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Netball Australia has announced a financial turnaround of $4.7 million to return to surplus in its 2022 financial results its Annual General Meeting.

Released yesterday evening, the organisation’s latest figures show body has stabilised its financial position it the wake of the pandemic and its high profile loss of backing from its former major sponsor Hancock Prospecting.

Advising that it was $300,000 above budget in 2022, nonetheless Netball Australia still holds $4.2 million in debt, with the debt facility extended from May and September 2023 to August 2025.

Presented to member organisation presidents and executives at the AGM, the 2022 financial results showed growth in commercial revenues, including a new broadcast partner in the Foxtel Group, has strengthened Netball Australia’s position.

Commercial and broadcast sponsorship contributed 49% of Netball Australia’s total revenue during 2022, a strong recovery from 2021 and an incremental improvement on the years prior to that.

Income from events surpassed the $3 million mark, a dramatic improvement from 2021’s result.

The 2022 Suncorp Super Netball Grand Final in Perth attracted a record crowd of 13,908 in attendance, while the Origin Australian Diamonds played in front of sell-out crowds in their Melbourne, Newcastle and Gold Coast games during the Constellation Cup and England Series.

The increasing number of corporates seeking to partner with Netball Australia also reinforces the growing interest in netball and appeal of its offerings.

Advising that the organisation’s results show the sport is heading in the right direction, Netball Australia Chief Executive, Kelly Ryan stated “being above budget in 2022 is a great turnaround and shows Netball Australia has been fiscally responsible and is able to grow its revenues.

“We know there is still more work that needs to be done and we are focused on strengthening our balance sheet so that we can continue to invest in the development of the sport at the grassroots through to the elite level.

“I want to thank the boards and staff of our Member Organisations, our players, umpires and our Netball Australia staff for their commitment to ensuring the sustainability of netball for future generations.”

Appointments
The AGM also saw Peter Legg re-appointed to Netball Australia’s Board following last week’s appointment of a new First Nations director, academic and community practitioner, Professor Cheryl Kickett-Tucker to its Board.

Commitment to eight team Super Netball competition
Netball Australia has also this week advised that it is committed to running an eight-team Super Netball competition next year in the wake of news that Collingwood could exit the competition.

With the Magpies having notified the governing body that they are reviewing their Super Netball program, earlier this week, the body released a statement that noted "Netball Australia has been notified by Collingwood that it is reviewing its Suncorp Super Netball team program.

"We're working with Collingwood and all stakeholders in relation to this matter.

"Netball Australia is committed to an eight-team Suncorp Super Netball competition in 2024."

Click here to view the 2022 Annual Report.

Main image credit Shutterstock.

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