Quote:
Originally Posted by Compromised
"RACE’s biggest expense in 2022 was ‘Administration’ at $41.4 million"
I knew it would be jobs for the boys, but come on. Does the Foxtel money even cover that?
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No doubt there are some well-paid people at Supercars these days but "Administration" is going to be a lot more than just salaries I would think (depends on how the accounts structure is set up). It'll include contingent liabilities such as long-service leave allowances, leave allowances generally and may include all operating costs such as leases, utilities, possibly travel costs and the like.
I'm not surprised that they made a loss in 2022, coming off the back of Covid and after all those years of Archer underfunding, plus of course all the work on the Gen 3 car. If they can get the investment they're looking for, the real test will be 2023 & I guess 2024 financials but as the series seems to be well-sponsored generally, it's likely that getting costs under control will be a big focus, as it may not be possible to grow revenue all that much.