Richmond, despite a dismal season on the field and taking a hit to match returns and membership revenue, is unlikely to receive variable funding next year. The Tigers have had zero in variable funding for the seven years from 2018 until this year, a reflection of their massive transformation on and off field.

The $12 million in base funding does not cover the salary cap for AFL (men) – which was $15.788 million per club this year – let alone the football budgets of clubs, plus the AFLW costs. Collingwood president Jeff Browne has pushed for the gap between base funding and the salary cap (total player payments) to be closed. The salary cap will rise to $18,440,415 in 2027.

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The Brisbane Lions have been the third-highest recipient of variable funding since 2012 (when GWS entered the competition), ahead of St Kilda, which was clearly the most heavily funded Victorian club for the 11 years until 2023, when they were overtaken on the funding ladder by North Melbourne.

Collingwood, Hawthorn, West Coast and Geelong, received at least $100 million less than expansion teams GWS and Gold Coast over the decade from 2012 to 2021, while the Saints received $17 million more than the next Victorian club, the Western Bulldogs, over those 10 years. But the Saints have had a reduction in variable funding since 2022, having wiped off most of a massive debt that was incurred in the years after their disastrous move to Seaford and then return to Moorabbin, which required major funding.

The Lions still have the highest debt in the competition, close to $10 million, a large share of that is owed to the AFL. Their debt peaked at $18 million in 2018 and they and the league have made debt reduction their priority, maintaining a high funding level despite on-field success under Chris Fagan.

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