more than $21 million in cash to help it prepare for another challenging season. The remarkable result was published in the WAFC financial statements released at the annual general meeting last week.
Chairman Wayne Martin recognised the higher royalties from the two local AFL clubs as one of the keys to the bumper year. The clubs paid $5.7 million in royalties, nearly triple the amount paid in 2020.
“We maintained a strong focus on managing our cost base and maximising revenue opportunities in
FY21 in order to support all segments of football,” Martin said in the WAFC annual report.
“As a result, the WAFC recorded a net surplus of $4,256,322 for the year ended 31 October 2021.
“Continued support from our commercial partners, along with significant royalty revenue from our two AFL clubs, elevated WAFC revenue back to near pre-COVID levels.”
Martin predicted the large cash balance, which includes $4 million allocated to various reserves, might be needed to help finance the sport this year.
“There is no room for complacency,” Martin said.
“This year may be every bit as challenging as 2020, at all levels, including financial, as COVID inevitably spreads through our community.
“The FY21 result places us in a strong position should we need to draw on cash reserves to fund operations in 2022.
“Prudent financial management, and the best interests of all sectors of our game, require us to hold substantial funds in reserve against the uncertainties which we continue to face.”
The statements revealed that West Perth repaid $50,000 of the $254,000 borrowed from the commission to help them stay afloat in 2018 while Peel chipped away at their long-term WAFL debt by repaying $13,375. The Thunder still owe $63,750.