This AFL club was described as a ‘carcass’. Now it’s investing millions to build a new suburb and secure its future

Sydney Morning Herald

by Caroline Wilson

February 24, 2026

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This AFL club was described as a ‘carcass’. Now it’s investing millions to build a new suburb and secure its future

Port Adelaide Football Club has made a significant leap towards securing its future by investing $20 million in purchasing 26 properties around its Alberton home ground. This ambitious project is backed by a $10 million contribution from the AFL, marking one of the first financial moves from Andrew Dillon’s new competition investment fund. The club also secured an additional $10 million through a 20-member property trust led by chairman David Koch and other passionate supporters. The move aims to transform the club’s financial landscape, which was previously strained with a $12 million debt during the COVID-19 pandemic. By redeveloping the 20,000 square metre land parcel into a mixed-use precinct, Port Adelaide hopes to generate long-term income and bolster its balance sheet. The project includes residential, educational, sporting, and medical facilities, along with a new grandstand at Alberton ground. This development not only addresses the club’s financial challenges but also aligns with broader trends in sports clubs leveraging property investments for sustainability. The AFL sees this as a financially sound decision, with potential returns exceeding those of traditional high-interest investments. The project underscores the importance of blending legacy elements with modern infrastructure to maintain a club’s identity while securing its future. The secrecy surrounding the acquisition and rezoning process is notable, especially given the proximity to the AUKUS submarine program. Port Adelaide’s strategic move highlights how sports clubs are increasingly turning to real estate development as a key strategy for financial stability. This initiative could set a precedent for other clubs seeking innovative ways to enhance their balance sheets and community impact. In summary, Port Adelaide’s $20 million property investment represents a bold step towards ensuring its long-term viability. By leveraging AFL support and local backing, the club is transforming its Alberton heartland into a vibrant new suburb, poised to generate significant returns and secure its future for decades to come.

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Originally published on Sydney Morning Herald on 2/24/2026