JOHANNESBURG – The Premier Soccer League (PSL) on Thursday broke new grounds at its annual general meeting (AGM) when it declared over R1 billion in revenue in the last financial year (2018/19).
This is the first time in the history of the League that it declares R1 billion in revenue.
In these difficult economic conditions in both global and South African environment, impressive revenue growth and stable financial performance once again reaffirm the strength of the League and the confidence of the corporate world in professional football in South Africa.
Revenues have increased by 7% to a record R1, 005 billion. The increase in revenue is driven by the contractual increase in the broadcast rights agreement and inflationary increase of sponsorship revenue.
As confirmed by the League’s auditors, PWC, the PSL received an unqualified audit report.
The PSL Chairman Irvin Khoza toasted the League’s record-breaking history moment together with other members of the Board of Governors of the PSL.
BREAKING: (Historic)
For the first time in the history of SA pro football, the #PSL today declared a record R1 Billion in revenue during the 2018/19 season at the annual general meeting.
👏👏👏👏👏👏👏👏👏 #PSL pic.twitter.com/beOl2FYc0E
— Official PSL (@OfficialPSL) November 14, 2019
While addressing Members today, Dr Khoza said: “The PSL cannot be bystanders while the country is going through some difficult times. Today, I appealed to my members to think about how we can all play our role and make a contribution. The recession in our country has unfortunately deepened and our economy seems destined for a new normal. In over two decades, two generations of South African citizens that do not have skin in the economic game have emerged.
“External marketing budgets are the first to be cut in a recession. Sponsorship renewals are therefore going to be under pressure. It is under these times that the indispensability of our value proposition to that of our sponsors needs to be understood and appreciated. Our content appeal and following by the NSL audience is the indispensable link that the sponsors and advertisers are after in their association with our brands.”
The PSL invited Bundesliga International CEO, Robert Klein to present to the 32 members on a possible partnership between Bundesliga and PSL.