Crusaders Limited Partnership announce surplus for 2017
- Published: 15 December 2017
BNZ Crusaders Chairman Grant Jarrold has announced the financial result for 2017, as reported at the Annual General Meeting for the Crusaders Limited Partnership on Tuesday.
“We are pleased to announce that, following a highly memorable season for the BNZ Crusaders both on and off the field, the Crusaders Limited Partnership has recorded a surplus of $328,000 for the 2017 financial year,” Mr Jarrold said.
“This season we celebrated our eighth Super Rugby title, as well as a historic British and Irish Lions match in Christchurch on 10th June. We’re proud of the team’s performances, which certainly contributed to our most significant financial result for a number of years.”
BNZ Crusaders CEO Hamish Riach said it was pleasing to see a notable increase of 19.3% in total operating revenue, which was led by hosting two play-off games and participating in the final – it was, however, partially off-set by operating expenses increasing by 15.3%, again largely driven by costs associated with the play-offs and the final in Johannesburg.
“Match attendance for our round-robin matches increased 3.7% on 2016, a particularly satisfying result given we hosted one less game in 2017, and both the Highlanders and Hurricanes matches recorded sell-out crowds with the extra temporary seating in place lifting capacity for those games to 20,600.
“Sponsorship revenue increased a very pleasing 5.2%, and we acknowledge the tremendous support we received from a passionate and wide-ranging group of commercial partners, headlined by principal partner BNZ. There was ultimately a net financial benefit of progressing all the way to the final - noting that this would have been more significant but for the horrendous weather for the quarterfinal and bitter cold for the semifinal a week later, which meant those crowds were smaller than expected,” Mr Riach said.
Attendees of the AGM were also advised that existing directors, Darryll Park and Simon Forrest, have been reappointed to the Board.
“Over all, 2017 has been a special year for the BNZ Crusaders, and we look forward to building on this positive financial result in 2018 and beyond,” Mr Riach said.