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The Premier Soccer League confirmed at its annual general meeting [AGM] that the organisation had recorded a profit of more than R4-million, while the revenue in the current financial year took a slight knock.
With member clubs gathered in Sandton last week to discuss pertinent matters as well as receive feedback from the executive committee – led by chairman Dr Irvin Khoza – on the stability of the league, a report was presented.
“The League has recorded a net surplus of R4 084 703 during the current year. The decrease in revenue from R1 047 397 867 to R989 323 758 is due to the fact that the revenue recognised in the prior year was greater due to the deferral of revenue from the 2020 year that was recognised in the 2021 year as the season of the Absa Premiership, GladAfrica Championship and Nedbank Cup were completed,” read a statement from the summary of the financial report, which SABC Sport is in possession of.
During the year ending 31 July 2021, the PSL has actually recorded a loss of R9 627 224 and this was blamed largely on the Covid-19 pandemic.
The financial review also shows that the league distributed R640-million to clubs in grants across both the two tiers – the DStv Premiership as well as the National First Division [now renamed The Motsepe Foundation Championship].
Under the leadership of Khoza, the Exco was also adamant that the PSL is in the black as there are enough resources.
“The Executive Committee believes that the League has adequate financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis,” read the report.
“The Executive Committee has reviewed the budget for the year ahead together with the cash forecast and is confident that the League will have sufficient cash resources from broadcast rights and sponsorship to meet its obligations as they fall due.”
According to the annual report, the bulk of the PSL revenue still comes from the broadcast rights deal with SuperSport International, which was R630-million for the year ending 31 July 2022.
Revenue from sponsorship over the same period came from DStv [R140-mllion], GladAfrica [26-million], MTN8 [R48-million], DStv Compact Cup [R5-million], Nedbank Cup [R83-million] and the MultiChoice Diski Challenge [R32-million].
