Rugby Finances
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^^ The desire to lose lots of money* each year is seemingly still instatiable.
(* write off tax, but in a fun way)
So, on that limited information - could extrapolate/guesstimate that debt position out to at least £41m in debt now, of which £20m would be owed to the British taxpayer (if rumours are true).
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This is a pretty good article by Chris Jones.
Despite the headline, which is attention grabbing, but only one sentence out of the whole article. A good insight into the Premiership scene.Interview with outgoing Harlequins CEO , incoming Drua CEO - Mark Evans. Who has also formerly been CEO of Melbourne Storm and Western Force, and a director of rugby at Saracens.
Another Premiership club in trouble?
INTERVIEW: Chris Jones chats to former Premiership CEO Mark Evans about 'financial stability' in the game.
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Daily Mail, lacking context, but some interesting info in there.
As I say, it lacks context of revenue and assets. But despite that, it interesting to see how small DM report Worcester debt compared to their 12 peers.
Premiership clubs rack up more than £500MILLION in debt
The financial crisis facing English rugby has been laid bare after a Mail on Sunday investigation found that Premiership clubs have racked up debts of more than £500million.
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London Irish owner Crossan is ready to give the club away for FREE
EXCLUSIVE BY NIK SIMON: The millionaire businessman told the Mail on Sunday that he is prepared to talk to prospective investors with the money to finance the club's future.
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Each club, it is believed, has taken on an eight-figure loan from the government. Worcester’s was £15m.
English rugby’s financial crisis may leave Premiership clubs prey to vultures | Michael Aylwin
There is a sick feeling in the stomach and English rugby will need to identify genuine applicants to assist the clubs in crisis
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@Rapido said in Rugby Finances:
Each club, it is believed, has taken on an eight-figure loan from the government. Worcester’s was £15m.
English rugby’s financial crisis may leave Premiership clubs prey to vultures | Michael Aylwin
There is a sick feeling in the stomach and English rugby will need to identify genuine applicants to assist the clubs in crisis
key point
If any bean counters had enough time on their hands to trawl through the individual accounts of the respective companies, they would discover that the cumulative losses of Premiership clubs in those first 25 years stand at more than half a billion pounds. For the most part, those losses have been covered by wealthy benefactors with great reserves of patience (if only they were infinite) and greater or lesser reserves of cash.
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So ... this is good for NZ Rugby right? Reduces the attractiveness of offshore work if the pay isn't there. Rebalances the NZ lifestyle and opportunity to become an All Black?
Or do we just replace England with France/Japan destinations and still bleed coaching and playing talent offshore.
Anyone up with the play on this?
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@nzzp said in Rugby Finances:
So ... this is good for NZ Rugby right? Reduces the attractiveness of offshore work if the pay isn't there. Rebalances the NZ lifestyle and opportunity to become an All Black?
Or do we just replace England with France/Japan destinations and still bleed coaching and playing talent offshore.
Anyone up with the play on this?
I think everywhere is in too much of a post-covid flux to be able to tell. Except France / Top14 seems as strong as ever, if not stronger.
Worcester were never a big player anyway, talking Melani Nanai level recruiters.
Where as Wasps, the next shakiest and have cut their cloth a bit, were recruiting at the Piutau, Shields, Sopoaga level.
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A bit more about wasps, that's a lot of moolah
https://www.bbc.com/news/uk-england-coventry-warwickshire-62795446?at_medium=RSS&at_campaign=KARANGA
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@Nepia said in Rugby Finances:
@Rapido I thought NH rugby was supposed to be in rude health, but it appears it's built on a house of cards?
English rugby most certainly is, never been good financially. France is a different kettle of fish though, massive money there
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@Rapido said in Rugby Finances:
https://www.bbc.com/sport/rugby-union/62630861
Some of the more interesting parts of the article:
Like all sports clubs, Warriors suffered during the coronavirus pandemic - and the DCMS have confirmed that the club benefited from an undisclosed-sized loan through Sport England, as part of the government's sports survival package (SSP).
Unpaid tax could be £6m
BBC Hereford & Worcester's James Pearson
After a weekend of rumours and speculation, it's widely expected the club will be put into administration this week, possibly as early as Monday.
On Tuesday, 16 August the company running Warriors' operations - WRFC Trading Limited - was handed a winding-up petition by HMRC.
While the company's accounts for 2020 show it had yet to pay £2.3m in taxes, its 2021 accounts are now overdue. The current figure for unpaid tax has been reported by some newspapers as being as high as £6m.
The day after Warriors were hit by legal action for unpaid taxes, the directors used another of their companies to purchase the club's car park, for just £50,000.
As well as being directors of WRFC Trading Limited, Colin Goldring and Jason Whittingham are also directors of a number of other companies, including Mq Property Ltd.
On Wednesday, 17 August Mq Property Ltd completed the purchase of the freehold of the club's car park. This was paid for with a loan from another company, Triangle Estate & Petroleum Ltd.
Separately in June, training pitches owned and used by Warriors were sold to a newly-created real estate company, Worcester Capital Investments Ltd, for £350,000.
The car park and pitches are sizeable parts of the Sixways site.
Warriors' accounts for 2020 state that as a whole the site had been independently valued at £16.7m. That estimate includes Sixways stadium; the freehold of which also now belongs to Mq Property Ltd.
Unlike indebted WRFC Trading Ltd, Mq Property Ltd is not known to face a winding-up petition, yet it now owns the bulk of the land the club sits on.
It's unclear whether the £50,000 purchase of the car park was an undervaluation. Its value - and that of the training pitches - will depend on what restrictions are in place on the land, as well as how easy it is to develop.
Warriors' 2020 accounts describe how the planning potential for the Sixways site had been 'significantly improved'.
In recent months Goldring and Whittingham have also set up three other new companies, Sixways Medical Limited, Sixways Property Limited and Sixways Stadium Limited. They have not revealed the purpose of these firms.
Dodgy as fuck
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Steve Diamond reveals crisis-hit Worcester had vote on whether to play Newcastle
Worcester Warriors director of rugby Steve Diamond revealed his players held a vote on Friday over whether to go ahead with Saturday’s match against Newcas...
The groundsman losing his accommodation brings the human factor into it
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Dodgy as fuck
Worcester Warriors: the inside story of a rugby club’s collapse | Michael Aylwin
With all employees out of work and the club’s future hanging by a thread, administrators are set to pore over the club’s finances. What will they find? There is a lot to unravel …
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@Machpants Colin Goldring has some questions to answer it appears.
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Jeez, my head hurts trying to only half understand that.
Amongst all that stuff about the convoluted 'ownership' of the club is the rather bizarre statement that someone was disbarred for "causing or allowing" the disappearance of 8M Euro from a client.
FFS there are people banged up for nicking 100 quid from a corner shop. Lawyers eh? -
WR have bought RugbyPass.
Bought it off Sky NZ whio acquired it a few years ago, and in a way off of NZRU who took a 10% stake in Sky last TV rights deal.
I think having a WR equivalent of a thing like NBATV is a good move for them.
But will need to get rid of the terrible 'news' part of rugbypass, being the governing body. Surely?
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