Reported to be on the brink of financial ruin 12 months earlier, the sport was cash-flow positive in 2022
Netball Australia has posted a financial turnaround of $4.7m in 2022, easing fears over its future viability after the previous year’s results sparked an existential crisis for the sport.reported to be on the brink of financial ruinHaving posted a $4.4m loss in 2021, the organisation recovered to have revenue exceed expenses by $300,000 in 2022.
A debt of $4.2m remains, however, with the debt facility extended from May and September 2023 to August 2025. Clearing that debt will be a priority for the organisation in 2023. Netball Australia, which announced the results at its AGM on Thursday night, said the more stable position had been reached due to good cost management and growth in commercial revenues, including a new broadcast partner in the Foxtel Group.
A major sponsorship deal with Visit Victoria also played its part in the recovery, after the tourism branch of the Victorian government stepped in to plug a $15m hole left when Hancock Prospecting
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