Sydney Swans Limited has reported a net profit of $53,224 for the year ending 31 October 2016 – profit before depreciation was almost $800,000. Net assets were $2,085,819.

The result comes after substantial compensation payments to ANZ Stadium to bring all home games back to the SCG one year earlier than contracted, along with reduced AFL funding and the Club’s contribution to the AFL equalisation funding.

Sydney Swans chairman Andrew Pridham said the result follows a terrific year on and off the field.

“The financial result was on balance acceptable given the one-off payments made during the year,” Pridham said.

“While strong profits are important to fund our football program and provide a platform for future growth, we are also very cognisant of our obligation to give back to the community. Thus, we are very proud of the work undertaken in programmes such as the QBE Sydney Swans Academy and our advocacy efforts for important causes such as Indigenous Australians, multiculturalism, health, and the LGBTI community.

“Key indicators confirm it was the right decision to bring the games back to the SCG one year early and we thank the SCG Trust and ANZ Stadium management for helping us make that happen.

“Membership grew by more than 15 per cent to a record 56,523 members, which included almost 5,000 ANZ Stadium members who we were delighted to welcome after our games returned to the SCG.

“In total, we welcomed more than 13,000 new members, while more than 12,000 signed on from Melbourne, interstate and overseas.

“Average crowds at the SCG increased to 33,425 over 11 games, which is up from 31,528 over eight games in 2015. Meanwhile our Round 17 game against Hawthorn drew a crowd of 42,314, which was the third largest crowd ever to watch an AFL game at the SCG and the highest at the venue since 1997. Over the duration of the season home attendances were the third best ever.

“Clearly these results could not have been achieved without our team having another standout season, finishing minor premiers and playing finals for the 18th time in the past 21 years.

“I would like to thank our partners, especially our principal partner QBE who celebrated a remarkable and much appreciated 30 years of commitment to our Club. Thanks also to our major partners Citi and Volkswagen, along with our newest partner Qatar Airways, which joined our club late in the season. Without the ongoing loyalty and support of our corporate partners our football club wouldn’t be where it is today.

“Finally, thank you to our loyal members and the fans who have supported our team at games this year come rain, hail or shine. Your passion and dedication drives us to keep getting better – and we look forward to another big season in 2017.”