AFL 2023: Collingwood records huge profit after axeing netball team

Collingwood has revealed its financial results for the 2023 season, adding intrigue to a shock decision on one of its professional teams.

Collingwood posted a net profit of $7.57m for the financial year ending October 31. Picture: Dylan Burns / Getty Images

Collingwood has posted a huge profit for the 2023 AFL season despite axeing its Super Netball team mid-year over concerns for its financial sustainability.

The Magpies on Thursday declared a net profit of $7.57 million for the year ending October 31 after winning the AFL premiership and reaching a league record 106,470 club members.

It comes after the club chose not to renew its Super Netball licence in May, blaming Netball Australia’s “challenges” in terms of profitability and transparency and deeming the club’s netball program no longer viable.

Collingwood’s exit from the eight-team competition led to the SEN-backed Melbourne Mavericks entering ahead of the 2024 season.

Diamonds shooter Sophie Garbin played for Collingwood before the club opted not to renew its Super Netball licence ahead of the 2024 season. Picture: Steve Bell / Getty Images

Magpies president Jeff Browne thanked the club’s members and supporters for their dedication as he acknowledged the role the AFL flag had played in their financial result.

“Over the last couple of years, we have gone through a significant amount of positive changes which has culminated in AFL Premiership success – it is important to note that while the Grand Final has had a positive impact on the club’s financial result, we aspire to ensure our club is financially strong no matter our on-field results,” Browne said.

“This strong financial position will allow us to continue to invest more in the following key pillars of our club; our elite men’s and women’s football programs, our facilities and our community programs – the Magpie Nest program which currently has 43 houses while Magpies Nest cafe has served over 120,000 meals this year – and as a club, we will place greater focus on growing multicultural and Barrawarn Indigenous programs.

Collingwood chief executive Craig Kelly (left) and president Jeff Browne say the club will use the profits to invest in its men’s and women’s football departments and community outreach programs. Picture: Aaron Francis

“A strong financial position also enables us to continue to upgrade our facilities to ensure they are at the forefront of the competition and allow our men and women athletes to be at their best on and off the field.”

Collingwood chief executive Craig Kelly said in May the decision to exit Super Netball had “weighed heavily” on the club’s leadership.

“As a club, we are tasked with continuing to deliver growth across all areas of Collingwood and ultimately, the review, which analysed key aspects of the club’s netball program and that of the governing body, determined that the program is not sustainable,” Kelly said.

“To be clear, while we are exiting netball, Collingwood remains absolutely committed to growing, investing in and developing women athletes through our AFLW and VFLW programs.”

Originally published as AFL 2023: Collingwood records huge profit after axeing netball team