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Re: Ambition and reality, two different things...
Posted by: Dr Zaius
Date: 24/03/2012 07:19
The club's accounts are quite clear - as at the last year end there was no bank loan. There is no conspiracy as the two clubs' finances are kept in separate companies. The Rhinos get about 1.25m a year from their TV deal, crowds of 15,000 say will bring in about 4m and the rest of their 10m or so turnover will be generated from sponsorship, retail and the corporate and hospitality (and ground rental!) business that comes with owning Headingley rugby stadium. And a bit of prize money...

The accounts of the two companies are in stark contrast. One with large net assets, property, turnover, profits and cash. The other heavily loss making, reliant on borrowing, with minimal fixed assets - if it were a stand alone company any financial advisor would probably be reminding the directors of their responsibilities regarding trading whilst technically insolvent. As it is the position is guaranteed by Caddick.

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