- Brisbane Broncos (BBL) is expecting to be hit hard by the COVID-19 pandemic in its 2020 financial year results
- For the financial year ending on December 31, the rugby club is expecting a loss before tax of $470,000, a major blow compared to last year’s profit before tax of $3.36 million
- The loss reflects the onset of the pandemic, which has negatively impacted the whole National Rugby League competition
- The 2020 rugby season was suspended in late March 24, before recommencing two months later in May with a limited audience
- On market close for the weekend, Broncos are in the grey and trading at 43 cents per share
Brisbane Broncos (BBL) is expecting to be hit hard by the COVID-19 pandemic in its 2020 financial year results.
For the financial year ending on December 31, the rugby club is expecting a loss before tax of $470,000, a major blow compared to last year’s profit before tax of $3.36 million.
The loss reflects the onset of the pandemic, which has negatively impacted the whole National Rugby League competition. Notably, the 2020 season was suspended in late March 24, before recommencing two months later in May, however, the audience was limited.
As a result, only the first round games last season were played to a regular crowd attendance.
The venue restrictions impacted the Bronco’s commercial operations through home game-related shortfalls and the inability to deliver all contracted game day benefits. Consequently, the sports team saw a reduction in commercial revenue through sponsorship, ticketing and membership and merchandise sales.
During the year, the company’s undertook a review examine its financials, this included redundancy and restructure related payroll costs. Coaching and player-related restructure costs were also accounted for in the 2020 financial year.
On market close for the weekend, Broncos are in the grey and trading at 43 cents per share.