Last year's grand finalists Collingwood and West Coast Eagles took out the top two spots on the 2018 AFL club revenue ladder, with West Coast Eagles recording $86.3 million in revenue and Collingwood $82.1m for 2018.

The remainder of the Victorian Big Four – Richmond, Hawthorn and Essendo – also feature near the top of the table, finishing third, fourth and sixth, respectively.

According to IBISWorld, the growth of the AFL as a code is evident in the financial performance of its teams, with only two sides reporting a revenue decline from the previous year.

“Gold Coast, which had significant on-field struggles in 2018, was one of those teams who reported a revenue decline,” said IBISWorld Senior Industry Analyst, Tom Youl.

“The Essendon Bombers also recorded lower revenue, despite strong growth in operational revenue attributable to an improved playing season.

"Rather, the decline was attributable to an almost $3 million decline in donations.

"The club had previously encouraged members to offer financial support in response to heavy fines and legal costs associated with ASADA investigations."

The Western Bulldogs and Melbourne Demons reported the greatest revenue growth from the previous year. However, both clubs benefited from non-operational incomes as well.

“The Western Bulldogs’ revenue has risen by $18 million due to the Victorian Government transferring the land at the Whitten Oval to the club for community development purposes," said Youl.

":Otherwise, the club would have finished 15th on the revenue ladder, and reported a revenue decline from 2016-17.

“Melbourne benefited from the $7 million gain on sale of the Leighoak Club as part of the club’s move away from gaming revenue. Unlike the Bulldogs, the Demons reported significant growth in operational revenue after the club’s first finals appearance since 2006.”