One of Manly's biggest issues is that we cannot compete with the other teams in terms of income as we are last
You’ll never guess which NRL club is performing best – and worst – off the field
They have been in the competition for less than two seasons, but the Dolphins have emerged as the NRL’s new financial powerhouse.
The NRL has benchmarked the commercial performance of all its franchises – bar the publicly listed Brisbane Broncos – and ranked them based on their overall revenue for the financial year. The benchmarking document, obtained by this masthead, shows the Dolphins have come out on top alongside the Rabbitohs, each generating $23.5 million in revenue.
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That’s well above the median figure of $15.7 million, with Manly ($11.5 million) and the Warriors ($11.6 million) bringing up the rear.
Souths made a 56 per cent profit off their revenue figure for a total profit of $14 million, just above the Dolphins with 55 per cent ($13.75 million).
Penrith ($23 million; 57 per cent profit), Cowboys ($22.7 million; 63 per cent profit), Parramatta ($19.3 million; 59 per cent profit) and the Roosters ($18.2 million; 71 per cent profit) were the next-best performing clubs in terms of revenue generation. Had the Broncos been involved in the benchmarking exercise, they would likely have come out on top in most categories.
However, the unexpected success story is undoubtedly the Dolphins, who only entered the competition in 2023.
| Revenue ($m) | Profit margin |
Rabbitohs | $23.5m | 56% |
Dolphins | $23.5m | 55% |
Penrith | $23.0m | 57% |
Cowboys | $22.7m | 63% |
Eels | $19.3m | 59% |
Roosters | $18.2m | 71% |
Knights | $17.8m | 63% |
Bulldogs | $15.7m | 49% |
Titans | $14.3m | 52% |
Dragons | $13.1m | 46% |
Sharks | $12.7m | 54% |
Tigers | $12.5m | 57% |
Raiders | $12.4m | 40% |
Warriors | $11.6m | 62% |
Manly | $11.5m | 55% |
Source: NRL
Even before a ball had been kicked in their inaugural season, the Redcliffe-based franchise had 20,000 members and $10 million in sponsorship. Their bottom line continued to improve after they won their opening game against the Sydney Roosters, just as a documentary on their journey to the big time,
Dawn of the Dolphins, premiered on Stan.
“We’ve had wonderful support from day one,” said Dolphins chief executive Terry Reader. “The measure of success for us - and this showed that Brisbane didn’t just want another team, but needed another team – is that our last two home games of the year were our second– and third-biggest crowds of the year.
“That happened when we weren’t in contention for finals, which illustrates how much people were behind our club and had bought in.
“That backed up the decision that we should have had two teams in Brisbane a long time ago.”
NRL commercial revenue snapshot
FY23 median:
$15.7m (YoY growth: 15.1%)
FY22 median:
$12.7m (YoY growth: 34.8%)
Chart below shows
overall commercial revenue, by team, for FY 2023 ($m)
The Wayne Bennett-coached newcomers collected more revenue in sponsorship than any other club, with $10.9 million, pipping the Roosters, with $10.4 million. The Raiders ($4.6 million) and Manly ($4.7 million) generated the least.
“A lot of our partners were new to rugby league, it was important we didn’t cannibalise the other teams in Queensland,” Reader said.
“The Broncos having Brisbane for themselves for over 35 years, there would have been a lot of partners locked out of sponsoring up here in Brisbane.
“Bringing a second team allowed them [an opportunity], and that’s one of the great things about the Dolphins’ entry: we’ve brought a lot of new partners into rugby league because of that.
“That’s a testament to how much rugby league is supported here in Brisbane and the good work that has been part of starting up our club.”
Manly CEO Tony Mestrov said the club’s home ground of 4 Pines Park at Brookvale had brought financial challenges.
“It’s a great place for the team to play, but it’s a challenge from a commercial point of view and that’s represented by our standing in the benchmarking,” Mestrov said.
“We’re endeavouring to change that with the redevelopment and with funding, as we’re seeing with Leichhardt Oval.”
Parramatta chief executive Jim Sarantinos said their result allowed them to reinvest funds into the club’s football program.
“Quite a number of years ago we were much lower down the list,” he said.
“Our club has improved a hell of a lot. The move to CommBank Stadium has helped because of the experience we can provide to members, fans and corporate partners. The club having a better period of football, than has been the case historically, over a period of three or four years helps a lot, particularly in terms of bringing on corporate partners and the like.
“The most important part is the more money we generate, the more we can invest back into our football program.”
