Ballymore Redevelopment Drives Financial Success for Queensland Rugby Union

The Queensland Rugby Union (QRU) has reported a strong financial performance, with earnings before interest, tax, depreciation, and amortization (EBITDA) reaching $455,336. This result excludes $14.1 million in Government capital grants allocated to the construction of the new BMS National Rugby Training Centre at the historic Ballymore venue.

Comparing to the previous year, where an EBITDA of $1,075,763 was recorded, the decline in funding from Rugby Australia and increased investments into resources for the completion of the NRTC building and precinct redevelopment have impacted this year’s figures.

While the operating profit, inclusive of depreciation and interest expenses, stood at $75,365 – down from $722,459 in FY22, the QRU’s statutory profit reached $14.156 million, notably attributed to the Government funding recognition.

According to QRU CEO David Hanham, the successful financial outcome underscores the sustainability achieved through the Ballymore revamp, providing a stable financial foundation independent of the Reds‘ performance on the field.

Hanham expressed confidence in the Ballymore transformation, noting its shift from costing over $1 million annually to nearly breaking even before factoring in estimated event and function revenues.

The redevelopment initiatives on the Ballymore premises and NRTC have led to a temporary rise in short-term debt to $2.4 million, with a strategic decision by QRU to expedite their $1.5 million commitment over five years towards the NRTC project to the year 2023.

Looking ahead, the QRU anticipates annual revenues exceeding $600,000 from long-term contracted Ballymore leases, which will sustain precinct operations and aid in debt reduction efforts.

Noteworthy partnerships, like the four-year agreement with global insurers BMS Group, have further bolstered QRU’s financial position, with BMS Group serving as the principal partner and naming rights sponsor for the NRTC.