Adelaide Football Club CEO Andrew Fagan has today announced the sale of the Adelaide Crows AFL team.
The sale stems from recent activity undertaken by the Club to diversify revenue streams.
In the last few years the AFC has started an AFLW team, purchased the Legacy eSports team, and most recently became 100 per cent owners of the Adelaide Bite baseball team.
Fagan stated that the core AFL business had peaked and that the alternative revenue streams provided high possibility of achieving financial success at the club.
“Over the past year the eSport team has increased in value multiple time, which is growth that the Adelaide Crows have never achieved, which is the reason for the sale.”
“It’s my responsibility to grow the club. Our membership numbers are limited by the size of Adelaide Oval, so we have to look for ways to find alternative revenue streams. That also means cutting aspects of the club that are underperforming. Unfortunately in this case that means selling the AFL team.”
It is hoped that the sale of the Crows will provide funds to develop future opportunities such as the Thumb Wresting Team the Adelaide Thunder Thumbs.