Off the back of strong performances both on and off the field in 2022, the Gold Coast SUNS Football Club has today lodged its 2022 financial result.
In a positive sign for the direction of the football club, the club achieved an Operating Profit before Depreciation, Amortisation, and Interest of $1.26million for the year ending October 31st, 2022.
The club will report an overall statutory loss of $2.6million, primarily due to a lease modification in relation to Metricon Stadium which the club manages on behalf of the AFL. (Further information is provided below.)
In 2022, the club was able to significantly increase revenues by 17%, with eight new partners joining the SUNS portfolio and a 112% increase across membership, ticketing and match day revenues.
A large reason for that growth was due to the support of the club’s members. The SUNS experiencing, the third consecutive year of membership growth, culminating in an all-time record of 21,422 members.
Support for the SUNS from the Gold Coast community continues to go from strength to strength, with the football club witnessing 84% growth in its membership base since 2017. This growth is underpinned by the continued rise in AFL participation at all levels across the Gold Coast region, a key pillar of the AFL’s overall strategy.
Corporate Hospitality reached new heights in 2022 including a record three sell-outs across the final four home matches.
Importantly, the club was also able to repay all debt incurred during the Covid pandemic by repaying $400,000 to the AFL.
Gold Coast SUNS Chairman Tony Cochrane praised the efforts of many involved with the club for their united approach in creating such positive results off the field, after what had been a challenging two years.
“We’ve achieved so many good results in 2022 and it’s a credit to all those involved with striving to chase down ambitious targets as part of our overall club strategy. As a club we have great stability and leadership both on and off the field, providing us with a great platform for even more in 2023.” Cochrane said.
“Great results come off the back of great support and I’d like to take this opportunity to thank our Corporate Partners, the AFL, AFL Queensland and all of our local AFL community clubs for their tremendous work in supporting the SUNS and growing the AFL on the Gold Coast.
“A special thank you must go to our members, whose support has been unwavering throughout the past couple of years, and I was thrilled that our teams were able to provide them with some memorable experiences in 2022.”
Chief Executive Mark Evans vindicated the club’s growing results and ambitions.
“There is still a number of challenges ahead in the coming years, but we are confident we have now laid a platform to deliver success and even more growth of the sport, not only in our primary Gold Coast region but also in North Queensland and Darwin,” Evans said.
“As a football club, we look forward to tackling 2023, head on.”
Part of the 2022 financial result includes a lease modification of $12.4m in relation to Metricon Stadium, which the Club manages for the AFL, who hold the Head Lease with Stadiums Queensland.
The lease modification has resulted in additional lease amortisation of $1.25m and additional lease interest of $0.76m in 2022, thereby resulting in a cumulative increase in expenses of $2.01m for 2022.
Key Information from 2022
- Both AFL and AFLW programs experienced the club’s best on field results
- Third consecutive year of Membership growth culminating in record 21,422 Members
- Club revenues reached a new record high - up 17% YOY
- 112% YOY Increase in Membership, Attendance and Match Day Revenues
- Eight new commercial partners join the SUNS portfolio.
- Queensland breaks it’s record for highest ever overall AFL registered participants across all programs. – 23% increase since 2017