Melbourne Cricket Ground. (Photo Source: Twitter)
The Melbourne Cricket Ground (MCG) could see significant improvements to one of its most iconic structures, the Shane Warne Stand, following a tough financial year for the Melbourne Cricket Club (MCC). This development comes after the record-breaking attendance figures and a debt-free status achieved by the club.
The MCC, responsible for managing the MCG, has reported a net profit of USD 32.1 million for the fiscal year ending March 2024. This impressive financial performance has allowed the club to pay off its remaining debt on the Northern Stand redevelopment two years ahead of schedule, positioning it to consider future upgrades to the stadium. MCC Chief Executive Stuart Fox attributed the financial success to several factors, most notably the unprecedented AFL attendance.
“These shows, 18 months in the making, delivered beyond expectations,” Fox said as quoted by WA Today.
With its strong financial position, the MCC is now turning its attention to potential improvements, including the redevelopment of the ageing Shane Warne Stand. While a feasibility study has been conducted, Fox emphasized that the work is ongoing with no determinations made yet.
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The stadium is an ageing asset, we must continue to reinvest: Fred Oldfield
The potential redevelopment is a complex undertaking that requires collaboration between the MCC, the Victorian government, and major sports organizations such as the AFL and Cricket Australia. MCC President Fred Oldfield commented on the club’s financial status.
“The stadium is an ageing asset, so we must continue to reinvest in the venue to ensure the MCG continues to be a world-class global venue. In collaboration with the state government and the MCG Trust, the club has developed a business case to explore various options for the future of the Shane Warne Stand. Our current financial position now allows us to potentially contribute to further stadium improvements and possible stand redevelopments,” Oldfield said.