Brisbane Broncos post $470,000 loss
Brisbane Broncos officials have reported an expected loss of $470,000 for last financial year, as sales were hampered by crowd restrictions and poor on-field performances.
Management of the National Rugby League club on Friday said the before-tax estimate for the 12 months to December 31 followed a before-tax profit of $3.36 million in 2019.
NRL clubs had limits on spectator numbers throughout most of the 2020 season, due to the coronavirus. Sponsorship, ticket and merchandise sales plunged as a result.
The team also struggled on the field. Coach Anthony Seibold was sacked and the club finished last for the first time in its history.
For the 2021 season, the Broncos will be allowed capacity crowds for home games under current Queensland government orders.
The club this week named former Melbourne Storm boss David Donaghy as chief executive.
He will replace Paul White, who has been at the helm for 10 years.
The club is worth $42.1 million on the Australian share market. News Corporation owns more than 68 per cent.
Public ownership is a rarity in Australian professional sport.
Shares were steady at 43 cents at 1524 AEDT on Friday.
They reached a record high in 2017 of 56 cents per share.
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