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RFU chief executive says game 'on cusp of somethin |
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Stoatgobbler 
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 Posted: 05 Oct 2023 at 22:44 |
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He thinks 4 professional clubs going bust is 'the cusp of something spectacular'?
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One For The Ditch
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Joined: 13 Jul 2018 Location: Newport Status: Offline Points: 251 |
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Posted: 06 Oct 2023 at 10:14 |
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It would be no surprise when we lose more "professional" clubs.....the economics do not work. To rely upon high net-worth benefactors, at any level, is suicidal.
There should be a long long-term plan that focuses on a bottom-up approach via grassroots/community Rugby. The infrastructure is already there (at the moment!); attracting more players, thus increasing the number of fixtures, will provide revenue. If Sweeny does not see that, whilst purely keeping the professional game in his cross hairs, the game is doomed. All been said before, I know, but pressure on the "grown ups", to see the error of their ways, must continue.
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SK 88
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Posted: 06 Oct 2023 at 10:37 |
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As I understand the proposals: They will replace match fees for the nominated players (giving them more security in case of injuries, or drop in form) & will be awarded on 2 year cycles (presumably 12 or so per year). So like the current match fee structure those payments will remain outside the salary cap.
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Big Eddie
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Posted: 06 Oct 2023 at 12:19 |
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Just to put Butter Fingers Bill's spectacular optimism in to some sort of context I have set out below the headline numbers from the latest published accounts at Companies House (generally May or June 22) for 6 of the 10 Premiership sides. I have not yet analysed Leicester, Bath, Saracens or Northampton but I do intend to do so shortly.
I may have made a mistake in some of the numbers (but I do not think so)...but happy to be corrected if I have done so,
That is grim reading and even more so when you consider that for every club other than Exeter (which does not appear to include it) the Net Asset or Net Liability position is made to look somewhat better in these accounts due to the inclusion of the value of the P shares at between £17.6m and £19.6m in respect of each club! All of the above clubs other than Gloucester are balance sheet insolvent and if you exclude the dubious value placed on the P shares Gloucester would be as well. These Premiership clubs are only kept afloat by the continuous generosity of their benefactors .....how long will they continue to underwrite such losses ? Where is Bill's spectacular moment going to come from
Edited by Big Eddie - 06 Oct 2023 at 12:22 |
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''The future isn't what it used to be''
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Redted
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Posted: 06 Oct 2023 at 12:49 |
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Are any Championship clubs making a profit?
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One For The Ditch
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Joined: 13 Jul 2018 Location: Newport Status: Offline Points: 251 |
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Posted: 06 Oct 2023 at 12:56 |
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Enlightening numbers BE, but not surprising! What is the real value of the P shares - was there any realisation from the demise of Wasps, Worcester and London Irish?? Surely if Premiership Club auditors are worth their salt they would properly report their true value.......
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Paul10
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Posted: 06 Oct 2023 at 13:21 |
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I looked in the going concern notes of Exeter Chiefs. Comments on the business signed by directors and auditors
There isn't normally much - even in a sports business. This is one part. - sorry it's tiny. A material uncertainty exists with regards to the proposed share transaction, which is required in order to raise the cash flow to support the going concern basis: the share transaction is subject to consent by the Department of Culture, Media and Sport who have advised that prior to providing this, they will need to commission an independent review into the effect of the share transaction on the security position of the Department of Culture, Media and Sport in respect of the loan from Sport England provided to the Group. Although the Directors are confident that all criteria relating to this loan and the security position have been satisfied, the independent review will not be completed in the required timeframe prior to share transaction proceeding |
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FHLH
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Posted: 06 Oct 2023 at 15:28 |
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I applaud their transparency.
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"My father told me big men fall just as quick as little ones, if you put a sword through their hearts."
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WEvans
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Posted: 06 Oct 2023 at 15:47 |
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I think the cusp he is talking about is the next four clubs to go bust. That will be quite spectacular but not in the way Barmy Bill thinks.
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Paul10
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Posted: 06 Oct 2023 at 16:51 |
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I was an accountant at an F1 team. Sports clubs/companies don't generally make profit. A quick look at Doncaster and Bedford over the same period shows smaller losses than the Prem sides. Though neither provide full accounts.
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Deva Delinquent
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Posted: 06 Oct 2023 at 20:21 |
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The questions I would put to Mr Sweeny are:
1. What have you been smoking? 2. Where can I get some from?
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corporalcarrot
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Posted: 06 Oct 2023 at 20:30 |
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It will cost too much to get rid of him. He will have a bullet proof contract. Eventually even his mates in the premiership will get fed up but think what sort of mess will rugby be in by then.
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Dont kick it. Pick it up and GO FORWARD.
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Raider999 wrote: