Geelong was compensated by the State Government over Joel Selwood Stand delay

Geelong is tightlipped over the amount of compensation it received over the delayed Joel Selwood Stand, with the president admitting it cost a golden opportunity to cash in on a flag.

Geelong Football Club was “appropriately compensated” by the State Government for the delayed construction of the Joel Selwood Stand, members have been told at the Cats’ annual general meeting.

However, the Cats and the government have remained tight-lipped on how much was received.

The new stand is due to be open for Round 1 of the 2024 AFL season, nearly 12 months after it was initially meant to be completed.

At the club’s annual general meeting on Tuesday night, the club’s chief financial officer Simon Kelleher told members stage five of the project was due to be completed by June this year.

He said the club had been “appropriately compensated” for the delay by the government.

With a limited capacity to just 25,012, the club was down on home crowds this season.

Spokespeople for both the government and the Cats told the Geelong Advertiser the figure would remain confidential.

However, the financial impact was “partially offset” by compensation from the Kardinia Park Stadium Trust, a recent club financial report has revealed.

Club president Craig Drummond added on Tuesday night that the club “missed a bit of an opportunity to capitalise” following the 2022 premiership.

Geelong legend Joel Selwood with Kardinia Park Stadium Trust chief executive Gerard Griffin. Picture: Alison Wyd.

“I think the team, the executive, have done a phenomenal job to produce the results they have against that sort of background,” Drummond told members.

“It’s a notable achievement while GMHBA Stadium remained under construction during season 2023.

“Your club remains profitable, debt-free and with a more diverse stream of non-football income than ever before.

“There has been very substantial progress and the stadium will be well and truly ready for Round 1.”

The club returned a net profit of $760,000 for the final year to October 31, according to a recent financial report.

Kelleher said a record membership of 82,155, a league-leading AFLW membership and a record 86,595 at its Round 1 home game against Collingwood – the club’s second highest in history – had contributed to a strong financial year.

“It is a pleasing financial result,” Kelleher said.

“We are building our balance sheet to prepare for what is to come, this includes a refresh of our high performance facilities during season 2024.”

Originally published as Geelong was compensated by the State Government over Joel Selwood Stand delay