Netball Australia has released its 2021 financial results following its Annual General Meeting (AGM), showing a $4.4 million loss in the financial year, $1.6 million more than 2020, citing the ongoing impact of COVID-19 restrictions around Australia.
The financial results come after lengthy reports the sport, and the Suncorp Super Netball league, are in a dire financial position and could be facing an end to the league due to the state of finances.
Outlined in the report is confirmation Netball Australia’s bank borrowings currently sit at $4.2 million, with a comment in the announcement suggesting the “loans are in the process of being extended to 2025 to maintain an investment focus after two pandemic-impacted years”.
Revenue for the national sporting organisation increased by $1.3 million to reach $30 million, with member contribution fees returning to $2.4 million after being removed to support community netball due to the COVID-19 pandemic in 2020.
Netball Australia invested $34.4 million back into netball throughout 2021, up $3 million on the 2020 figures, and ranking as the record for the most ever invested back into netball from Netball Australia.
The net funds for Netball Australia, as of 31 December 2021, are $158,718, down from $4.5 million in 2020.
Discussing the 2021 financial results and the challenges faced by the organisation, Netball Australia chair, Marina Go, said: “It was another testing year financially, but I want to thank the boards and staff of our member organisations, our players, umpires and our Netball Australia staff, led by Kelly Ryan, for the work they did to ensure netball continued around the country.”
“The focus remains on strengthening our balance sheet, which will enable future investment in the growth and development of our game, from grassroots through to the elite level,” Go said.
In the financial report, Netball Australia CEO, Kelly Ryan, said: “The decrease in cash reserves and the increase in debt were required to enable Netball Australia to operate in support of the broader Australian netball community during the past two difficult years.”
“Transparent financial consolidation after the COVID-19 related demands of seasons 2020 and 2021 is sensible, yet I am confident that Netball Australia will generate positive cash from operations in the immediate and long term.
“As we emerge reimagining netball in the new norm, we realise the enormous potential for growing this globally evolving sport, with Netball Australia proud to be leading the charge,” Ryan said.
